Ottawa says it plans to make permanent the pandemic era removal of interest on student loans as the cost of living rises.
As part of its fall fiscal update tabled Thursday, the federal government says it will permanently eliminate interest on all federal student loans and apprentice loans beginning on April 1, 2023, including loans currently being repaid.From our newsroom to your inbox at noon, the latest headlines, stories, opinion and photos from the Toronto Sun.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The fall economic statement says an average student loan borrower will save $410 per year as a result of their loan being interest-free.More than 1.8 million Canadian students owe the federal government a total of $20.5 billion, based on 2019 data from the Government of Canada website, with the average loan balance at about $13,367 at the time of leaving school.
The permanent elimination of interest on federal student loans was a Liberal campaign promise during the last federal election.
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