If you are one of the unlucky ones with tons of student loan debt from your college or university days, there is some relief that starts today thanks to the Liberal government.
Now, no single Canadian will have to repay their loan until they earn at least $25,000 a year. Borrowers who are having a hard time with their monthly payment can apply for help. Under the Repayment Assistance Plan, students can request help to manage their debt. Depending on their income level and the size of their family, borrowers can apply for reduced monthly payments or no monthly payments at all.
Employment Minister MaryAnn Mihychuk stated that the country’s future prosperity depended on young Canadians receiving good education and training for the job market and with the new measures, adding “students will be better positioned to transition into the workforce after graduation.”
The government said this financial relief is in addition to the changes to the Canada Student Grants program enacted on Aug. 1. Under those measures, full-time students from low-income families can receive $2,000 to $3,000 a year in support. Canadians from middle-income families are eligible to receive $800 to $1,200 a year and part-time student from low-income families can receive $1,200 to $1,800 in financial aid. The Canada Student Grant amounts have been increased by 50 per cent according to the release.
From 2013 to 2014, approximately 750,000 students were repaying Canada Student Loans according to the government. Of those 750,000 borrowers, roughly 234,000 of them benefited from the Repayment Assistance Plan.
If you are a student that is struggling with debt, another resource to contact is the National Student Loans Service Centre to learn more about what financial assistance options are available.
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