Loan interest

Trudeau says interest on student loans still waived for post-secondary students in Canada

For those with National Student Loans, be reminded that loan interest is still frozen and will not begin to apply again until 2023.

On August 17, 2022, Justin Trudeau tweeted about the upcoming school year and what the federal government is doing to help students.

“Students are returning to campuses soon, and expenses like tuition and supplies are piling up quickly,” he said.

“We have also waived interest on Canada Student Loans until March 2023,” Trudeau continued.

After you complete your post-secondary education, you don’t have to repay your loan for six months and there’s no interest on it during that time.

When this period is over, you should usually start repay your Canada student loan.

But until March 2023, you won’t have to pay interest, even if that six-month grace period is already over for you.

“We support you with grants and programs like the Canada Learning Bond and the Apprentice Loan,” Trudeau said.

The Canada Learning Bond gives kids money to help pay for their education and starts with a down payment of $500 into a Registered Education Savings Plan.

Then $100 is added for each year of eligibility up to the year the student turns 15. The maximum amount is $2,000.

From 2022, eligible people who did not receive the money as children can apply when they turn 18 and until just before they turn 21, provided they whether they were born in 2004 or later.

The Canada Apprentice Loan helps people complete an apprenticeship in a designated trade. You get up to $4,000 in interest-free loans per technical training period.

Trudeau said you can find out what help you are entitled to by going online to the federal government page on student aid and educational planning.

As for other programs that have been introduced due to the COVID-19 pandemic, it has been revealed that nearly 100,000 students in Canada may be avoiding full CERB refunds.

This is because they should have received money from the Canada Emergency Student Benefit instead of CERB.