A Major Win for Students: The Removal of Interest on Canada Student Loans

The Government of Canada has announced that starting April 1st, 2023, there will be a permanent elimination of interest on Canada Student Loans and Canada Apprentice Loans. This monumental investment will provide students with financial relief for years to come!

CASA, the Canadian Alliance of Student Associations responded, “The removal of interest on all Canada Student Loans and Canada Apprentice Loans is a welcome change for past, current, and future student loan borrowers.”

According to government projections, this investment is estimated to save the student loan borrower $410 over the lifetime of their federal student loan. It will also support students as they make the difficult transition from students to members of Canada’s workforce.

Other notable investments for students in the 2022 Fall Economic Statement include:

$301.4 million over two years for the Youth Employment and Skills Strategy, starting in 2023-24;

$400.5 million over two years for the Canada Summer Jobs, starting in 2023-24;

$50 million in 2022-23 for Immigration, Refugees, and Citizenship Canada to address ongoing application backlogs, and to speed up process times.

Source: CASA Responds to the Fall Economic Statement 2022