8/18/2017 Government announces new measures to help students paying off debt | CTV News

NewbreakforCanadaStudentLoanborrowers
Jackie Dunham, CTVNews.ca
@JaclynLDunham

Published Monday, October 31, 2016 8:32AM EDT

Last Updated Monday, October 31, 2016 1:29PM EDT

Thefederalgovernmenthasannouncednewmeasurestohelprecentpostsecondarygraduatesmanagetheirstudentdebt.Inapressrelease
publishedSunday,EmploymentandSocialDevelopmentCanadarevealedthat,asofNov.1,CanadianswouldnthavetorepaytheirCanada
StudentLoanuntiltheyreearningatleast$25,000ayear.

UndertheRepaymentAssistancePlan,studentscanrequesthelptomanagetheirdebt.Dependingontheirincomelevelandthesizeoftheir
family,borrowerscanapplyforreducedmonthlypaymentsornomonthlypaymentsatall.

Accordingtothe2016Budget,theincreasedeligibilityfortheRepaymentAssistancePlanwillprovideanadditional$131.4billioninstudent
assistanceoverfiveyears.

RELATED STORIES Intherelease,EmploymentMinisterMaryAnnMihychukstatedthatthecountrysfutureprosperity

Studentloanprogrammistakenly
forgavedebttodoctors,nurses:
documents
Federaldocumentspointtoshortfall
inaboriginalstudentfund
Schoolslooktoaddressmentalhealth
effectofstudentdebt
WhatBudget2016meansforyou
dependedonyoungCanadiansreceivinggoodeducationandtrainingforthejobmarket.
Asaresultofthisnewmeasure,studentswillbebetterpositionedtotransitionintotheworkforceafter
graduation,Mihychuksaid.
ThegovernmentsaidthisfinancialreliefisinadditiontothechangestotheCanadaStudentGrants
programenactedonAug.1.Underthosemeasures,fulltimestudentsfromlowincomefamiliescanreceive
$2,000to$3,000ayearinsupport.Canadiansfrommiddleincomefamiliesareeligibletoreceive$800to
$1,200ayearandparttimestudentfromlowincomefamiliescanreceive$1,200to$1,800infinancialaid.
TheCanadaStudentGrantamountshavebeenincreasedby50percentaccordingtotherelease.

From2013to2014,approximately750,000studentswererepayingCanadaStudentLoansaccordingtothe
RELATED LINKS government.Ofthose750,000borrowers,roughly234,000ofthembenefitedfromtheRepayment
CanadaStudentLoans
AssistancePlan.

RepaymentAssistancePlan
StudentsstrugglingwiththeburdenofdebtareencouragedtocontacttheNationalStudentLoans
CanadaStudentGrants ServiceCentretolearnmoreaboutwhatfinancialassistanceoptionsareavailabletothem.
NationalStudentLoansService
Centre

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8/18/2017 Government announces new measures to help students paying off debt | CTV News

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