Canadian News

The Government of Canada makes repayment assistance plans more flexible for Canada Student Loan and Canada Apprentice Loan borrowers

November 1, 2022 | Vision Newspaper |

Canada’s future prosperity depends on youth getting the education and training they need to find good jobs. The Government of Canada continues to make significant investments to ensure that young people have access to the supports they need to complete their studies and transition successfully to the workforce, and build the careers they want for themselves.

Today, the Minister of Employment, Workforce Development and Disability Inclusion, Carla Qualtrough, announced enhancements to the Canada Student Financial Assistance Program’s Repayment Assistance Plan. These enhancements will provide important financial relief to young Canadians as they begin their careers.

As of November 1, 2022, the zero-payment income threshold for Canada Student Loans and Canada Apprentice Loans will increase from $25,000 to $40,000 for a family size of one. Repayment will not be required until borrowers are earning at least $40,000 per year. This amount will be adjusted upward based on family size. Additionally, the cap on monthly affordable payments will be lowered from 20% to 10% of a borrower’s household income, ensuring that no borrower has to pay more than they can reasonably afford. These enhancements to the Repayment Assistance Plan are estimated to benefit approximately 180,000 borrowers each year.

These changes align with the Government of Canada’s implementation of the 2030 Agenda for Sustainable Development, which was adopted by the United Nations to help build stronger, safer and more inclusive communities that leave no one behind. In particular, the changes support Canada’s commitment to inclusive and equitable quality education and lifelong learning opportunities for all, to help achieve Sustainable Development Goal 4: Quality Education.

For more information, please see the news release.

SOURCE Government of Canada

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