In the recent 2022 Fall Economic Statement, the Government of Canada highlighted its plan to continue its sound stewardship of the economy and to be there for Canadians. To help families cope with increasing costs, like rising prices at the checkout counter, the government is delivering targeted support to the Canadians who need it the most.
Today the Minister of Transport, the Honourable Omar Alghabra, the Member of Parliament for Waterloo, the Honourable Bardish Chagger, the Member of Parliament for Kitchener South-Hespeler, Ms. Valerie Bradford, and the Member of Parliament for Kitchener-Conestoga, Mr. Tim Louis, met with the President of Conestoga College, Dr. John Tibbits and the Dean of Trades and Apprenticeship at Conestoga College, Ms. Suzanne Moyer to announce the commitment to eliminating interest on federal student and apprentice loans.
The 2022 Fall Economic Statement proposes to permanently eliminate interest on the federal portion of all Canada Student Loans and Canada Apprentice Loans. This would take effect as of April 1, 2023 and would also include those currently being repaid. This change has an estimated cost of $2.7 billion over five years and $556.3 million ongoing after that. This important step will offer relief for new graduates coping with the high cost of living.
