Budget 2022: Important announcements for student aid
From: Employment and Social Development Canada
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- Loan forgiveness for family doctors and nurses
- Suspension of interest
- Student grant supports
- Easier access to repayment assistance
- Expanding support for borrowers with disabilities
- Skills Boost program
The Government wants to help students pursue post-secondary education. Budget 2022 will help with the following supports.
Loan forgiveness for family doctors and nurses
The Government is increasing loan forgiveness for doctors and nurses working in rural communities. Starting in 2023, nurses may qualify for up to $30,000 in loan forgiveness and doctors up to $60,000. The federal government will also be:
- expanding the list of eligible professionals for this program, and
- reviewing how we define rural communities to ensure the program does not leave out those in need
More details will be announced in the coming year. Find out more in the latest budget.
Elimination of interest
As of April 1, 2023, no interest will be charged on Canada Student Loans and Canada Apprentice Loans. For more information, please see the 2022 Fall Economic Statement.
Provincial interest rates may still apply. Contact the National Student Loan Service Centre or your province or territory to find out more.
Student grant supports
The Government has extended doubling the maximum amount of Canada student grants until the end of July 2023.
Grants are also now more accessible. Students are able to use their current year’s income, instead of the previous years, to determine their eligibility for Canada student grants.
Find out more on the 2022 budget or on the Canada student grants and loans page.
Easier access to repayment assistance
The Repayment Assistance Plan has been improved. If approved upon application, a person living alone no longer has to make payments on their student loans if they earn less than $40,000 a year. This amount increases based on family size. Maximum payments have also been lowered from 20 percent to 10 percent of household income. The changes took effect November 1, 2022.
For more information, please see the announcement from Budget 2021.
Expanding support for borrowers with disabilities
As of the 2022 to 2023 school year, support has expanded to include people who have persistent or prolonged disabilities. This adds to support already in place for people with lifelong, permanent disabilities.
Please see the 2021 budget announcement for more information.
Skills Boost program
The Skills Boost program has been extended until July 2023. It provides a top-up on the Canada Student Grant for Full-Time Students. This will help working adults afford the cost of returning to school full-time to upgrade their skills. You are automatically assessed for this benefit when you apply for a Canada Student Loan.
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