Budget 2022: Important announcements for student aid
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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.
Suspension of interest
Until March 31, 2023, no interest is charged on Canada Student Loans and Canada Apprentice Loans. For more information, please see the latest budget announcement.
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.
Easier access to repayment assistance
The Repayment Assistance Plan will be updated to help people living alone with an income of $40,000 or less. They will not have to make payments on their student loans. Maximum payments will also be lowered from 20 percent to 10 percent of household income. The changes will take effect in November 2022. For more information, please see the announcement from Budget 2021.
Expanding support for borrowers with disabilities
Support will be expanded to include people who have longer-term disabilities. This adds to support already in place for people with lifelong, permanent disabilities. The changes are planned for the 2022 to 2023 school year, if approved by the Government. 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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