On November 1, 2019, the variable and fixed interest rates on Canada Student Loans and Canada Apprentice Loans will be reduced. The variable rate will be reduced to prime (from prime plus 2.5 percent) and the fixed rate will be reduced to prime plus 2 percent (from prime plus 5 percent).
On November 1, 2019, interest will no longer accrue on Canada Student Loans and on Canada Apprentice Loans during the six-month non-repayment period immediately following studies or the end of an apprenticeship.
Support for Borrowers with Permanent Disabilities
On August 1, 2019, the maximum amount you could receive from the Canada Student Grant for Services and Equipment for Students with Permanent Disabilities (CSG-PDSE) will increase from $8,000 to $20,000 per year.
On August 1, 2019, the definition of severe permanent disability will change to expand eligibility to those who may be able to work, but whose jobs will never be substantially gainful and/or those who may still be able to participate in post-secondary education.
On August 1, 2020, restrictions for recipients of the Repayment Assistance Plan for Borrowers with a Permanent Disability will be removed so that recipients can access further federal student aid without having repaid their loans in full.
Rehabilitate Canada Student Loans and Canada Apprentice Loans in Default
On January 1, 2020, borrowers will have a new option to rehabilitate Canada Student Loans and Canada Apprentice Loans in default. They will have the option to add their interest to the principal of their loan (capitalize the interest) and make two payments to rehabilitate their loan.
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