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Canadian Students Won’t Have To Repay Loan Debt Until They Earn $25K

CollegeDegrees360/ Flickr

If you’re a student, you understand the stress of having to repay Student Loans.

At times, the thought of having to repay thousands of dollars in loans can be a complete burden in the lives of students. Most are already plagued with endless hours of studying while also working multiple jobs just to afford rent.

Does this sound like you? Well, you and students all across Canada are about to get a huge break.

In an effort to help recent post-secondary graduates with their student loan debt, the federal government has announced new measures that will take effect as of November 1st, 2016.

Canadians with student loan debt will not have to repay their Canada Student Loan until they earn a minimum of $25,000 a year.

With nearly 750,000 Canadian students needing assistance between the 2013-2014 year, the Repayment Assistance Plan will benefit students by allowing for them to reduce their monthly payments, or not make any monthly payments at all (depending on your financial situation).

If you live in Canada and have graduated at least six months ago, and your loans are up to date, you are eligible for the Repayment Assistance Plan.

For more information or if you are struggling to repay your debt, please contact the National Student Loans Service Centre – they will happily assist you in finding financial assistance options.

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