DID YOU KNOW:
Canadian post secondary students currently owe $28 billion in student loans.
FACTS & FIGURES:
The average rate of student debt upon graduation has been steadily increasing.
WHO DOES THIS IMPACT?
#1: 54% of all Canadian post-secondary graduates owe debt at the time of their graduation.
#2: 45% of students reported that they owed $25,000 in at the time of their graduation.
WHAT'S BEEN DONE?
The Government of Canada increased Canada Student Grants by 50%
The Government of Canada increased the Repayment Assistance Plan eligibility threshold, ensuring that graduates earning less that $25,000 do not have to begin paying back their student loans
The variable interest rates on Canada Student Loans were reduced from the prime interest rate plus 2.5% to the prime interest rate
The fixed interest rates on Canada Student Loans were reduced from the prime interest rate plus 5% to the prime interest rate plus 2%
In response to the COVID-19 pandemic, the Government of Canada doubled their investment in Canada Student Grants for the 2020 year