Borrowers who are getting difficulty producing their monthly Canada Student Loan payments can apply for help via the Repayment Help Strategy. Based on aspects such as revenue and family members size, borrowers can get authorized for a decreased month-to-month payment on their Canada Student Loan, or be authorized for no month-to-month payment at all.
This relief is in addition to enhanced supports for students through the Canada Student Grants. As of August 1, Canada Student Grant amounts happen to be increased by 50 percent:
? From $2,000 to $3,000 per year for full-time students from low-income families;
? From $800 to $1,200 per year for students from middle-income households; and
? From $1,200 to $1,800 per year for part-time students from low-income families.
The Minister of Employment, Workforce Development and Labour, MaryAnn Mihychuk says, "The future prosperity of our country is determined by young Canadians acquiring the education and instruction required to succeed within the job industry.”
The new measures are a part of the 2016 Spending budget, which included increases to Canada Student Grants of $1.53 billion over five years and an increase for the Repayment Assistance Strategy eligibility thresholds of $131.4 million over 5 years.
As of the 2013-14, about 750,000 Canadians have been repaying Canada Student Loans. Almost 234,000 of them utilised the Repayment Assistance Program.