For too many young people rising costs have made post-secondary education less and less affordable and that is why it is so important to let you know about our student loan focused initiative from Budget 2016 that comes into effect today.
The Government of Canada is reforming the Canada Student Loans Program to make post-secondary education more affordable for students from low and middle-income families. Today, November 1, 2016, the threshold to repay Canada Student Loans is increasing to support students and low-and middle-income families.
We are delivering support to low- and middle-income families and ensuring that student debt loads are manageable. As of today, students will not have to repay Canada Student Loan until they earn at least $25,000 per year. For a family of four, the new threshold for repayment will be $59,512. This provides students and their families with more flexibility and it eases transition into the workforce.
This investment will total $131 Million over 5 years and have immense benefits for the middle class in Canada and those working hard to join it.
For more information on this important initiative, please visit:
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