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Ottawa plans to make permanent its pandemic-era pause on student loan interest in an effort to reduce some of the current financial pressures on young Canadians as the cost of living rises.
As part of its fall fiscal update tabled Thursday, the federal government outlined plans to permanently eliminate interest on all federal student loans and apprentice loans including loans currently being repaid.
Interest rates will still apply on the provincial portion of a student's loan.
While this move is helpful for students graduating, said Rebekah Young, director of fiscal and provincial economics at Scotiabank, it is ultimately relief for interest payments on debt rather than money toward tuition or other post-secondary school expenses....