Canada Student Loans – COVID-19: Spring 2020 suspension of repayment
To support student and apprentice loan borrowers during the COVID-19 pandemic, the Government of Canada put the following measures in place from March 30 to September 30, 2020: suspension of repayments of Canada Student Loans and Canada Apprentice Loans no payments are required on student and apprentice loans during this time pre-authorized debits will be stopped no interest will accrue on student and apprentice loans These measures will provide relief to nearly 1 million CSLP borrowers in repayment. Find more details on: National Student Loans Service Centre (NSLSC) Canada Apprentice Loan Service Centre (CALSC) Fall 2020 to 2021 support for post-secondary students Changes to Canada Student Grants and Loans have been introduced so students facing financial challenges from COVID-19 can access and afford post-secondary education. Pending government approvals, the new measures will come into effect on August 1, 2020 and be available to students for 1 year. Doubling of Canada Student Grant amounts In response to increased need for the coming 2020 to 2021 school year, the maximum amount of Canada Student Grants will be doubled. The Canada Student Grant for Full-Time Students will increase up to a maximum of $6,000 and the grant for part-time studies to $3,600. The Canada Student Grants for Students with Permanent Disabilities and Students with Dependants will also be doubled. Find more information on the Canada Student Grants and Loans. Exemption from student and spousal contribution For the 2020 to 2021 school year, students will not be required to make their fixed student contribution; no spousal contribution would be required either. This will ensure that more students with need can qualify for more financial support. Increasing the cap on Canada Student Loans For the 2020 to 2021 school year, the weekly maximum loan limit will increase from $210 to $350. As a result, students could receive up to $11,900 in Canada Student Loans to help them meet the rising cost of post-secondary education this coming school year. Where to apply Apply for the latest measures with yourprovince or territoryof residence.