News Release - Brampton, Ontario
Receiving a formal post secondary education opens doorways to exciting and rewarding careers. Half of all post-secondary students in Canada rely on student loans to help them afford the cost of tuition and essentials during their studies, then are faced with the burden of having to repay their student loans once they enter the workforce. The federal government believes that the transition from school to working life should be made easier, not harder.
Today, MP Sonia Sidhu is highlighting the important benefits to students and new graduates in Brampton South that will help them focus on building their careers. In 2019, When interest rates were at historic lows, the federal government acted to make student loans more affordable by reducing interest charges on student loans to the prime rate. When COVID-19 disrupted Canadians’ lives, students and young people were among the most affected by job loss. To support them, the federal government waived interest charges on student loans for two years, which helped ease the burden that many faced after graduating into the incredibly challenging job market. This support was set to expire on March 31, 2023, but now, the federal interest is being permanently waived.
With the rising cost of living making life more expensive for new graduates, the federal government is taking permanent steps to reduce the burden of student loans on young Canadians so they can invest in building their futures. Some benefits to students include:
“I am excited about the federal government's step to permanently waive student loan interest charges. Looking towards the future, students in Brampton and across Canada should be able to focus on building their careers without facing the financial burdens of interest charges.” – MP Sonia Sidhu
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CONTACT:
The Office of Sonia Sidhu, Member of Parliament, Brampton South
P: (905) 846-0076 | E: [email protected]
