What is it?
Once passed and officiated, the act would eliminate interest on Federal loans starting on April 1, 2023.
Key Points
- This only applies to federal loans so provincial loan interest (if applicable) will still be charged.
- This applies to new loans and graduates who are currently in repayment.
Important information to know:
- Students must confirm enrollment each semester to stay interest-free.
- The zero-payment income threshold has increased to $40,000 from $25,000 for a family of one.
- Monthly payments for those who make more than $40,000 a year will now be capped at 10 per cent of their household income.
