OTTAWA: Gerald Soroka Member of Parliament for Yellowhead wishes to advise that students under the new Canada Student Financial Assistance Program (CSFA),will have access to direct financial support through the form of Canada Student Grants (CSG), Canada Student Loans and Canada Apprentice Loans, making it easier for them – as well as recent graduates – to pay off their student debt.
As of August 1, 2021, the Government is extending the doubling of CSG for an additional two years. This means that the maximum amount available for CSG will be up to $6,000 for full-time students and $10,000 for students with disabilities until July 31, 2023.The flexibility for students to use their current year’s income when applying for the CSG will be permanent so those in financial need will not have their previous workforce participation count against them.
Also, the waiver of interest accrual on student and apprentice loans has been extended to March 31, 2023.
Disability supports under the CSFA Program will be extended beyond recipients with life-long disabilities to recipients whose disabilities are persistent and prolonged. This will allow access up to $22,000 in grants, in-study supports, and specialized repayment assistance on their loans.
As well, the Repayment Assistance Plan will be enhanced so that no one with an income of $40,000 or less will have to make payments on their student loans.