The overall interest payment does go to the Government of Canada. For example, for the 2017 school year, the overall interest revenue for the government was slightly over $700 million. The cost of the program, for providing all kinds of other supports was—with the net of the interest payments—slightly over $2 billion. Yes, the interest does come in as revenue, but at the same time there are other benefits, such as Canada student grants and repayment assistance plans for those who are having difficulty repaying their student loans. With all of those together, the government spends, in net, $2 billion a year.
On May 6th, 2019. See this statement in context.