There are two kinds of interest rates for Canada student loans. Stepping back for a second, there are federal student loans, which are Canada student loans, and students also receive provincial student loans. Provinces determine the interest rates for the provincial portion. For Canada student loans, there are two interest rates. About 99% of our students use the variable rate, which is prime plus 2.5% now.
The budget just announced a reduction of the interest rate from prime plus 2.5% to prime, so that would be a reduction of 2.5%. Prime right now is 3.95%. The current rate is 6.45%. That will be reduced to 3.95% if the prime rate remains the same.