Finance committee  Thank you, Mr. Chair. I will make it very short. I am the assistant deputy minister of the learning branch at Employment and Social Development Canada. Division 30 proposes to waive interest accrual on Canada student loans and Canada apprentice loans for two years between Apri

Human Resources committee  Mr. Chair, as you may already be aware, the interest charged on Canada student loans and apprentice loans has been waived until March 2023. As you may also know, we work with our provincial student aid programs to implement any initiatives taken by the federal government. With r

Public Accounts committee  Thank you, Deputy. The explanation is.... The member already mentioned that families need to open a registered education savings plan in order to receive the Canada learning bond. The program design is part of a savings incentive scheme. Families need to go to a financial insti

Public Accounts committee  The legislation currently does not allow that, but it is one of the things that the department continues to look into.

Public Accounts committee  Could I jump in, Deputy? Yes, a financial institution has to be an access point. Families who want to apply for a Canada learning bond have to open an RESP, which can only be opened with a financial institution. That has to be an access point. For the families who have difficul

Finance committee  =Thank you, Chair. I am one of the representatives from the department. I could go first. I don't know if there are others too.

Finance committee  Thank you, Chair. This is about Canada student loans and Canada apprentice loans. Division 5 of part 4 proposes to amend the Canada Student Loans Act, the Canada Student Financial Assistance Act and the Apprentice Loans Act to permanently eliminate the accrual of interest on C

Finance committee  Thank you, Chair. It is difficult to say how many students would not be going to school without this measure. What we do know is that some of those in repayment, those who have gone to school and then are in repayment, are struggling with rising costs. As you know, in Canada stu

Finance committee  This measure is targeted at making load repayment more affordable, so I do not have the number of how many students might go to post-secondary because of this measure.

Finance committee  For the federal student loans, it's about $14,000 when they graduate. In addition, they also have provincial student loans.

Finance committee  It would likely be less than that. It could be somewhere in the mid-twenties.

Finance committee  Thank you, Chair. The government has taken a number of measures on the front end as well, doubling the grants temporarily until next year. Of course there was an interest waiver for two years that is already in effect. Of course, with regard to the elimination of interest...the

Finance committee  Yes, Chair. I would just make a clarification to begin that the student loans from the federal government are actually provided by the government directly. That started in 2000. Prior to that, some student loans were provided by financial institutions. Right now, they are direc

Finance committee  No, the student loan amount they can receive is not changing. That level remains where it has been.

Finance committee  That is correct. The only interest it does not eliminate is any interest that accrued before this.