New federal rules to overhaul student loan plans

Under the old principles for student loan repayment, once single people earned $20,210 a year, they have to start repayments. But the new student load reimbursement rules declared amid Ottawa’s spring government budget kick in today, which means graduates don’t need to begin reimbursements until they procure atleast $25,000 a year.
For families of at least five individuals, the cut-off is currently $67,825.

As well, “borrowers who are having difficulty making their monthly Canada Student Loan payments can apply for help through the Repayment Assistance Plan,” Employment and Social Development Canada said Monday said.
“Depending on their financial situation, such as their income and family size, borrowers can get approved for a reduced monthly payment on their Canada Student Loan, or for no monthly payment at all.”
Ottawa furthermore fortified the entirety it has open for understudy yields that don’t need to be repaid, by more than $1.5 billion all through the accompanying five years. Eventually, that infers a development of as much as 50% for particular stipends:

From $2,000 to $3,000 per year for full-time students from low-income families.
From $800 to $1,200 per year for students from middle-income families.
From $1,200 to $1,800 per year for part-time students from low-income families