Interest-Free Student Loans provide a boost to students struggling financially
Government of Canada to make loans permanently interest free starting April 1, 2023
With rising inflation and the ever-increasing cost of living, many students in Manitoba may be feeling a financial crunch this semester. For this reason, the University of Manitoba and the Government of Canada have made additional financial supports available to students who are struggling financially.
These supports include:
Eliminating Interest on Federal Student and Apprentice Loans
With life becoming more expensive for many students and recent graduates, the Government of Canada is taking new, permanent steps to reduce the burden of student loans on young Canadians so they can invest in building their futures.
The 2022 Fall Economic Statement proposes to make all Canada Student Loans and Canada Apprentice Loans permanently interest-free, including those currently being repaid, beginning on April 1, 2023.
Students will still be able to use the Repayment Assistance Plan, allowing them to pause student loan repayment until they make at least $40,000 per year, and reducing payments for those earning slightly above that threshold.
The University of Manitoba emergency loan program provides short-term assistance to students who experience unexpected and immediate financial expenses or constraints. This includes, but is not limited to, unanticipated personal living costs, and unexpected delays in government loans, and other award funding. To find out more about UM Emergency Loans, click here.
UM Food Bank
Eligible students are welcome to use the UM’s Food Bank services once every three weeks, at no cost to them, to help offset the costs of their groceries during times of financial distress. To be eligible to use the food bank, students must be enrolled (full or part-time) in the current academic term. To find out more about UM Food Bank, click here.