Student loan repayments suspended for 6 months
In a move to help students experiencing financial difficulties during the COVID-19 pandemic, the provincial government has suspended student loan repayment for six months.
“With this suspension of loan repayments, we are giving a helping hand to Manitobans who have invested in post-secondary education,” said Premier Brian Pallister during a news conference today.
In a news release on April 7, 2020, the Manitoba government noted:
Effective April 1, the Department of Economic Development and Training has suspended all repayments of loans under the Manitoba Student Aid Program through Sept. 30. The temporary stoppage of repayments parallels a similar suspension put in place by the federal government under the Canada Student Loan Program, also through Sept. 30.
“Manitobans carrying student loan debt have become vulnerable to programming and labour market changes resulting from COVID-19,” said Economic Development and Training Minister Ralph Eichler. “This deferral of loan repayments is going to significantly lessen the hardship for them, at a time when they really need it.”
Manitoba Student Aid loan disbursements, including tuition and grant payments, will continue to be made to students as scheduled while repayments are suspended.