Announced yesterday in Finance Minister Chrystia Freeland’s fall economic update, the move will cost Ottawa $329.4 million and will affect up to 1.4 million students. Budget 2021 indicates that the government “proposes to introduce legislation” that will extend the waiving of interest accrued on Canada Student Loans and Canada Apprentice Loans … The federal government announced in its 2020 budget it would eliminate interest on the federal portion of Canada Student Loans for the 2021-22 year. For postsecondary students, the budget would extend the waiver of interest-rate accrual on federal student loans to March, 2023. From: Employment and Social Development Canada Fall 2020 to 2021 support for post-secondary students . OTTAWA, April 19, 2021 -- The Canadian Alliance of Student Associations (CASA) and the Quebec Student Union (QSU) are pleased with the comprehensive student aid package announced in today’s federal budget. From the budget today... "The government proposes to introduce legislation that would extend the waiver of interest accrual on Canada Student Loans and Canada Apprentice Loans until March 31, 2023. This includes: Doubling of the Canada Student Grants for two additional years. Waiving interest on federal student loans until March 31, 2023. Budget 2021 proposes to invest $4.1 billion to help make postsecondary education more affordable, and to provide direct support to students with the greatest need. Personal Loans or Bank Student Loans: Personal loans are offered by many lenders including traditional banks and online lenders like Loans Canada and Loan Connect. This change has an estimated cost of $392.7 million in 2022-23. The package will bring significant relief to students from coast to coast to coast who have been disproportionately impacted by the COVID-19 pandemic. Budget 2021 looks to double the Canada Student Grant for two more years, and waive interest fees on federal student loans for an addition two years, through March 2023. The amount you’ll receive varies depending on each province/territory’s terms, policies and budget decisions. The deficit should narrow to C$154.7 billion in 2021-22, declining to C$30.7 billion in 2025-26 * Federal debt expected to peak at 51.2% of GDP in 2021-22 before declining to 49.2% of GDP in 2025-26 But the budget will not be without costs to businesses. * Estimates 2020-2021 deficit at C$354.2 billion, less than the C$381.6 billion previously forecast. They will be paired with improvements to the Canada Small Business Financing Program, that will now include lending against intellectual property and start-up assets and expenses, raising the maximum loan to $500,000 from $350,000 and a new line of credit to cover short-term capital needs. 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