Budget 2023: Important announcements for student aid

From: Employment and Social Development Canada

On this page

• Elimination of interest
• Canada student grant and loan supports
• Loan forgiveness for family doctors and nurses
• Supporting mature students

The Government wants to help students pursue post-secondary education. Budget 2023 will help with the following supports.

Elimination of interest

As of April 1, 2023, no interest will be charged on Canada Student Loans and Canada Apprentice Loans. For more information, please see the 2022 Fall Economic Statement.

Provincial interest rates may still apply. Contact the National Student Loan Service Centre or your province or territory to find out more.

Canada student grant and loan supports

For the 2023 to 2024 school year, the Government has increased:

• the maximum amount of student grants by 40 percent from pre-pandemic levels, and
• the loan amount that a borrower can receive from $210 to $300 per week of study

Find out more on the 2023 budget page

Loan forgiveness for family doctors and nurses

The Government is increasing loan forgiveness for doctors and nurses working in rural communities. Starting in 2023, the maximum amount of forgivable Canada Student Loans will increase by 50 per cent. As a result, nurses may qualify for up to $30,000 in loan forgiveness and doctors up to $60,000. The federal government will also be:

• expanding the list of eligible professionals for this benefit, and
• updating loan forgiveness to include all communities with populations of 30,000 or less

More details will be announced in the coming year. Find out more in the latest budget.

Supporting mature students

The Government has removed the credit screening requirement for mature student applicants, aged 22 years or older, applying for the first time.