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Students receiving a Canada Student Loan (CSL) for the first time on or after August 1, 1995, are eligible for up to 340 weeks (~6.5 years) of interest-free status on their loan balance. Students in doctoral programs are eligible for an additional 60 weeks, up to 400 weeks (~7.5 years).
For the first 6 months after graduation, finishing studies, or no longer being a full-time college or university student: no loan payments are needed; interest is charged on the Ontario portion of the student loan; interest will not accrue on the Canada portion of the student loan [25] This is a 6-month grace period.
As of 2018, Canada is ranked third in the world (behind Russia and South Korea) for the percentage of people ages 25–34 who have completed tertiary education. [1] As of September 2012, the average debt for a Canadian post-university student was 28,000 Canadian dollars, with this accumulated debt taking an average of 14 years to fully repay based on an average starting salary of $39,523. [2]
One such client, whom he called Sarah, a recent graduate with $50,000 in student loans at an average 6% interest rate, reduced her three-year repayment term by cutting non-essential expenses and ...
Some welcome news for student loan borrowers: House lawmakers introduced a bill in Congress last month to expand the existing student loan interest deduction from $2,500 in annual interest to $10,000.
Since March 13, 2020, federal student loan borrowers have enjoyed 0% interest rates and paused payments. But this Friday, interest will begin accruing again ahead of payments that restart in ...
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