As the six-month freeze on federal student loan payments draws to a close, students are calling for an extension of the measure that they say offered relief from the financial pressures of the pandemic.
Bryn de Chastelain, president of the Canadian Alliance of Student Associations, says her group wants Ottawa to extend the moratorium.
He says the job market is still recovering from COVID-19, creating stress among students and recent graduates juggling loans, high tuition costs, and other bills.
Ottawa suspended the payments of approximately one million borrowers in payment from March 30 to September 30, saying that no interest would accrue on student loans during the same period.
Undergraduate students at Canadian Research Intensive Universities, an alliance of student unions, have proposed a two-year grace period for loans for new graduates as they enter a troubled workforce.
In their presentation for this year’s pre-budget consultations, the group argues that an extended grace period would pay off by stimulating Canada’s economy and helping students take on less debt.
This report by The Canadian Press was first published on September 18, 2020.
The Canadian Press