Canada News

Feds announce $5.7 B over 5 years to support students and young Canadians

OTTAWA – Prime Minister, Justin Trudeau, today highlighted measures in Budget 2021 that will help them pursue and complete their education, make student debt easier to pay down, and create new training and work opportunities.

The Government of Canada intends to invest $5.7 billion over five years in measures to support students and young Canadians.

“Young people have been greatly impacted by the pandemic, and we’re stepping up to support them so they can reach their full potential as we continue to recover and rebuild,” said Prime Minister Justin Trudeau.

“We are taking steps to create new opportunities for young Canadians, and help them start their careers and their lives. An investment in young people today is an investment in our future success as a country.”

These include:

  • Creating 215,000 new training and work opportunities for young Canadians, so they can gain valuable skills and experience in the workforce
  • Waiving interest on student loans for an additional year, which would help about 1.5 million Canadians who are repaying student loans
  • Providing more flexibility for the repayment of federal student loans, so no one has to make a payment they cannot afford
  • Doubling the Canada Student Grants for two more years to help over 580,000 students cover the cost of their tuition, school supplies, and living expenses
  • Expanding access to supports, grants, and repayment assistance for students with disabilities.

Budget 2021 aims to support young Canadians through this crisis. This includes supporting close to 200,000 new work opportunities and experiences, providing income support to over 700,000 students through the Canada Emergency Student Benefit, creating a six-month moratorium on student loan payments, and doubling the Canada Student Grants for the 2020-21 school year.

Since the beginning of the pandemic, the Government of Canada has provided over $7.4 billion to support young Canadians.

The government’s response to the crisis represents the largest investment in young Canadians in the history of our country – $13.1 billion over six years – and one of the largest youth support packages in the world.