Repealing federal student loan interest will cost over $550 million every year for as long as Ottawa’s plan to cut the interest continues into the future, says the Department of Employment.
Senators on the national finance committee heard from witnesses on Nov. 22 about various costs associated with the government’s new spending measures outlined in the Fall Economic Statement delivered to the House of Commons by Finance Minister Chrystia Freeland.
One of the measures was to cut interest on the federal portion of all Canada Student Loans and Canada Apprentice Loans starting in April 2023. The government outlined how much the measure would cost over the next five years, as first reported by Blacklock’s Reporter….