Students with loans receive a break during COVID-19 crisis

Canadians with federal student loan debt are getting a break on payments and interest over the next six months, as Ottawa ramps up its extraordinary effort to stabilise the Canadian economy during the COVID-19 crisis, writes David Thurton for CBC News.

The sweeping loan holiday applies only to the federal student debt portion, and Wednesday's announcement does not address any provincial or territorial payments to private financial institutions. Canadians won’t need to apply for this payment pause; it will be automatic. Alternatively, borrowers can keep up with their payments if they choose.

The National Student Loan Service Centre said the pause on payments and interest accumulation takes effect on 30 March and will last until 30 September. But Employment, Workforce Development and Disability Inclusion Minister Carla Qualtrough did not rule out the possibility of extending the repayment break.
Full report on the CBC site