Justin Trudeau promises to help young people by delaying student loans
Prime Minister Justin Trudeau just announced several significant measures to help Canadians through the unprecedented COVID-19 pandemic, one of which will surely help students dramatically.
In a press conference Wednesday morning, Trudeau announced a six-month interest-free moratorium on the repayment of Canada Student Loans for anyone currently in the process of repaying one.
Glad to see an intergenerational approach being taken to Prime Minister @JustinTrudeau’s $82 Billion #COVID2019 relief package.— Anjum Sultana (@AnjumSultana) March 18, 2020
There will be a 6 month interest free moratorium on student loans. This will be crucial for a lot of young people.#CdnPoli
This means students who are currently strapped for cash due to a lack of income won't have to worry about repaying student loans for the time being, and they also won't have to worry about accumulating interest.
The measure is expected to to be implemented in early April and it will cost the government $190 million.
trudeau running back into the house to get his coat two minutes after announcing student loan payments are being deferred for six months is by far the most i have enjoyed him in months if not years— emma (@emmaschuetz) March 18, 2020
In the same press conference, Trudeau announced that Canada and the U.S. will close the border between the two countries to all non-essential travel in order to stop the spread of the virus.
He also announced an Emergency Care Benefit providing up to $900 bi-weekly to Canadians who are sick and do not have paid sick leave, as well as support for workers who lose their jobs or face reduced hours as a result of COVID’s impact and extra financial aid for low- and modest-income families.
Trudeau just announced:— Wally Szczerbiak🏆 (@findingwhitney) March 18, 2020
1) increase to Child Tax Benefit
2) 14 weeks paid leave for those directly affected/caring for a sick loved one similar to EI
3) 6 months interest free student loan program
4) Indigenous community support fund
The government is also introducing a new Indigenous Community Support Fund, extra funding for those experiencing homelessness during the outbreak and more money for women’s shelters and sexual assault centres for women and children fleeing violence during this crisis.
These measures along with several others will provide up to $27 billion in direct support to Canadian workers and businesses amidst the COVID-19 outbreak.
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