Office of Consumer Affairs
August 2019
Financial aid for tuition
The Government of Canada (GC) offers various types of financial aid to help full-time and part-time students pay for their post-secondary education, including:
- Student grants and loans
- Scholarships
- Bursaries for Indigenous students
- Apprenticeship loans and grants
- Funding for athletes
For more information, visit the Student aid web page on Canada.ca.
Many universities, colleges, and institutes also offer grants, scholarships and awards for students. Visit the website of the post-secondary school of your choice to find out what they may be able to offer!
Changes to student loan interest rates
On November 1, 2019, the variable and fixed interest rates on Canada Student Loans and Canada Apprentice Loans will be lowered. The variable rate will be reduced to prime (from prime plus 2.5 percent) and the fixed rate will be reduced to prime plus 2 percent (from prime plus 5 percent).
Furthermore, interest will no longer accrue on Canada Student Loans and on Canada Apprentice Loans during the six-month non-repayment period immediately following studies or the end of an apprenticeship.
For additional info on changes for student aid, check out Budget 2019: Important announcements for student aid.
Student credit cards
Students often get their first credit card when they start post-secondary studies. Before signing up for one, first-time credit card holders should understand:
- How credit cards work
- What ways they differ from debit cards
- The importance of remembering due dates
- Interest rates
- How credit card habits affect their credit score
The Financial Consumer Agency of Canada (FCAC) offers tips for Using your credit card responsibly.
