Interest-free student loans help financially struggling students

November 7, 2022 —

With prices rising and the cost of living soaring, many students in Manitoba may be feeling financially strained this semester. For this reason, the University of Manitoba and the Government of Canada are providing additional financial assistance to students who are struggling financially.

These supports include:

Eliminate Interest on Federal Student and Apprentice Loans

With the cost of living rising for many students and recent graduates, the Canadian government is taking new and permanent steps to ease the burden of student loans so young Canadians can invest in building their future.

The Fall 2022 Economic Statement proposes making all Canadian student and apprenticeship loans interest-free from 1 April 2023, including those that are currently being repaid.

Students can continue to use the Repayment Assistance Plan, which allows them to suspend student loan repayments until they earn at least $40,000 a year, and pay less if their income is just above that threshold.

emergency loan

The University of Manitoba’s Emergency Loan Program provides short-term assistance to students experiencing unforeseen and imminent financial expenditures or constraints. This includes, but is not limited to, unexpected personal living expenses, unexpected delays in government loans, and other subsidies.For more information on UM emergency loans, visit click here.

UM Food Bank

Eligible students can use UM’s food bank service free of charge once every three weeks to offset the cost of groceries during periods of financial hardship. Students must be enrolled (full-time or part-time) in the current semester to be eligible to use the food bank. If you want to know more about UM Food Bank, click here.

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