Temporary changes to the Canada Student Loans Program in loan year 2020-21

A series of temporary changes to the Canada Student Loans Program (CSLP) that are in effect for one loan year, 2020-21 :

• Doubling of maximum Canada Student Grant (CSG) amounts for full-time students and part-time students, as well as for students with permanent disabilities and students with dependents;
• Suspending student and spousal contributions; and
• Raising the maximum weekly Canada Student Loan (CSL) amount from $210 per week to $350 per week. PBO estimates total net cost of this measure to be $1.4 billion in fiscal year 2020-21. This includes $259 million in additional compensation to Quebec, the Northwest Territories, and Nunavut. PBO does not expect a financial cost in federal tax expenditures for the Student Loan Interest Credit in fiscal year 2020-21. The time horizon for this costing is aligned to PBO’s current Economic and Fiscal Scenario, although there may be potential fiscal impacts for subsequent years.