In a small step forward in assisting students with expensive loans, beginning November 1, Canadian citizens will not have to begin payments on student loans until they are gainfully employed at a job making $25,000 or more a year.
Though that is a low threshold, it is a relief for so many who struggle to cover student loans while working part-time for low wages.
In some parts of Canada, making minimum wage working full time would be enough to meet this threshold, but in other parts of the country, 40 hours a week of minimum wage is a couple thousand short.
As there are currently 750,000 Canadians trying to repay student loans, this raised threshold is no doubt major assistance for some. In addition to this threshold, Canadian grants for students have also increased by 50 percent.
Canada also offers those paying student loans significant assistance based on their income. Some are given reduced monthly rates, while some are not being asked to pay anything at all.
In the United States, there is some level of assistance provided by the federal government to aid students, but unsurprisingly, Canada is leading the way in their efforts.
