The average undergraduate tuition fee is $6,482 for an academic year as of 2022, according to Statistics Canada, while the average graduate tuition fee is $7,053 as of 2022.
The elimination of interest on these loans is estimated to cost of $2.7 billion over five years and $556.3 million ongoing, the federal government said. Young said some may fear the decision could stoke inflation, but that it isn’t be a particularly strong argument as the measure is a relatively small, contained one.
Earlier this week, the zero-payment income threshold for student loans increased from $25,000 to $40,000 for a household of one. The threshold increases based on the size of the household.
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