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student loans

Finance Minister and Deputy Prime Minister Chrystia Freeland has announced that the government intends to permanently eliminate interest on federal Canada student loans and Canada apprentice loans. This includes loans that residents are currently repaying.

The measure, introduced as part of the so-called Economic Statement, is expected to cost $2.7 billion over five years and $556.3 million thereafter.

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After graduating from university, the last thing you want to worry about is crushing monthly debt payments, especially amid a looming recession and high inflation.

Given Canada's shaky financial forecast, the federal government announced on Wednesday that it's adjusting the Repayment Assistance Plan managed by the Student Financial Assistance Program to help out struggling graduates. Not only is it upping the income threshold to postpone repayment timelines but monthly minimum payments have been reduced.

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The Bank of Canada just raised the interest rates for the first time in 7 years up to 0.75%. This is the biggest financial news on a federal level since they dropped in 2009 and here's what it means for your wallet.

READ ALSO: How To Slay Summer 2017 On A Budget In Montreal

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Photo cred - Maxime Desjardins Tremblay

Okay I’m just going to come out and say it. We’re BROKE here in Montreal. We are poor, poor, poor, Like we don’t even have two dimes to rub together anymore. Granted, the majority of people I know are students, but that doesn’t mean we don’t take up a sizeable chunk of the population. Because we do.

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