Liberals enact pre-promised increase to student loan forgiveness for rural doctors and nurses
CTV
The federal government says it is increasing student loan forgiveness for rural doctors and nurses by 50 per cent, in an effort to attract more medical professionals to smaller and under-served Canadian communities.
The federal government says it is increasing student loan forgiveness for rural doctors and nurses by 50 per cent, in an effort to attract more medical professionals to smaller and under-served Canadian communities.
This increase will see up to $60,000 in loan forgiveness offered to family physicians and family medicine residents.
For nurses and nurse practitioners working in under-served rural and remote communities, the Liberals will be offering up to $30,000 in loan forgiveness.
This increase is to the maximum amount of forgivable Canada Student Loans, meaning it only applies to the federal portion of a student loan. The measure, touted Tuesday, is an enactment of previously announced funding from the 2022 federal budget.
Over the next decade, this loan forgiveness will attract close to 1,200 more doctors and 4,000 more nurses, said Employment and Workforce Development Minister Randy Boissonnault.
The federal government estimates that approximately 3,000 doctors and nurses are expected to benefit in the first year of implementation, reaching up to 8,000 medical professionals per year by 2033.
According to the government, the funding to cover the cost of this loan offering is coming from existing planned spending, specifically a years-old allocation of $26.2 million over four years, starting in 2023-24, and $7 million ongoing.
