Paying off student loans to become a lot easier for Manitobans
Global News
Manitoba unveiled a new system for borrowers to repay their student loans. It's part of an integrated effort with the federal government to streamline the process.
For Manitobans, the process of paying off student loans has become a lot more streamlined.
It’s all part of the federal and provincial governments integrating their loan programs, requiring students to now only make one repayment every month. Previously, loan borrowers had to navigate two separate systems to repay their loans. With the new system, a monthly payment would apply to both the federal and provincial portions of a loan.
“The integration of Manitoba and Canada Student Loans will make it simpler for students to keep track of their student loans while they are in school, and reduce red tape for borrowers in repayment,” said advanced education and training minister Sarah Guillemard. “This ‘one student, one loan’ model will simplify loan repayment for Manitobans and these efficiencies will free up resources that can be used to offer other student aid supports.”
The new integrated system will allow Manitobans to manage their student loan account through the National Student Loans Service Centre, where payments are also made. The center also provides enhanced self-service options and access to extended call center hours.
Federal Minister of Employment, Workforce Development and Disability Inclusion Carla Qualtrough said the move aims to make it easier for students to manage their money and focus on their studies.
“Integrating federal and provincial loan and student aid systems means students will have a simpler and more streamlined process to manage their post-secondary finances,” said Qualtrough.
Those who received their first student loans between 2022-2023 are already set up with the integrated student loan administration. According to the province, approximately 38,000 borrowers with existing Manitoba student loans will benefit from the change. More information on the province’s student aid program and changes to the loan repayment system can be found online at https://edu.gov.mb.ca/msa/.
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