Canada Student Financial Assistance Program as at 31 July 2021 - Highlights

Report type
Canada Student Financial Assistance Program
Published date

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Message from the Actuary

We reflected the impacts of the COVID-19 pandemic on the economic assumptions used in this report. The pandemic is a very fluid situation that will continue to evolve for some time. The final impacts will be reflected in future reports.

The $34B limit on the loan portfolio is projected to be reached in 2035-2036.

Quick facts

Higher loans in 2020-2021 and higher grants until 2022-2023 due to temporary measures

542,000 grant recipients in 2020-2021 ($3,188 million)

576,000 loan recipients in 2020-2021 ($3,969 million)

Recent measuresFootnote 1

Temporary

Waiver of interest accrual on student loans (April 2021 to March 2023)

Doubling of the amounts of grants (August 2020 to July 2023)Footnote 2

Extension of the top-up grant for eligible adult learners (August 2021 to July 2023)

Permanent

Use of current year income for grants eligibility

Increase in Repayment Assistance Plan (RAP) thresholds starting in 2022-2023

Increase by 50% forgivable loans amount for doctors and nurses

Expand the definition of disability

The periods shown in the following charts are from 1 August to 31 July

Proportion of grants

Line Graph showing the grants as a proportion of total grants and new loans issued (in dollar amounts) from 2020-2021 to 2045-2046

Proportion of grants - Table
Proportion of grants
  2020‑2021 2021‑2022 2022‑2023 2023‑2024 2024‑2025 2025‑2026 2026‑2027 2027‑2028 2028‑2029 2029‑2030 2030‑2031 2031‑2032 2032‑2033 2033‑2034 2034‑2035 2035‑2036 2036‑2037 2037‑2038 2038‑2039 2039‑2040 2040‑2041 2041‑2042 2042‑2043 2043‑2044 2044‑2045 2045‑2046
% 44.5 52.4 54.1 30.2 29.8 29.5 29.2 28.9 28.7 28.4 28.2 28.0 27.8 27.6 27.5 27.3 27.2 27.1 27.0 26.9 26.7 26.6 26.6 26.5 26.4 26.0

Loans portfolio balance

Area chart showing the portfolio balance (in billions) for loans in-study, repayment (including RAP) and default from 2020-2021 to 2045-2046

Loans portfolio balance - Table
Loans portfolio balance ($ billion)
  2020‑2021 2021‑2022 2022‑2023 2023‑2024 2024‑2025 2025‑2026 2026‑2027 2027‑2028 2028‑2029 2029‑2030 2030‑2031 2031‑2032 2032‑2033 2033‑2034 2034‑2035 2035‑2036 2036‑2037 2037‑2038 2038‑2039 2039‑2040 2040‑2041 2041‑2042 2042‑2043 2043‑2044 2044‑2045 2045‑2046
In-Study 9.0 8.1 8.1 9.0 9.7 10.2 10.6 11.0 11.3 11.6 11.9 12.1 12.4 12.6 12.7 12.9 13.1 13.3 13.5 13.7 13.9 14.1 14.4 14.6 14.8 15.1
Repayment (including RAP) 11.8 12.2 11.8 11.7 11.9 12.3 12.7 13.2 13.6 14.1 14.6 15.0 15.5 15.9 16.3 16.6 17.0 17.3 17.6 17.9 18.2 18.5 18.7 19.0 19.3 19.6
Default 2.3 2.4 2.6 2.6 2.7 2.7 2.8 2.9 2.9 3.0 3.0 3.1 3.2 3.3 3.4 3.5 3.5 3.6 3.7 3.8 3.8 3.9 4.0 4.1 4.1 4.2

Net annual cost of the Program

Bar chart showing the net annual cost of the program (in billions) from 2020-2021 to 2045-2046

Net annual cost of the Program - Table
Net annual cost of the Program
  2020‑2021 2021‑2022 2022‑2023 2023‑2024 2024‑2025 2025‑2026 2026‑2027 2027‑2028 2028‑2029 2029‑2030 2030‑2031 2031‑2032 2032‑2033 2033‑2034 2034‑2035 2035‑2036 2036‑2037 2037‑2038 2038‑2039 2039‑2040 2040‑2041 2041‑2042 2042‑2043 2043‑2044 2044‑2045 2045‑2046
($ billion) 4.87 5.34 5.62 3.87 3.43 3.51 3.60 3.69 3.78 3.87 3.96 4.04 4.12 4.19 4.24 4.28 4.32 4.37 4.42 4.47 4.52 4.57 4.63 4.69 4.75 4.82

Total program expenses 2020-2021 and 2024-2025

Doughnut chart showing the total program expenses divided in 5 categories for 2020-2021 and 2024-2025

Total program expenses 2020-2021 and 2024-2025 - Table
Total program expenses ($ million)
  2020‑2021 2024‑2025
Grants 3,188 1,668
Other Student Related ExpensesTable Footnote * 706 749
Alternative PaymentsTable Footnote ** 487 645
Risks to the GovernmentTable Footnote *** 406 345
Administrative Expenses 134 159

Table Footnotes     

Table Footnote *

Interest subsidy, RAP-Interest and provision for RAP-Principal     

Return to table footnote *     

Table Footnote **

Payments made to non-participating province and territories     

Return to table footnote **     

Table Footnote ***

Provisions for bad debt (principal and interest) and loans forgiven     

Return to table footnote ***     

     

Footnotes

Footnote 1

A comprehensive list is presented in the report

Return to footnote 1

Footnote 2

Excluding Skills Boost top-up grant and grant for services and equipment for students with disabilities

Return to footnote 2

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