During the COVID pandemic, a lot of us worried about paying bills, buying food etc. This is specifically true for recent graduates / students, in Repayment Assistance Plan (RAP) and have a mandated minimum repayment amount, who are already struggling.

The government placed policies in allowing default on repaying; students finally could use the mandated repayment amount for food / rent. But interest was still accumulating on the principle from March 1st to March 29th of 2020.

The accumulated interest during this period was then added permanently on to the student's loan principal amount (ie capitalized). Effectively, this capitalized interest amount would then accumulate interest, at a higher rate than the banks!

This capitalization was not communicated to any students in RAP. Effectively the Canadian government increased how much you originally borrowed when you started university/college!

Please sign the petition to let the Canadian government know they have cheated the students, and need to do better!