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

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 measures^{Footnote 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

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

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

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

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 ***