Here's what N.W.T., Nunavut post-secondary students need to know about their loans
N.W.T. government says no interest will be accrued during the suspension
The Northwest Territories government has announced that repayment of all territory student loans will be suspended until Sept. 30 in response to the COVID-19 pandemic.
During this period, no interest will be accrued, according to a news release from Friday.
All pre-authorized debits will be cancelled and scheduled credit card payments, along with any post-dated cheques, will not be processed. This will happen automatically, so no action needs to be taken, according to the N.W.T. Student Financial Assistance office.
"We understand and appreciate your concerns during these challenging times and please be assured that we will remain in constant contact to provide updates," the release reads in part.
"As well it is very important that you monitor the news to ensure you are aware of what is happening throughout Canada in the response to COVID-19."
Nunavut loan borrowers have 6 month grace period
Nunavut's government said Friday it is following suit, and that all Nunavut student loan repayments will be suspended for the next six months. No exact dates were supplied.
Classes at the Nunavut Arctic College are further suspended until May 4 because of COVID-19.
The government said it is working on getting the spring semester started online and through take-home work.
Students in semestered programs who have finished the majority of their course work will be given a mark for work completed as of March 17, when classes stopped.
Graduations and convocations are postponed until the Fall.
Students in the south looking to return home to Nunavut need to contact FANS@gov.nu.ca to start their mandatory two week quarantine.
The Yukon government says it approves student loans for Yukon students on behalf of the federal government, and that the federal government is pausing the repayment of loans until Sept. 30, with no accrual of interest.
With files from Beth Brown and Sara Frizzell