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The purpose of this enactment is to establish the Business Development Bank of Canada as a lender of guaranteed student loans and to provide that student loan interest rates are set annually at the rate of inflation for the previous year.
This will ensure that students and persons still paying off student loans have reasonable financing and are not unduly burdened by debt after completing their education.
Persons who have existing loans from the lenders previously established by the Canada Student Loans Act will be able to apply for loans from the Business Development Bank of Canada to pay them off and will then be covered by the new interest provisions.
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