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This year’s federal budget announces a range of changes to try to make life easier for students – from more affordable student loans, increased assistance for students with disabilities, adjustments to the federal six-month grace period and assistance for students in “vulnerable” life situations.

Here is what you need to know.

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More affordable student loans

Roughly one million people are repaying student loans in Canada, according to the federal budget, which was announced Tuesday. With the high cost of education, many students have had to make tough decisions regarding their schooling and are holding off important life decisions like marriage and home ownership.

In response, the budget announced lower interest rates for those borrowing from the Canada Student Loans Program, which administers student loans at the federal level.

The floating interest rate, which is “prime” (a fluctuating percentage) plus 2.5 percentage points, will be changed. This year’s budget plans to remove the set 2.5 percentage points, meaning students with a floating interest rate loan will only need to pay the prime rate.