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The purpose of this enactment is to establish the Business Bank of
Canada as a lender of guaranteed student loans and to provide that
student loan interest rates are set at the rate of inflation for the previous
year and are adjusted annually.
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This will ensure that students and those still paying off student loans
have reasonable financing expenses and are not unduly burdened by
debt after completing their education.
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Those 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 to pay them off and will
then be covered by the new interest provisions.
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