Federal Government Implements Changes To Immigration Loans Program
Monday, March 12, 2018

On February 21, 2018, the Government of Canada implemented changes to its Immigration Loans Program.

The program provides eligible immigrants with access to funding that would otherwise not be available. Loans are used mainly by refugees to cover a number of expenses, including travel to Canada and other costs associated with resettlement.

The changes eliminate interest on new immigration loans for resettled refugees and give more time for repayment.

Repayment Start Date

Before: 30 days after arrival in Canada

Now: 1 year after arrival in Canada

Repayment Period

Before: 1-6 years

Now: 3-8 years

Interest

Before: 

Interest charges start 1-3 years after arrival in Canada

Use government rates charged to Crown Corporations

Now: 

New loans are interest-free

Existing loans will have no further accumulation of interest

Interest accrued to February 21, 2018, will still need to be repaid 

While these changes are a step in the right direction, the Surrey LIP continues to urge the federal government to eliminate transportation loans for refugees altogether.

To learn more: