The federal government will eliminate all credit screening on Canada Student Loan borrowers effective Aug. 1, according to Employment and Social Development Canada, which says most applicants were previously approved regardless of their check results.
“In reality it only creates a barrier for first-time student financial assistance applicants aged 22 or older who have to pass the credit screening or deal with the administrative burden associated with submitting appeals,” the department wrote in a regulatory impact analysis statement, as first reported by Blacklock’s Reporter.
