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Apprentices now eligible for federal interest-free loans

Ottawa, Ontario — January 12, 2015 — Starting in January 2015, auto body and collision repair damage technician apprentices and automotive painter apprentices can apply for up to $4,000 in interest-free loans per period of technical training at their community college. The money will be available to the apprentice to help pay for tuition, tools, equipment and living expenses, to cover forgone wages or to help support family.

Apprentices will not have to make payments on their Canada Apprentice Loan until they complete or leave training, and no interest will accumulate until after apprentices completes or leaves the apprenticeship training program.

The Canada Apprentice Loan will be available in all provinces and territories except Quebec, and is available for up to five periods of technical training.  The interest free period can be up to 6 years as long as the apprentice is confirmed as being registered in the Auto Body and Collision Damage Repair technician apprenticeship program.

Apprentices do not have to make any loan payments as long as the loan is in interest-free status.

To be eligible, apprentices must meet all of these criteria:

– Be a Canadian citizen, permanent resident or protected person
– Be registered in a Red Seal trade (Auto Body and Collision Damage Repair Technician is a Red Seal trade)
– Be enrolled in a block-release training program
– Pass a credit check (required if you are applying for the first time)

“Failure to obtain adequate income support has long been identified as one reason for low student attendance in training. This new program should remove one more barrier to apprentice training and encourage more prospective collision repair technicians to attend training and better work towards being a fully trades-licensed trained tech,” says John Norris of Collision Industry Information Assistance (CIIA).

More information is available at esdc.gc.ca/en/support_apprentices/loans.page. Further apprentice supports are identified at ciia.com/provinces/ontario/training.html.

 

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