AdvertisementDeputy Prime Minister and Minister of Finance Chrystia Freeland holds a news conference before tabling the Fall Economic Statement in Ottawa, on Thursday, Nov. 3, 2022.While this move is helpful for students graduating, said Rebekah Young, director of fiscal and provincial economics at Scotiabank, it is ultimately relief for interest payments on debt rather than money toward tuition or other post-secondary school expenses.An average student loan borrower will save $410 per year as a result of their loan being interest-free, the government said in the fiscal update.Ottawa said graduating students will still be able to use its repayment assistance plan, allowing them to pause student loan repayment until they are making at least $40,000 per year, and reducing payments for those earning slightly above that amount.This move to tackle student loans comes just a few months after U.S. President Joe Biden announced a decision to cancel $10,000 for most student loan borrowers, and up to $20,000 for those borrowers who received a federal Pell Grant."