#canada student loans program

[cdntrustee]

REPAYMENT OF STUDENT LOANS CANADA: STUDENTS' #1 WORRY IS STUDENT LOANS DEBT

REPAYMENT OF STUDENT LOANS CANADA: STUDENTS’ #1 WORRY IS STUDENT LOANS DEBT

Repayment of student loans Canada:  Introduction

Although I can’t now fathom a world without the Internet, there are some reasons to wax nostalgic about the good old days. Most notably, many families lived nicely on one income and people retired from their jobs with a defined pension plan.  It was commonplace for students to put themselves through college working summers and weekends during the…

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[cdntrustee]

#VIDEO-STUDENT DEBT: HOW TUITION COSTS AND DEBT NEGATIVELY AFFECTS US#

#VIDEO-STUDENT DEBT: HOW TUITION COSTS AND DEBT NEGATIVELY AFFECTS US#

STUDENT DEBT: HOW TUITION COSTS AND DEBT NEGATIVELY AFFECTS US Student debt:  The times have changed already!

Times have changed so much for university graduates and unfortunately, student debt counselling has not kept pace with today’s reality.  Students graduate with various student loans and varying amounts of debt.  The theory is that graduates will get a well-paying job in their chosen…

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[thebriefingroom-blog]

CASA concludes advocacy week

The Canadian Alliance of Student Associations held over 120 meetings with officials in Ottawa on student issues

Last week, the Canadian Alliance of Student Associations (CASA) conducted over 120 meetings with members of Parliament, senators and bureaucrats on various topics pertinent to students. Discussion focused on four particular areas of concern: the Canada Student Loans Program (CSLP) and unmet student need, copyright legislation and digital locks, the Post-Secondary Student Support Program and improved access for aboriginal Canadians, and international students and an easier visa process for them...

..."For the Canada Student Loans Program, we were asking that, in the assessment of our assets, that the ownership of one vehicle per student is exempted. Currently, students [are] only allowed to own a car with a value of up to $5,000 and anything more than that is subtracted from the amount of the loan that they are given," he said. "This number was arrived at in 2001, and currently today the average price of a used car in Canada is $11,400 — so it doesn't represent the value of the vehicles students have, that they need to get to school and get to work and meet many of their life commitments."...

[thebriefingroom-blog]

Student debt: Time for a reality check

As we drift into the hazy days of summer, here's a look at what young people are dreaming about (and I don't mean Katy Perry). Almost 60 per cent of post-secondary students expect to graduate with no debt or less than $10,000 in debt, according to a Bank of Montreal survey.

They might be in for a rude awakening -- Statistics Canada says the average loan that undergraduates end school with is about $19,000. The Canadian Federation of Students pegs debt among students studying in the Maritimes, where students have the highest average debt loads, at over $28,000...

[thebriefingroom-blog]

Let the debt repayment begin

Students graduating this spring will have record debt but they might also face a new obstacle they haven't bargained for-higher interest rates.

The Canadian Federation of Students says the average debt for university graduates is close to $27,000, making looming interest-rate hikes from the Bank of Canada all the more devastating.

Students are particularly sensitive to any move from the Bank of Canada because most of their loans are tied to prime, which usually moves in lockstep with the overnight rate...

...The federal government and the provinces provide financial assistance through the Canada Student Loans Program. Ottawa provides 60% of the assessed need to a maximum of $210 in loans per week of study.

Rates vary from province to province but the rate on the federal portion of the loan is now 5.5% if it is tied to prime but as high as 8% if you fix the rate.

"They keep telling us rates are going up and up. What will happen to the people with these?" asks Margaret Johnson, president of Solutions Credit Counselling Services Inc. in Vancouver. "They are so high now. The interest charges on these loans are one of the largest factors in the [problems students face]."

Ms. Johnson says students are ill-informed when it comes to debt and need to be better-educated about the long-term affects, including knowing the interest rate.

"Somebody needs to sit down with these students before they take these loans and say, 'Here is how they work and do you really understand compound interest and do you know by the time you are finished it will cost you this amount of money', " Ms. Johnson says...