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-   -   Canada Student Loan Delinquencies - needs $149M (https://www.revscene.net/forums/637237-canada-student-loan-delinquencies-needs-%24149m.html)

Mr.HappySilp 02-09-2011 11:45 PM
I think when I went to school it was like 45% was grant (which u don't have to pay back) and about 55% of it was loan. By the end of my school I only have to play back like 21k but I have like 40lisk from the gov. I think when I finishs chool I was in the alst semester that had the grant thing.

Honestly a lot of people are apply and don't need the money. It will be a better idea to put some of that money into student jobs. Say instead of giving you that money the gov could use part of that money to create jobs for student related to their field. That way they get the work exp, money from working so when they graduate it is easier to find work.

Mr.HappySilp 02-09-2011 11:49 PM
Quote:
Originally Posted by TheNewGirl (Post 7298641)
Well what this article doesn't say is a lot too.

In the province of BC up until I think 2003 we subsidized high need persons while they were going to school, mostly single parents and persons with disabilities (aka, people who couldn't work and attend school at the same time, or wouldn't be able to work with out training) which was preferable to having them on welfare as it both cost less and meant getting them onto an educational track that would result in them earning higher incomes and pour money back into public funds.

On this path you would be getting about 1/2 of your loan as a grant so your debt levels were rising only slowly (to the tune of a couple thousand a semester).

Abruptly in 2003 this stopped meaning the people who were half way through their degrees were suddenly being given (you don't get to say 'no I only want X # dollars, they assess you and tell you what you're getting) the whole amount as a loan.

I know I was one of these people. In 2003-04, the last year of my degree I gathered more debt than the whole three years prior combined. Totally 4 times more than had origionally been anticipated when I'd first set out on my educational path and discussed all this with the student loan people.

This story, is not uncommon at all. I know several people in this situation. So I won't get out of student debt now for... 13 years. And am paying loans to both the province of BC and the Federal Loan (cause they give you two you can't take one or the other) Wee! That claiming bankruptcy after 7 option? Well that's really really tempting when you're trying to scrounge up hundreds of extra dollars a month and in all honesty I don't blame anyone who takes it.

In short, I don't recommend student loans to anyone any more. When I begun my education I was flat out lied to and deceived about how the system would work, the budget I would expect to be dealing with after I was done and so on. It's no better than those folks who come ply 19 year old students with high limit credit cards and then bitch when they default on them.
13 years O_o how much loan did you take out???? I remember I have to pay aobut 21k to the gov at a rate of 550 (I was paying min payment but what I did was pay min and the save up a large amount and pay more at once, once a while). Took me 2years to pay it off. Man 13years.... your loan must be well over 100k ><

Meowjin 02-09-2011 11:53 PM
Quote:
Originally Posted by quasi (Post 7299783)
I had the samething happen to me in 2000 when I went back to school. I had to go take out a line of credit at my bank and make payments well working 30 hours a week and going to school fulltime.

I think it's kind of BS you get punished for working and going to school. Meanwhile the other people I went to school with were getting Grants they didn't have to pay back and of course were rewarded with interest free loans because they lived at home and just went to school.
my choice to live alone is not by choice though, it's just the cards I was dealt and I've accepted.

I'm re-appealing. I'm honestly trying to quit 1 of my jobs, so I'm not spending more days a week working that I am going to school.

baggdis300 02-09-2011 11:57 PM
damn how are you guys getting thousands in grants?

i got a 5700$ loan, and only 500$ was a grant....

and they give you 6 months after grad interest free
not 100% sure if 6 months are interest free, but you don't have to make a payment until 6 months, so they might charge you the 6months interest

GrapeDrink 02-09-2011 11:57 PM
Quote:
Originally Posted by Gatorade (Post 7299717)
True that, I had 2k in the bank account and they expected me to use my incredible "savings" on tuition.
exactly I don't understand student loans man, I applied twice and got rejected twice because apparently the few thousand I made during the summer should be totally enough to cover everything and to be honest I guess if I didn't spend a dime of it it would definitely be enough to cover everything. It just kind of sucks to know that when you go and try to make little money just to have some money for if something comes up and etc and they penalize you for that. While people getting student loans also get living expenses on top of tuition costs and after I pay for my tuition and buy my books used off craigslist, I'm basically a hobo. I guess the only good part is I'm done 60 credits and I have no debt or any savings lol alright I will stop my ranting here.

Anjew 02-10-2011 12:07 AM
^^^ yea dude at least you dont have student loans to worry about =)

taylor192 02-10-2011 09:32 AM
Quote:
Originally Posted by T.T (Post 7299609)
interesting discussion I have to say.

Just want to get this straight. say someone borrows 28k and gets a degree and then a good job. The top priority after graduation would to pay off the loan before worrying about other stuff correct? ie. similar to what Nocardia did, make sacrifices, pay it all off in about a year.
THEN start worrying about saving up for a mortgage or whatever right?

that seems to be make the most sense to me instead of saving up for a mortgage while making 300/month payments or w/e. Dunno if there could be advantages to just sticking with monthly payments (for the purpose of tax deductions and whatnot).
"Top priority" is hard to judge since everyone is different and times change.

For me the top priority was saving for a mortgage since house prices were booming and interest rates were super low. My $25K loan had a 17yr repayment so the monthly payment was small and did not have much affect on my debt ratios.

For you it might be completely different. Interest rates are still low, yet will increase. Housing will not make you the same gains I saw. Thus it might be better for you to pay off the debt.

For others they may just not like debt and want it gone asap.

Yet I will say this: it takes money to make money. If you do not have $$$ available, an opportunity may pass you by. If I had been aggressively paying down my student loan, I would not have bought a house and profited from the housing boom.

taylor192 02-10-2011 09:42 AM
Quote:
Originally Posted by EvoFire (Post 7299709)
I hope you don't that I'm in any way targeting you because it just feels like your viewpoints are good candidates for discussion or even give me pointers in a few months when I'm out of school.
My posts can seem harsh and blunt, its just my style, don't read too much into it. I really enjoy good discussions! :thumbsup:

Quote:
Originally Posted by EvoFire (Post 7299709)
What I meant ridiculous was that I felt it should have been a little bit more flexible. I totally understand the need to start looking for a job months before you are done school, but not everyone is as fortunate to find something. Perhaps let it start counting once a full time job is started. Granted its more paper work for both the government and the student.
If everyone started looking early, then my plan wouldn't work :) Thus I'm preaching to those who want to get ahead, there's always going to be average or lazy people who are fine where they are.

I don't think it would wait till you have a job, otherwise what incentive is there to find a job? When I graduated the grace period was 6 months, that should be more than enough time - unless you took a degree without job prospects... in which case we shouldn't be subsiding these degrees.

Quote:
Originally Posted by EvoFire (Post 7299709)
Exactly, you lucked out. And while there are still good opportunities out there right now, its just not as great after 08/09 depression.
Absolutely, yet that's why my advice is even more important today. With fewer jobs and more grads comes more competition - so if you want to get ahead you should be beating your competitors to the starting gate.

Quote:
Originally Posted by EvoFire (Post 7299709)
Agreed with the first part as it depends on the degree you are currently doing. Though disagree about the 2nd part with loans as getting through a 4 year university career will now cost you much more than $25k. I'd say after a 4 year degree just based on just student loans, you are looking at owing around $40k after you grad. With the student loan limit capped at $50k(it was that much last time I checked), its awfully close. If it gets dragged out a little longer than expected when you can't get the classes that you want, it will get a little nerve-wracking.
Anyone that drags their degree out longer than needed is doing themselves a disservice. You can always get your mandatory credits, then take any electives that get you out the door fastest. Most of your learning will be on the job anyways.

My brother graduated in 2003 with $35K of loans, yet he did an extra year cause he fucked up.
I graduated in 2002 with $25K of loans.

So I absolutely agree kids today will graduate further in debt - yet that's a completely different discussion. :) One of my favourite bloggers predicts education will be the next bubble to pop.

taylor192 02-10-2011 09:46 AM
Quote:
Originally Posted by breh (Post 7299750)
Yup, pretty much took an extra year to grad but I think the co-op experience was more than worth it. My course load varied though. Sometimes 3 courses per semester... which is why 2k per semester almost covered it all (I'd have to add maybe a few hundred dollars).

This was at SFU btw, which I personally think has a great co-op program.
I went to Carleton cause they have a co-op program with most of the tech companies in the region. I worked a 4, 8, and 12 month co-op term, making ~$35K/yr. This certainly helped me afford school, otherwise my loans would have been much higher.

I think anyone attending university/college should weigh co-op heavily, job placements pay well and get your foot in the door with relevant experience.

Nocardia 02-10-2011 04:45 PM
Quote:
Originally Posted by baggdis300 (Post 7299804)
damn how are you guys getting thousands in grants?

i got a 5700$ loan, and only 500$ was a grant....
My loans were ~10000/year. My first year I got nothing because my loan was much smaller and I had a larger saving, the 2nd year I got like $400 because I didn't even know much about busaries. My 3nd year I realized there was TONs of money, so I applied around and got about $1000. But in my 4th year I found aot a healthcare bursary which was HUGE and got about 5000k.

Quote:
Originally Posted by baggdis300 (Post 7299804)
and they give you 6 months after grad interest free
not 100% sure if 6 months are interest free, but you don't have to make a payment until 6 months, so they might charge you the 6months interest
It is NOT interest free, come October they tag on ~$1000 in back interest, known from experience, make sure that rumor stops NOW

Meowjin 02-10-2011 05:14 PM
Im looking at science co-ops... Better to start now than later.

DA9ve 02-10-2011 05:31 PM
What I learned from receiving students was that they gave way more than required. It was gravy when the money came and honestly as a young adult I wasn't looking after my expenses all that well. They know how much tuition costs and yet they still lend out I would say 20-30% more than you need. No wonder they don't have enough to respond to the demand for all the students out there.

RacingMetro92 02-10-2011 05:41 PM
I'm on a student loan because I didn't have the money to cover my funds for university (I'm in my first year), and my mom didn't bother to give me money for school. I'm actually budgeting my money and keeping track of EVERY penny I spend, and I make sure to stay within the budget. I got 5k, even though I'm living at home, which was way more than I needed. Scholarships helped me a little bit too.

Some people who get these loans have never had this much money before, and they just go and burn it all, and then take out another huge loan the next semester.

baggdis300 02-10-2011 05:52 PM
and that is why they break up the payment by about 3 months.

i got 3200 in january and will get another 2500 in march

Quote:
Originally Posted by Nocardia (Post 7300589)
It is NOT interest free, come October they tag on ~$1000 in back interest, known from experience, make sure that rumor stops NOW
notice how i said im not 100% sure, and then said that they probably add those 6months of interest on after the 6th month, and that its just 6 month payment free, but interest starts day you grad

snowball 02-10-2011 09:12 PM
Quote:
Originally Posted by baggdis300 (Post 7299804)
damn how are you guys getting thousands in grants?

i got a 5700$ loan, and only 500$ was a grant....

and they give you 6 months after grad interest free
not 100% sure if 6 months are interest free, but you don't have to make a payment until 6 months, so they might charge you the 6months interest
Depends on your program too, if you're in a program that BC/Canada needs such a trades or doctor you can get thousands.

Last year I know of someone that received an initial grant of 2600 and 2000 afterwards for student loan foregiveness.

twitchyzero 02-10-2011 09:40 PM
Quote:
Originally Posted by Nocardia (Post 7300589)
But in my 4th year I found aot a healthcare bursary which was HUGE and got about 5000k.
AFAIK BC Health Care Bursary was never 5k..think it maxed out at $3500..moot point cause that's abolished thanks to the Liberals.
Quote:
Originally Posted by Gatorade (Post 7300942)
Last year I know of someone that received an initial grant of 2600 and 2000 afterwards for student loan foregiveness.
the forgiveness program and the majority of the grants are also abolished:woot2:

GrapeDrink 02-11-2011 12:07 AM
Quote:
Originally Posted by DA9ve (Post 7300646)
What I learned from receiving students was that they gave way more than required. It was gravy when the money came and honestly as a young adult I wasn't looking after my expenses all that well. They know how much tuition costs and yet they still lend out I would say 20-30% more than you need. No wonder they don't have enough to respond to the demand for all the students out there.
I think that is because they also factor in living expenses, can't you just return the extra? but I'm sure it would be tempting to keep it for whatever lol and that usually ends up being a frivolous expense if you not careful.

In response the post after(I Don't know how to multi quote lol fail), I don't understand why they even factor in an expected parental contribution, I think that is kinda unfair because its not like parents are actually like for sure going to contribute that amount and whatever. Isn't that kinda backwards? like if your parents were the type to be in the position of being well prepared, why would you even be applying for a student loan, like for me my parents got a mortgage and credit card debt to pay and the last thing I want to do is ask them for money.

terkan 02-11-2011 02:58 AM
Quote:
Originally Posted by Mr.HappySilp (Post 7299794)
13 years O_o how much loan did you take out???? I remember I have to pay aobut 21k to the gov at a rate of 550 (I was paying min payment but what I did was pay min and the save up a large amount and pay more at once, once a while). Took me 2years to pay it off. Man 13years.... your loan must be well over 100k ><
I think it's more to do with people who are in dead end degrees who take all these student loans without working part-time to help pay for their tuition.

Bottom line is if you're going to graduate with an arts degree, don't live off of student loans and expect to pay it off with ease (example taking 40-50k in loans when you will only make 30k/year after you graduate). It really only makes sense to live on student loans if the extra time you have from not having to work gets you a better paying degree that will pay dividends further down the road.

snowball 02-11-2011 03:20 AM
Quote:
Originally Posted by Mr.HappySilp (Post 7299794)
13 years O_o how much loan did you take out???? I remember I have to pay aobut 21k to the gov at a rate of 550 (I was paying min payment but what I did was pay min and the save up a large amount and pay more at once, once a while). Took me 2years to pay it off. Man 13years.... your loan must be well over 100k ><
Depends on the rate (not including sporadic payments) some people pay $500 a month, others choose to pay $100 a month with longer interest if that's all they can afford resulting in a long-term loan.

GabAlmighty 02-11-2011 04:38 AM
Atleast you guys got student loans.

Ulic Qel-Droma 02-11-2011 05:27 AM
they should just stop giving out student loans.

and aiming for "higher" education should be a lower priority, cuz really, it's a real shitty investment.

TheNewGirl 02-11-2011 05:50 AM
Quote:
Originally Posted by Ulic Qel-Droma (Post 7301290)
they should just stop giving out student loans.

and aiming for "higher" education should be a lower priority, cuz really, it's a real shitty investment.
In hind sight, I agree. I totally wish I'd been nudged towards a trades program instead instead of a 4 year + degree. I'd be making a HELL of a lot more and not have started out up to my eyeballs in debt.

GrapeDrink 02-11-2011 09:13 AM
Quote:
Originally Posted by Ulic Qel-Droma (Post 7301290)
they should just stop giving out student loans.

and aiming for "higher" education should be a lower priority, cuz really, it's a real shitty investment.
I think its a shitty investment in the cases where they don't finish, I think they should be more involved in determining if you can even get to what you striving to achieve. For example I have friends that are trying to get into like business and whatever through transfer of faculty/college and their grades are no where near the cut off for the thing they want and their on student loans. So basically whats going to happen is when they realize it they will drop out or change their major to something entirely different probably having to take a bunch of other courses thus more loans lol and you know how this spiral is going to end. But I guess at the same time it's also on them to do their own research when their willingly spending that kind of money on their education.

taylor192 02-11-2011 09:33 AM
Quote:
Originally Posted by GrapeDrink (Post 7301440)
But I guess at the same time it's also on them to do their own research when their willingly spending that kind of money on their education.
No, it should be on us since our taxes heavily subsidize their education. If you want to know how much a degree really costs, ask an international student paying essentially the full price.

You can get into university with a D average from high school. That is sad - it is nolonger about "higher education", its about pumping out as many degrees to continually get more funding.

Lomac 02-11-2011 09:40 AM
Quote:
Originally Posted by taylor192 (Post 7301464)
No, it should be on us since our taxes heavily subsidize their education. If you want to know how much a degree really costs, ask an international student paying essentially the full price.

You can get into university with a D average from high school. That is sad - it is nolonger about "higher education", its about pumping out as many degrees to continually get more funding.
I was accepted to University of York in England. My cost as an international student including living fees? $130,000 for a 4 year degree condensed into 3 years. Ouch. And students over there ate complaining about the recent domestic cost of tuition increase? Lol
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