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the importants of avoiding getiing student loans depts

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i will be showing you the ins and out of the student loan market

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The federal government is writing off more than $200 million in outstanding student loan payments that officials will never be able to collect.

Recently released spending documents show the government won't collect $203.5 million in debts from 34,240 students

It is the third time in the last four years that the government has had to write off outstanding student loans even as officials make concerted efforts to round up more money from borrowers.

The government annually has to write off some of the $19 billion owing in student loans for a number of reasons: a debtor may file for bankruptcy, the debt itself passes a six-year legal limit on collection, or the debtor can't be found.

The Liberals have looked to make it easier for graduates to pay off their loans - and for the government to collect the cash - by increasing the minimum annual income they have to earn before they are required to make debt payments.

The limit is now set at $25,000.

Nine years to pay off

The most recent annual report on the Canada Student Loans Program said that in the 2014-2015 fiscal year, the government provided 489,000 full-time students with $2.7 billion in loans and a further $20.9 million in loans to 12,100 part-time students.

Borrowers typically take between nine and 15 years to fully pay off their loan and the period usually overlaps with when Canadians are most likely to start a family.

The Canadian Alliance of Student Associations called on the government late last month to also give new parents a break from student loan payments when they are on parental leave, even if they are receiving employment insurance benefits.

Student groups have also asked the Liberals to make higher education more affordable, and have requested more financial help for Indigenous students.

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Liberals write off $200M in student loans feds will never collect | CBC News

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The federal government is writing off more than $200 million in outstanding student loan payments that officials will never be able to collect. Recently released spending documents show the government won't collect $203.5 million in debts from 34,240 students It is the third time in the last four years that the government has had to write off outstanding student loans even as officials make concerted efforts to round up more money from borrowers.

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Students head back to school this month to universities across the country; it's a time to participate in social activities, a time to figure out what career path they'll pursue, and - for many - it's a time to rack up more overwhelming debt.

And that debt is only going up for students and young people in Canada. According to a recent report from Statistics Canada, tuition fees have increased by 3.1 per cent for undergraduate programs in the 2017-18 academic year. Tuition to a Canadian university costs an average of $6,571 per year, with significantly higher average annual costs for programs like dentistry ($22,297), law ($13,642), and engineering ($8,099).

For many millennials - part of a generation so often critiqued as financially irresponsible - what awaits them after graduation is a job market riddled with precarious employment and undesirable contract jobs, a closed housing market and a legacy of student debt that's higher than ever.

Many young people leaving university have no options but unpaid internships, temporary work, or minimum wage employment - circumstances that make tackling leftover debts challenging, if not impossible. Young people are also disproportionately represented in overall statistics on homelessness ( 18.7 per cent), food insecurity ( 10 - 17 per cent depending on age), and precarious employment (where employees face a lack of protection or inadequate rights at work). For many young people graduating university or college, their escape from student poverty is closely followed by the experience of working poverty.

Lars Hagberg/The Canadian Press

Governments in Canada have taken some steps to address these conditions. Last year, the government of Ontario announced the new Ontario Student Assistance Program to make tuition free for 210,000 students in the province and the government of New Brunswick took a similar step for low-income families.

Recently, the government of British Columbia announced a program to make tuition free for former youth in care. And recently, Employment Minister Patty Haiju announced a new federal student co-op program, as well as indicating her ministry's intention to ban unpaid internships.

With these and other measures, we appear to be heading in the right direction. In the anti-poverty movement, we know change is about progressive realization - small steps forward toward a larger vision of achieving human rights, like the rights to education and an adequate standard of living, for everyone in the country, rights the Canadian government has a legal obligation to uphold.

On the other hand, these initiatives are piecemeal and are not part of a long-term overall vision of addressing the poverty that exists both as a barrier to accessing post-secondary education for many people in Canada, as well as the consequence of pursuing that education in pursuit of a better financial future.

In order to succeed, these programs and small steps must be backed by the political will for something much better.

These initiatives are part of a larger system of debt and insecurity plaguing students and recent graduates in Canada. And the loans students incur to access the education they are told will ensure economic security contribute to this climate. Ontario graduates with loans through OSAP pay a staggering 5.2 per cent (prime + 2.5%) in interest for the contribution by the federal government, compared to the interest rates of private financial institutions at 4.7 per cent, or even 2.25 per cent for some programs. For many young people, this high rate of interest on their largest source of debt, coupled with the insecurity of post-graduation life, creates a cycle of financial instability that can be decades-long.

Some government programs underscore the lack of political will to create lasting change. The Canada Learning Bond - a federal initiative being promoted right now - provides a $2,000 government contribution through a Registered Education Savings Plan (RESP) to individual students. Tuition costs of an average four-year program in Canada sit at $26,288, meaning the bond, however well-intentioned, barely makes a dent. In fact, it contributes less than eight per cent towards average tuition costs - and even less when you take into account living expenses students accrue while pursuing their degrees.

When we look at programs like the Canada Learning Bond in a vacuum, it makes sense that people applaud them - it is funding flowing directly to students to help them pay for their education. But digging into the details illustrates the gross inadequacy of these programs, not only towards helping students stave off long-term debt, but also towards fulfilling their right to education.

In order to succeed, these programs and small steps must be backed by the political will for something much better. And governments can do so much more: increase federal transfers with conditions to provincial and territorial governments, create programs for youth employment based in human rights, and commit to guaranteeing the right to education by making post-secondary education tuition free.

Until we make a real commitment to break the cycle of poverty for so many young people, the celebration of efforts to solve this crisis are nothing if not premature.

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Canada Is Nowhere Close To Ending The Student Debt Crisis

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Students head back to school this month to universities across the country; it's a time to participate in social activities, a time to figure out what career path they'll pursue, and - for many - it's a time to rack up more overwhelming debt.

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video numer 1

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Andrew Park paid off his student loans last year - more than 10 years after starting his post-secondary education.

The 30-year-old Toronto resident, who now works as a business development leader, racked up his loans while studying life sciences at the University of Toronto. His post-secondary education began in 2005, but it wasn't until 2012 that he finished his masters in political science at McMaster University.
READ MORE: Experts warn about private vs. government student loans
Paying off his student loans, borrowed through the Ontario Student Assistance Program (OSAP), was something Park says he intended to do right after graduation, but other factors always got in the way.

"Things really got delayed," he explained to Global News, adding that he paid off the first half of his loans almost right away. But then the expenses of living independently and paying bills side-tracked his plan.

"My brain didn't really understand how to handle [the OSAP payments]," he said.

If he could go back, Park says he would start working earlier during his undergrad and save more money.
WATCH: Financial expert weighs in on student loan debt and how to manage it
"You don't need to go 100 per cent OSAP," he says, adding that some universities have work positions that are flexible for students' schedules, and pay well.

Park isn't alone in hoping that he had done things differently.

Regrets about student loans

About three-quarters, or 77 per cent, of Canadian graduates under 40 have some regrets about the money they spent while in school, according to a poll released Tuesday by debt firm BDO Canada.

The report, carried out by Ipsos Poll, found 30 per cent of graduates would have had more frugal budgets, some would have worked more during school (28 per cent), and 25 per cent would have avoided other debt by staying away from credit cards and car loans.
READ MORE: 4 Canadian schools make list of top 100 universities in the world
About 67 per cent of Canadians included in the poll said they had debt when graduating, and were an average of $22,084 in the red. Only about 33 per cent of respondents graduated debt-free.

Sixty-two per cent of those who wrapped up their education with debt are still paying off the loans, the poll said.
WATCH: Canadian consumer debt climbs higher
Advice for incoming students

The former students had some advice for incoming students, which mostly revolved around being smarter with money.

About half of the graduates surveyed said students should be more willing to make financial sacrifices and get a part-time job as soon as possible. About 45 per cent advised students to pay off debt without delaying it.

Some graduates (39 per cent) suggested taking time off after high school to earn money, and then enrolling in post-secondary education.
READ MORE: University tuition fees in Canada rise 40 per cent in a decade
Delaying post-secondary education is something University of British Columbia student Janessa Tom thinks is a smart idea.

"Taking a couple years off to work will put you in a better spot financially, as long as you're budgeting and very aware of your spending," the 22-year-old told Global News.

While Tom has parents who will help her pay off the loans, she's already thousands of dollars in debt. She says tuition isn't the only expense - she also spends on car insurance, rent and utilities, and groceries.

One thing the student hopes people will understand is that students aren't in debt because they're lazy.

"I think it's really easy for people to assume that students are taking out loans because they're too lazy to work a job while they're in school, but if you're taking a full course load, school takes up the equivalent amount of time as a full-time job."

Paying off student loans

Because of his debt, Park says he put off things like travelling, investing regularly in retirement, saving, and even family planning.

Since making his final payments, the newlywed says he feels liberated to invest in other parts of his life. One of the first things he did was ditch is old car, and buy a Ford Focus, he said.

But that's not all. Park also feels more confident discussing finances now.

"Now, I don't have this looming debt hanging over me," he says.

Tips to help manage student loans

According to the Canadian Student Loan Program, paying off student debt takes most about 10 years. But TD Canada Trust provides tips on how to get out of the red faster.

On its website, the bank says it's imperative students first figure out exactly how much they owe, and then make a budget. It's important not to delay the process, and make extra payments whenever possible.
WATCH: The emotional impact of consumer debt
"Didn't spend a lot one month? Whenever these kinds of situations happen, top up your payments!" the site reads.

It adds that curbing living expenses - whether that means living with your parents or a roommate - is a great way to save money faster.
This poll was conducted by Ipsos on behalf of BDO Canada, between Aug. 16 and 21, 2017, using a sample size of 2,212 Canadians aged 21-39 who had a completed college diploma or university degree. This poll is considered accurate ±2.4 percentage points, 19 times out of 20.

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77% of Canadian graduates have regrets about student debt: poll

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Andrew Park paid off his student loans last year - more than 10 years after starting his post-secondary education. The 30-year-old Toronto resident, who now works as a business development leader, racked up his loans while studying life sciences at the University of Toronto.

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video number 2

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Tucker: Student Loan Debt is CRUSHING an Entire Generation!

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if student loans were honest

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If Student Loans Were Honest - Honest Ads (College Debt)