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1.       What did you learn about your topic that surprised you the most?

I learned that there are many student with lots of debt. Like in Canada its around $22.3 billion in July 2020. But now it would be even more.

2.       Provide a real-life example of how this topic is relevant or interesting for you?

This topic is relevant to my real life because I am a student that’s got  money from the government. Where I think of l my life finding jobs in my field with high paying jobs will be less. Since there’s no dement for technology jobs in Canada with higher pay. But If I decide to move to USA I can make more money than here and pay off my loan faster.

3.        If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

I think one advice that I would give to my family or friends is that. Don’t waste your money while you’re in school. And try to apply for grants and scholarships for your school. And work during summer and make money and you that towards school.

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Thank you for reading my padlet I hope you learned something.

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Is the system in Canada treated fairly for student loans? 

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Is the system in Canada treated fairly for student loans? 

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This is website will talk about if the student in Canada treated fairly with the student loans. As in many student struggle to pay off their student loans since they study different level of study. Which will cost them more money. But after graduating from school most of the students don’t make enough money to pay off their bill, loans. As now days due to infusion the cost of living is becoming more and more expansive.

I think as a student we are not treated fairly with our student dept. Since most of the students aren’t getting into the jobs that they studied for. Most of the employers are paying less money. This making the student to straggles throw their life and delaying there life plans.

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Student Loan Debt in Canada

For students struggling to pay for higher education or professional training, governments at the federal and provincial level have enacted programs to assist students with student loans.

The reason for these programs is so the student can benefit from further learning and studies.

Under these programs, students may apply for debts to be forgiven or to receive relief from interest charges.

Student loans are subjected to strict laws and conditions in bankruptcy due to these programs and a waiting period must be reached before student loan debt can be discharged in bankruptcy.

The current law dictates that student loan debt cannot be included in a bankruptcy discharge if the student has not been out of school for less than 7 years.

Student Loan Hardship

In a hardship situation, the court can discharge the student loan debt, once five years has passed since the schooling, if the bankrupt has acted in good faith and will continue to experience financial problems such that the bankrupt will be unable to pay the debt.

The volatile history of student loans makes it clear that the government and stakeholders are still wrestling with the best and fairest way to deal with student loans in a bankruptcy.

Prior to September 30, 1997 - Student Loans were erased upon a discharge, the same as all unsecured debt.

September 30, 1997 - Student Loans were discharged, if at the time of the bankruptcy, the student had been out of school for two or more years.

June 18, 1998 - Student Loans were discharged, if at the time of the bankruptcy, the student had been out of school for ten or more years.

July 7, 2008 - Student Loans were discharged if, at the time of the bankruptcy, the student had been out of school for seven or more years.
A hardship provision was included which gave discretion to the courts to discharge the student loan debt after five years, if it is the opinion of the court that the bankrupt has acted in good faith and will continue to experience financial difficulty such that the bankrupt will be unable to pay the debt.

The future - A review of Canada's insolvency laws was tabled in the House of Commons Tuesday, October 21, 2014.
This is the start of proposed changes to the Bankruptcy and Insolvency Act.

CAIRP (Canadian Association of Insolvency and Restructuring Professions), the governing body of Trustees in Bankruptcy, recommends:(a) that the student loan be eligible for a discharge in bankruptcy, if the student has been out of school for 5 or more years; and(b) that the waiting period for a hardship application be the date of the debtor's automatic discharge or the date of the debtor's actual discharge hearing.

One of the main reasons there is such difficulty in coming to grips with a fair and equitable system is the way in which the loans are granted.

The Student Financial Assistance website lists the qualifications for getting a student loan.
A major problem is that there is no requirement that the applicant must have a minimum grade point average nor is there a requirement that the person is taking a course that will give him/her a reasonable payback for the cost of the course.
Because there is no requirement of a minimum grade point average many loans are granted to students, who do not have the academic qualifications to complete their selected course of studies.

In my practice, the overwhelming number of students I saw, who wanted their debt discharged in a bankruptcy, did not complete their studies and were in low-paying, often minimum wage jobs.

Another problem I saw, at first hand, was the person who paid, for example, for a hairdressing course.

The course was very expensive yet the pay for a qualified hair dresser is very low - at or close to minimum wage.

These people cannot afford to pay back their student loans.

Some people say that these people abused their student loans.

Others say that mistakes were made but that youth is the time to make and learn by mistakes.

I feel that we put an unfair burden on these students by sentencing them to be pursued by credit collectors until seven years has passed before the student can seek debt relief in a bankruptcy.
It is ironic that one of the issues being reviewed for change in this go-around of the review of Canada's insolvency laws is the issue of responsible lending.
The talking points produced are:

Credit grantor behaviour may also contribute to financial difficulty for some creditors.
For example, credit granting practices such as extending credit on onerous terms to individuals who are unable to meet their existing financial obligations can lead to higher rates of insolvency.

Possible responses could include empowering the trustee or court to disallow the claim of a creditor where credit was extended improvidently or on unconscionable terms.
Additionally, the lender could be required to repay payments made on such loans in the period leading up to a bankruptcy or proposal.

The concept of responsible lending should be applied to student loans in the review of Canada's bankruptcy laws.

Student loans should be released at the time of the bankrupt's discharge, the same as all unsecured debt.

If the federal or provincial student loans agencies feel there is abuse of the system they have the right to oppose the discharge of the bankrupt.

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Is Student Loan Debt Treated Fairly in Canada?

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For students struggling to pay for higher education or professional training, governments at the federal and provincial level have enacted programs to assist students with student loans. The reason for these programs is so the student can benefit from further learning and studies.

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This video will talk about how does loan works. How interest rate work and how you can save money. What are the government program to get loan debated if you’re doing job related to doctor or nurse. It’s also explain which loan to pay of first and whether you should use line of cried or not.

I have picked this video because it’s explain in all kind of poit of view on how you should pay off the loan. Pulse I feel it’s some giving  their real life experience as well which will made me understand a little bit more inept with the student loan.

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STUDENT LOAN REPAYMENT: Everything you need to know about the Canada Student Loan & OSAP

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This video will talk about how does student loans works. As to start off as a student you can brow money from difference  incursion. Such as federal student loan and private loan. As you may know federal is borrowing money from the government. Which will come with less interest rate. But if you have desired to go with private just remember that you would be paying off more money out of your pocket.

I have chosen this video because this is the first video I have watched to learn about what is a student loan and how it’s work. When I applied for collage right after high school. I think this video will help to understand which incursion.

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This video will talk about how loan forgiveness work. The loan forgiveness is about how government wills write off your loan. Which is you’re doing bank craped. That can only work after 7 years of your graduation. That means its start from the last day of your final exam or your final class. But if you desired to attend back to school again the time of 7 years will reset. Also, just remember that there are 7 rolls before you apply for loan forgiveness. I hope you review the video and lean bit more about it.

I have chosen this video because I never knew you can do bank craped on student loans. Also, who I should talk to before doing bank craped. Which is taking to your accountant or a licensed insolvency trustee will help you make the right choice.

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What Is The 7 Year Rule On Student Debt?

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This website is a loan calculator. Where you can able to calculate how much interest rate you will be paying off.

I choices this website since I think it is really import that you need to know where is your money going. How you can save it. The lesser interest you pay more money you will save. As example I have put in how much money I own. Which is$2300 when I graduate. With the interest rate  I would be owning  $30641.11 to the government. I would be paying off $7641.11 for interest. This loan calculation I put it for 10 years after I graduate. I think it’s good to pay off loan sooner than later.

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A loan is a contract between a borrower and a lender in which the borrower receives an amount of money (principal) that they are obligated to pay back in the future. Most loans can be categorized into one of three categories:

1. Amortized Loan: Fixed payments paid periodically until loan maturity

2. Deferred Payment Loan: Single lump sum paid at loan maturity

3. Bond: Predetermined lump sum paid at loan maturity (the face or par value of a bond)

Amortized Loan: Paying Back a Fixed Amount Periodically

Use this calculator for basic calculations of common loan types such as mortgages, auto loans, student loans, or personal loans, or click the links for more detail on each.

Deferred Payment Loan: Paying Back a Lump Sum Due at Maturity

Bond: Paying Back a Predetermined Amount Due at Loan Maturity

Use this calculator to compute the initial value of a bond/loan based on a predetermined face value to be paid back at bond/loan maturity.

Amortized Loan: Fixed Amount Paid Periodically

Many consumer loans fall into this category of loans that have regular payments that are amortized uniformly over their lifetime. Routine payments are made on principal and interest until the loan reaches maturity (is entirely paid off). Some of the most familiar amortized loans include mortgages, car loans, student loans, and personal loans. The word "loan" will probably refer to this type in everyday conversation, not the type in the second or third calculation. Below are links to calculators related to loans that fall under this category, which can provide more information or allow specific calculations involving each type of loan. Instead of using this Loan Calculator, it may be more useful to use any of the following for each specific need:

Deferred Payment Loan: Single Lump Sum Due at Loan Maturity

Many commercial loans or short-term loans are in this category. Unlike the first calculation, which is amortized with payments spread uniformly over their lifetimes, these loans have a single, large lump sum due at maturity. Some loans, such as balloon loans, can also have smaller routine payments during their lifetimes, but this calculation only works for loans with a single payment of all principal and interest due at maturity.

Bond: Predetermined Lump Sum Paid at Loan Maturity

This kind of loan is rarely made except in the form of bonds. Technically, bonds operate differently from more conventional loans in that borrowers make a predetermined payment at maturity. The face, or par value of a bond, is the amount paid by the issuer (borrower) when the bond matures, assuming the borrower doesn't default. Face value denotes the amount received at maturity.

Two common bond types are coupon and zero-coupon bonds. With coupon bonds, lenders base coupon interest payments on a percentage of the face value. Coupon interest payments occur at predetermined intervals, usually annually or semi-annually. Zero-coupon bonds do not pay interest directly. Instead, borrowers sell bonds at a deep discount to their face value, then pay the face value when the bond matures. Users should note that the calculator above runs calculations for zero-coupon bonds.

After a borrower issues a bond, its value will fluctuate based on interest rates, market forces, and many other factors. While this does not change the bond's value at maturity, a bond's market price can still vary during its lifetime.

Loan Basics for Borrowers

Interest Rate

Nearly all loan structures include interest, which is the profit that banks or lenders make on loans. Interest rate is the percentage of a loan paid by borrowers to lenders. For most loans, interest is paid in addition to principal repayment. Loan interest is usually expressed in APR, or annual percentage rate, which includes both interest and fees. The rate usually published by banks for saving accounts, money market accounts, and CDs is the annual percentage yield, or APY. It is important to understand the difference between APR and APY. Borrowers seeking loans can calculate the actual interest paid to lenders based on their advertised rates by using the Interest Calculator. For more information about or to do calculations involving APR, please visit the APR Calculator.

Compounding Frequency

Compound interest is interest that is earned not only on the initial principal but also on accumulated interest from previous periods. Generally, the more frequently compounding occurs, the higher the total amount due on the loan. In most loans, compounding occurs monthly. Use the Compound Interest Calculator to learn more about or do calculations involving compound interest.

Loan Term

A loan term is the duration of the loan, given that required minimum payments are made each month. The term of the loan can affect the structure of the loan in many ways. Generally, the longer the term, the more interest will be accrued over time, raising the total cost of the loan for borrowers, but reducing the periodic payments.

Consumer Loans

There are two basic kinds of consumer loans: secured or unsecured.

Secured Loans

A secured loan means that the borrower has put up some asset as a form of collateral before being granted a loan. The lender is issued a lien, which is a right to possession of property belonging to another person until a debt is paid. In other words, defaulting on a secured loan will give the loan issuer the legal ability to seize the asset that was put up as collateral. The most common secured loans are mortgages and auto loans. In these examples, the lender holds the deed or title, which is a representation of ownership, until the secured loan is fully paid. Defaulting on a mortgage typically results in the bank foreclosing on a home, while not paying a car loan means that the lender can repossess the car.

Lenders are generally hesitant to lend large amounts of money with no guarantee. Secured loans reduce the risk of the borrower defaulting since they risk losing whatever asset they put up as collateral. If the collateral is worth less than the outstanding debt, the borrower can still be liable for the remainder of the debt.

Secured loans generally have a higher chance of approval compared to unsecured loans and can be a better option for those who would not qualify for an unsecured loan,

Unsecured Loans

An unsecured loan is an agreement to pay a loan back without collateral. Because there is no collateral involved, lenders need a way to verify the financial integrity of their borrowers. This can be achieved through the five C's of credit, which is a common methodology used by lenders to gauge the creditworthiness of potential borrowers.

Character-may include credit history and reports to showcase the track record of a borrower's ability to fulfill debt obligations in the past, their work experience and income level, and any outstanding legal considerations

Capacity-measures a borrower's ability to repay a loan using a ratio to compare their debt to income

Capital-refers to any other assets borrowers may have, aside from income, that can be used to fulfill a debt obligation, such as a down payment, savings, or investments

Collateral-only applies to secured loans. Collateral refers to something pledged as security for repayment of a loan in the event that the borrower defaults

Conditions-the current state of the lending climate, trends in the industry, and what the loan will be used for

Unsecured loans generally feature higher interest rates, lower borrowing limits, and shorter repayment terms than secured loans. Lenders may sometimes require a co-signer (a person who agrees to pay a borrower's debt if they default) for unsecured loans if the lender deems the borrower as risky.

If borrowers do not repay unsecured loans, lenders may hire a collection agency. Collection agencies are companies that recover funds for past due payments or accounts in default.

Examples of unsecured loans include credit cards, personal loans, and student loans. Please visit our Credit Card Calculator, Personal Loan Calculator, or Student Loan Calculator for more information or to do calculations involving each of them.

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A loan is a contract between a borrower and a lender in which the borrower receives an amount of money (principal) that they are obligated to pay back in the future.

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This news article is an example of how a student ends up in debt. This is a story of a Alexandra Fox who started with boring loan of ten thousand dollars for her rental and food. But after changing her career plan to study Master of interdisciplinary. And the study cost her third thousand dollars . After  that she did Master of Occupational Therapy. Which cost her third two thousand dollars and she also got extra money for her use. At the end she got into debt after debt which is $105000. To pay of her loan it would take more than 10 years unless if she moved to USA where she would be making better money. But to some woman if would take longer according to Mr. Doug Hoyes who studies about student debt. His theory saying that, since for a woman to pay off their student loan it’s going to be longer then man since if a woman decide to have a child her 50% of her money will go into her child.

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Graduation by type of debt and level of studies 

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Graduation by type of debt and level of studies 

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As you can see on the image above is showing a graph chat on level of study on graduation of average student dept. This graph shows as minimum of $10000 of debt a college student will graduate. As to different level of studies the loan debt goes high.

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This website you will see that something better choose then student loan. Since student loans it’s a long term investment. Where you’re not sure you will make the money in the career. But to save your money you can apply for grants. Which you don’t have to pay back to the government. You can apply only for grants. And your that money thawed your education.

One think I have notice in this website is that for low income family the government helps a lot. With grants. So I think it’s better to for your research properly before applying to loan.

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The Canada Student Grants Program is one of the primary means through which the federal government provides financial assistance for postsecondary education. Grants are awarded on the basis of financial need, but unlike student loans, they do not have to be paid back. The program consists of a total of seven grants for full-time students, part-time students and students with permanent disabilities who are enrolled at approved postsecondary institutions. Grants are available to students from all parts of Canada except the provinces and territories which run their own financial aid programs (these include Québec, the Northwest Territories and Nunavut).

The Canada Student Grants Program works in conjunction with the Canada Student Loans Program. When you apply for a Canada Student Loan through your province or territory of residence, you will also be automatically considered for a Canada Student Grant. This means that you do not have to apply separately for a grant (with the exception of grants for students with permanent disabilities, which may require a separate application depending on your province or territory).

If you are deemed to qualify for a grant, you will be notified how much money you will be receiving. You can receive more than one grant at the same time if you meet the eligibility criteria. The grant will be issued by your province or territory of residence. You will receive the funds at the beginning and middle of the academic year.

Canada Student Grants for Full-time Students
Eligibility criteria: Amount available: Application procedure:

automatic assessment upon application for Canada Student Loan

Eligibility criteria: Amount available: Application procedure:

automatic assessment upon application for Canada Student Loan

Eligibility criteria:

from low income family

have dependant under 12 years of age

qualify for Canada Student Loan

enrolled in degree, diploma or certificate program (at least 12 weeks in duration within 15 week period)

Amount available:

$200 per month of study, per dependant child

available for all years of undergraduate and postgraduate studies

Application procedure:
automatic assessment upon application for Canada Student Loan

Canada Student Grants for Part-Time Students
Eligibility criteria: Amount available:

up to $1,200 per academic year

available for all years of undergraduate and postgraduate studies

Application procedure:

automatic assessment upon application for Canada Student Loan

Eligibility criteria:

have dependant under 12 years of age

qualify for Canada Student Loan

enrolled in part-time program (at least 12 weeks in duration within 15 week period)

have assessed need exceeding Grant for Part-Time Studies and borrowed at least $4,000 in Canada Student Loans

Amount available:

up to $40 per week if one or two dependants

up to $60 per week if three or more dependants

up to $1,920 per academic year

available for all years of undergraduate and postgraduate studies

Application procedure:
automatic assessment upon application for Canada Student Loan

Canada Student Grants for Persons with Permanent Disabilities
Eligibility criteria: Amount available:

$2,000 per academic year

available for all years of undergraduate and postgraduate studies

Application procedure:

application process differs depending on province or territory of residence; check with your region's student financial assistance office

Eligibility criteria:

qualify for Canada Student Loan

enrolled in full-time or part-time program

provide proof of permanent disability

provide written confirmation of exceptional need

Amount available:

up to $8,000 per academic year

available for all years of undergraduate and postgraduate studies

Application procedure:
application process differs depending on province or territory of residence; check with your region's student financial assistance office

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The Canada Student Grants Program is one of the primary means through which the federal government provides financial assistance for postsecondary education. Grants are awarded on the basis of financial need, but unlike student loans, they do not have to be paid back.

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As you can see image above is showing a plot chart diagram on graduate student vs student debt loan. This is study that’s been found by government of Canada. Showing that in the future less students going to be graduating but the student loan debt is going in billions of dollars.

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In this padlet you will learn about student loan debt. And how it's effecting their life. I think student loans should be canceled because it's the first highest long term investment young adult makes. I have shared some information that I found helpful for me to learn somethings that I never new about student debt. I hope you will find it help full as well.

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Something you need to know before you spent out your loan. 

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Something you need to know before you spent out your loan. 

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This video talks about student spending out of their needs. As in we choose to study in better school thinking that they will teach us better. But one thing we aren’t looking at is the best university or collage charge more money to their student. Just like branded cloths are more expansive. But at the end of the day they are just normal cloths. Also, it talk about how loan system work. Most of the student don’t know how the government planed out the loan system. If you get loan you’re going to be in debt for 9.5years. Which is quit long time.

I found this video helpful because I think it’s explain how education it’s like a investment. If you don’t choose the correct education. You won’t pay off your bills at the end of the day.

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STUDENT LOAN DEBT: What I Wish I Knew (Canada)