https://padlet.com/masonparada0/pr2bsh324jvybnce A comprehensive look at student loans and debt. Made by Mason Parada and Aidan Connor en-us 2022-04-03 16:00:23 UTC 2022-04-03 17:38:49 UTC hello@padlet.com https://padlet.net/icons/png/1f4b5.png masonparada0 https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127295995 This a padlet on student loan debt and how students navigate this issue. We will look at plenty of personal accounts, as well as government statistics that back-up those claims.
Student Loan Debt has been a contentious topic for decades now, and it's high-time we discuss the real story. ]]> 2022-04-03 16:06:02 UTC https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127295995 masonparada0 https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127305693 This video by Global News describes the varying degrees to which people of all backgrounds manage their student loan debt, and why some people are in a tougher spot than others when it comes to paying this debt off. 
The staggering figure stated in this video is that Canadians owe 36 billion, yes, with a "b" - dollars in student loan debt, and why the rate of paying off this debt has become harder over the years. As mentioned in the video, only 4 out of 10 Canadians can pay off their student loan debt within 3 years of graduating, while some have accumulated such a staggering amount of debt that it is not feasible; all for attending a program in hopes of them getting a higher-paying job. For some, it's the normal cost of education that ends up being simply too much, and with falling wages it's very difficult to meet even the monthly payments of the loan; let alone paying for food, rent and other bills. For others, it's switching programs, choosing longer stays at school and attempting to get too high of an education without realizing the true cost of tuition, and not being able to foresee the income required to offset the price. ]]> 2022-04-03 16:19:26 UTC https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127305693 masonparada0 https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127306313 This can feel like a never-ending cycle of paying off money for some students. We have discussed that as students who attend higher level of education such as Masters and Doctorates interestingly have less student debt in the end compared to lower level of study graduates. This can be correlated to those who have the means to attend higher level education have familial or investment backing, compared to those who may be attending school to make more money and may not necessarily have the same financial backing. ]]> 2022-04-03 16:20:15 UTC https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127306313 masonparada0 https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127312802 Provided is a statistical analysis performed by the Government of Canada regarding student debt from all sources, across all levels of study, location, and focusing on specifics such as: those with debt remaining, how much debt remains after graduation and amount, etc. 

We can see the upward trend of average debt owed from graduates after finishing their program, and as it increases by level of study, from entry-level college programs, all the way up to Doctorate programs. As stated in a video on this wall by Global News, the trend is steady at students who have paid off their full student debt by the time of interview for statistical analysis, that ~4/10 students have paid off their debt. This figure varies, but over the course of 15 years, from 2000, to 2015 students have hovered from 20-40% of those who have managed to pay their debt off by the time of interview. More importantly, we can see that graduates that remain with debt hovers around 50%, interestingly enough, that number gets lower at the higher ends reaching Doctorate level of study. ]]> 2022-04-03 16:29:48 UTC https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127312802 masonparada0 https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127318887 Although the figure in the GIF is outlandish, the sentiment isn't far off. Some students who cannot afford to make monthly payments, or cannot manage their debt well enough will fall victim to interest trapping. The issue really coincides with wages as a whole, falling job opportunities, and growing prices systemically; whether that be for food, rent, utilities, insurance, car payments. Students may experience outrageous interest payments for their debt. Some memoirs from students I have personally met have stated that they have opted to "eat nothing but popsicles" so that they can financially manage their debts. ]]> 2022-04-03 16:37:51 UTC https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127318887 masonparada0 https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127323560 Although apolitical, this is the website for the Liberal party of Canada and their stance on student loan debt, speaking on the issues that Canadians face and how they wish to stent the issue from growing any further, as stated directly, they have placed a moratorium on student debt while in power in hopes that some financial relief is provided to Canadians. 

This is clearly an issue facing Canadians, and not as simply brushed off as laziness by some older generations when they hear personal accounts from people about how crippling their student debt is. The Liberal party of Canada has run on the idea of permanently removing interest on student loans due to how widespread this financial crisis is. According to their website and campaign, culling student loans will benefit "over 1 million student loan borrowers" and they also state that can save loan borrowers $3,000 over the course of their lifetime. This alone is telling, as the powers-that-be are beginning to see that if they do not stop a rampant system of loan trapping, that the financial divide will be so great that it affects all levels of society. ]]> 2022-04-03 16:44:08 UTC https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127323560 masonparada0 https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127327879 This article talks on how the pandemic has hit student loan borrowers even harder than times previous. Speaking specifically on how loan moratoriums have been put in place in attempt to help students in debt, but that the payments do not cease in lieu of brighter plans for managing this debt crisis. 

There is clearly a tug-of-war between policy makers and activists, as the government had enacted a freeze on student debt interest rates for the "federal portion of loans" but the issue is claimed that this is simply a band-aid and does not help recent graduates. One graduate that was interviewed stated the headline of the article, "too little, too late", and she has become an activist with #FreezeTheNSLSC campaign, because although the interest rate was changed, students were still expected to pay back their loans and make monthly payments. Some outrageous claims have been made stating that some students interviewed had to make payments of up to $200/month, and some even soaring higher at $800/month, all the while the pandemic was raging and those who were sick were unable to work. ]]> 2022-04-03 16:50:14 UTC https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127327879 masonparada0 https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127337042 This video features a couple who talk about their experiences with student loans and how they wish they managed them better, and although they're doing okay, they provide some tips and tricks on how to better educate yourself about approaching the daunting task. 

Key points that they spoke about was their general thoughts on student debt, most importantly, that students need to take as much money as they need, and not always taking the entire amount especially if you don't need it. Especially because the more money you take, the more interest you owe, so taking all that additional money isn't always as good as it first appears. 
Another huge factor that they talked about was choosing an affordable school, and not falling for the glamour or hype about attending a specific school because other people are, or that there is some perceived prestige about attending that school. 
They spoke about financial aid options, such as applying for grants to mitigate the loan, and how easy some of them are. Some grants are simply given to students who apply if they are the only person in their family to attend a collegiate institute, so understanding that there is free money is a huge player in lowering the amount owed. ]]> 2022-04-03 17:02:42 UTC https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127337042 masonparada0 https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127344918 This video follows the academic journey of a young woman who found herself staring at a seemingly impossible amount of debt once she was nearing her graduation while attending law school. 

This young woman speaks about her debt as "dream crushing" and how she never imagined herself being so limited by a monetary value so much so that she feels she cannot actually achieve her career goals. Her hopes to open a law practice and work for herself have been essentially dashed, as she cannot fathom taking on any more debt than the whopping $150,000 she has accumulated already. She state that she hit a "rock bottom" of sorts a year prior to the interview when she had to use up the entirety of her line of credit to offset the pressure from her financial institution, all the while still having a full year of law school left to attend before graduation. Stories like these are heart-breaking because we see our government almost actively overlook the growing issue of people taking offers for higher education with outrageous bills to pay after. As well as not having as many job opportunities after the fact. ]]> 2022-04-03 17:13:15 UTC https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127344918 masonparada0 https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127349485 Martin Leung talks about how he managed his student debt by utilizing all the tools available to him and how anyone new approaching post-secondary education can leverage these tools as well to best manage their potential debt situation.

Martin speaks about being smart with loans, and how budgeting is the first line of defense with managing spending habits, so that there is some money left over to make payments if necessary. Importantly, he talks about how loans have a 0% interest rate while in study, and taking advantage of lowering the amount owed right from the beginning is the best way to protect against interest rates later down the road. He speaks about interest rates themselves, and how you should expect to receive a certain value based on what the government of Canada has set interest rates at, so that you can do some calculations to see how far your money stretches when compared to these numbers. 
Alternative funding is something Martin also speaks about, and most importantly talking about how payday loans are the single worst way to manage your debt. He speaks about how these are a "hell no" in his eyes, and how they are predatory and often market to students for the idea of quick cash, and how it is best to just avoid them altogether.  ]]> 2022-04-03 17:18:27 UTC https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127349485 masonparada0 https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127356905 Marija Pandurov writes an article on worrying statistics and how they affect Canadian student loan borrowers. From her personal account and viewpoint on student debt, this is an important view from a real person, rather than a government talking-head on the important matter of student debt that affects all Canadians in some way. 

Marija talks about how student loan debt has reached a staggering figure from 15-18.2 billion dollars, and how it is very likely on the higher end or more. How students can receive funding from government institutions, which 75% of students do, while 38% of students opt to receive funding from private institutions for a myriad of reasons. This is a huge factor in how the world has changed for students, and that how in the 1960's student loans were essentially 0 because colleges and universities were so affordable that most people could pay their way through with a single job. This no longer the case as with in 2017, student loans are up to more than 1.7 million Canadians, an insane rise that speaks heavily about our economic system, and the predatory nature of academic and financial institutions. ]]> 2022-04-03 17:28:17 UTC https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127356905 masonparada0 https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127364488 "What did you learn about the topic that surprised you the most?" 
Honestly, just how widespread the issue of student loans are, and how for some people, it ruins their lives and the very reason they planned to go to school at all. It's a shame that there isn't enough education on how to approach student loans, and how it's almost insidious in nature considering how much the government profits from students having to pay back insane loans with interest. Most surprising is honestly that, just how much we are not taught about the importance of financial planning in high-school or other points in our lives where we should be taught more about real life issues.

"Provide a real-life example of how this topic is relevant or interesting for you."
It's shocking just how fortunate the both of us are that we have the financial means and support to not find ourselves in the position that many Canadians do. We attend the same program, one that is actually quite expensive for a college program (~$25,000) for two years when factoring in other costs that we have to pay for like our uniforms, licensing and gas for traveling to placements. So not having to worry about paying off a debt with interest, or staring down the barrel of a gun that is $50,000+ in debt, all the while not having a job lined up or much uncertainty about it. We do not face that issue because there are always jobs for paramedics, and with our schooling they essentially set us up with jobs at the end.

"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?"
Mason: I honestly think that looking at grants is incredibly important, and not something that people should overlook, because I basically had most of my loans covered by grants and I am incredibly fortunate and grateful that I applied for many of them. My loan went from $9,000 to be repaid, to only having to pay ~$2,000 back when I'm finished school (for this year).
Aidan: Budgeting is paramount, don't just rush into school and worry about the money later. I planned for a few years and saved money simply just to go to school, and now I don't have to worry all that much about food or unexpected expenses like a lot of my classmates do, especially the younger ones. School isn't something you must do when you're right out of high school, and it worked out for me and most other people I know that waiting for school saved me a ton of money in the long run because I was also better mentally prepared for it too.]]> 2022-04-03 17:38:38 UTC https://padlet.com/masonparada0/pr2bsh324jvybnce/wish/2127364488