Student Loan Debt by Zoe Pagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x The Ultimate Guide to Student Debt en-us 2021-02-11 17:46:06 UTC 2024-10-15 17:55:04 UTC hello@padlet.com Welcome Message zoepagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193049285 Welcome to my page where we will explore the relationship between students, government funding agencies, equity, and student debt/loan repayment to assess, how it affects the economy, student mental health, and future goals. The object is to provide resources to educate and assist with debt repayment and resources for students pre and post-graduation to lead their best life while they chase their dreams.]]> 2021-02-11 16:12:22 UTC https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193049285 Video One zoepagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193070794 This video follows creator Dan on his journey to repay $40,000 in student loans over two years but it also offers advice to students at the beginning of their higher education journey.  From choosing an affordable school, gaining knowledge about Financial Aid opportunities and repayment periods. Dan then lays out his tactics for loan repayment and offers tips to help others pay off their debt quickly. 

I chose this unique video because it was not only informative, but also very relatable and entertaining. Dan has a very realistic view of the education system and highlights the issues surrounding entry-level job salary vs. student debt load. Making sure you pick a program with a high ROI for your education investment is extremely important. Dan's journey was well planned and strategic. He chased his dreams with his eyes wide open and it is paying off.
]]> 2021-02-11 16:15:43 UTC https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193070794 Video Two zoepagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193071835 Martin’s video is similar to Dan’s in that it walks you through the Canada Student Loan process. The difference between the two is that Martin draws attention to the Student debt crisis which sits at 28 Billion dollars as of 2018 and the rising cost of tuition. He highlights opportunities for funding, choosing the right schooling option for your goals, eligibility, deadlines, types of funding, alternatives for those who cannot access institution-based funding, bankruptcy and provides tools for budgeting. 
 
The reason I chose to add this video is that Martin draws attention to the predatory practices of payday loans and that bankruptcy is not a solution to unpaid student debt as it is not always forgiven and has damaging long-term effects on your credit. By acknowledging the long-term negative effects of poor financial planning on your life he encourages people to be informed and helps them plan to avoid a worst-case scenario. 
]]> 2021-02-11 16:15:53 UTC https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193071835 Video Three zoepagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193072393 This Global News report on student debt from 2019 sites $36 billion in government student debt alone with 4/10 students paying off their debt in 4- 9 years. They highlight a student named Alexandra who started accumulating debt in 2008. Alexandra pursued three different degrees but only started accumulating debt after her second and third-degree which cost $62,000 in tuition and ancillary fees, but her total debt accumulation landed at $105,000 when she factored in living expenses and additional schooling expenses like equipment and books. Next, they feature Doug Hoye's work. He studies the student debt crisis and notes that women have a harder time paying off loans because are less likely to be employed when they owe money and most of the grant money given out by the government was for women. Global adds that women’s earning potential is also hindered by career breaks to have children and lower average pay for equal employment when compared to men. In Alexandra’s case, she is ruling out Canadian job prospects that do not pay as well for American opportunities. They conclude by laying out Alexandra’s plan to repay $1000/month over 8.5 years to eliminate her debt.
 
I chose this video because although Alexandra’s case is rare, we don’t all pursue three degrees in 13 years, women need to be aware of the issues that will present themselves when they begin to repay student loans, enter the job market and know how systemic issues will affect their timeline for having children long term. We should be fighting to close this equality gap collectively and making sure that our best-educated citizens are not leaving the country for better pay elsewhere. 
]]> 2021-02-11 16:15:58 UTC https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193072393 Video Four zoepagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193072771 Russell talks about the Federal Loan repayment freeze during Covid-19 for six months to ease the load for students who were unable to work during the pandemic and ensure that they can afford the necessities of life. Employment numbers in Canada had been on the rise pre pandemic but the number of unemployed recent graduates is still startling high in the unemployment pool. Russell looks at the relationship between extending student loan forgiveness long-term and how it can be advantageous to the long-term sustainability of the economy. This is achieved by increasing the buying power of younger cohorts thus stimulating the economy and creating more jobs long term as well. Another way this is effective is that it produces financial sustainability, which in turn encourages more young entrepreneurs, who grow their business’ and create new jobs. Russell also looks at election promises in the US by now president Joe Biden, who promised a $10,000 student forgiveness program to assist students who graduate their program. He is optimistic that Canada will follow suit if this initiative moves forward. Although this is not likely to occur immediately it does offer hope to future graduates and may be a fairer form of student debt relief vs. complete loan forgiveness. 
 
I chose this video because of its political highlight. Many students surpass the opportunity to vote or think that it is not important to them. If Russell is correct and the US does impose debt forgiveness for graduates that makes its way into the Canadian economic plan or a leadership promise, voting could be the best 10 minutes you’ve ever spent with a $10,000 ROI attached to it! This of course means that you would have to align with the political party in other important aspects of their policy and plan, but I hope that it inspires more political involvement long term for young adults who seek change. ]]> 2021-02-11 16:16:03 UTC https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193072771 Website One zoepagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193073808 This article highlights the limits that student debt places on young people, especially marginalized populations. This cohort represents one of the hardest hit by Covid-19. The author suggests that alleviating student debt and encouraging entrepreneurism is the most effective measure to kick-starting and strengthening the economy post-Covid. Entrepreneurs are essential to economic growth, job creation, innovation and healthy competition, having been an often-overlooked component to economic increases and with declining governmental support, entrepreneurial enterprises have been on a steady decline in the last five years. The author suggests that debt relief provides a more stable economic foundation which will encourage more young people to follow their entrepreneurial dreams. 
 
I chose this article because I found the author's view unique and innovative. Stimulating entrepreneurial growth and reducing student debt repayment to strengthen the economy as a long-term strategy, instead of short-term band-aid fixes, seems like a more strategic approach to economic stability. The author also highlighted the federal “Repayment Assistance Plan” which is a valuable resource for low-income student debt holders who need could benefit from assistance. 
]]> 2021-02-11 16:16:13 UTC https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193073808 Website Three zoepagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193075080 This website summarizes the student debt crisis in Canada. The nine-year study found that in 2018 student debt insolvencies reached a record 1 in 6 or 17.6% of all insolvencies in Ontario representing 22,000 former students. The negative effects of these statistics are far reaching in terms of future economic profile and a direct reflection of the economy’s current status. These statistics only represent a taste of the actual student debt load as private student load and debt transfer are not accounted for in data collection. Other factors like the rising price of tuition, job challenges, delay financial obligations/repayment and accumulating more debt post schooling have all lead to quicker average insolvency rates. Ultimately the multifaceted nature of Student debt, forgiveness or waiting period to begin repayment and other contributing factors complicate the debt repayment process and leave many choosing between collections or independence post-graduation.
 
I chose this video because it laid out student debt information clearly and shone a light on the current student loan crisis. I think it is important for people with student debt to know that others struggle as well. 
]]> 2021-02-11 16:16:26 UTC https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193075080 Website Four zoepagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193075841 This Government of Canada website provides resources and assistance for former students who are struggling to repay their student loan debt. Exceptions and special programs during Covid-19 are highlighted at the beginning of the article with existing debt repayment assistance in the form of payment support and reduced monthly payment programs. Loan collection, debt rehabilitation and bankruptcy resources round out this page for those who have already found themselves in a difficult financial situation. 
 
I chose this article as a resource for students struggling so they know where to turn after school ends. This video is useful because it identifies reliable resources and ways to gain financial assistance that is not related to private corporations who may have ulterior motives and potentially destroy people's credit leaving them worse off at the end of the day. 
]]> 2021-02-11 16:16:34 UTC https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193075841 Image One zoepagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193078857 To me, this image perfectly portrays the heavy burden of student loan debt that many face chasing their career dreams. I think the artist was also expressing the fact that the weight of debt acts as a mental barrier that weighs heavy on current students having a harmful effect on their mental health which can halt graduation goals leaving students without a diploma and in debt. This is very counterintuitive. ]]> 2021-02-11 16:17:04 UTC https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193078857 Reflective Post zoepagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193091888 I learned that societally it is hard for those who have been born into unfair financial circumstances to succeed in many facets of advancement but through education we have finally started to build a more equitable Student Financial aid program in Canada- but we still have much work to do. Post-education debt continues to hold many back from investment and growth opportunities and at times, I think it is fair to say that the education received does not ensure employment or a base salary that supports the cost of living and student debt repayment. Many of the articles I have included, and others that I read, suggest that by reducing student debt and investing in a more equitable post-secondary school system we are more likely to build and sustain a successful economy long term. This is relevant to me as I navigate my student loans after graduation and has empowered me to fight for a better system for my children’s futures. To my family and friends, I would ask them to consider their student loan journey or in some case lack thereof. How would their lives have been different if they did not have student loan debt? How would it have been different if they DID have to take on student loan debt? How can we work to hold both government and education institutes accountable for the inequality in the system and level the playing field for all? ]]> 2021-02-11 16:19:12 UTC https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193091888 Image Two zoepagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193763886 I find this image empowering and hopeful for future generations. It is important that our attitudes shift to reflect progress. My hope is that we all lead by saying "Let's do better for future generations" instead of "I struggled through it, so should you".]]> 2021-02-11 18:08:17 UTC https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193763886 Image Four zoepagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193765898 This Image is striking to me and from the same series as the first image. This artists work is incredible. We are taught that education is the path to success and student debt is a part of that journey, but what happens when you find yourself educated, in debt and unemployed? This Image shows a graduate who is anchored by debt and education instead of empowered by it. An accurate portrayal in the current job climate. I appreciate that the dollar symbol is so small in this image too. This speaks to the fact that student debt is minimally talked and educated about but plays a huge role in the forward momentum of people's future. ]]> 2021-02-11 18:08:37 UTC https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1193765898 Image Three zoepagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1328051898 This image is an important snapshot in time. Covid-19 rocked the world leading many to be unemployed in a rapidly shrinking job market. Many had to chose between paying rent or paying students loans. A student loan moratorium was introduced for a period of six months to relive this burden. As Covid-19 lockdowns and  restrictions  continue to impact people financially many are left facing the same dilemma again without any government support. ]]> 2021-03-19 00:36:02 UTC https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1328051898 Website Two zoepagazani https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1360205598 This link to the National Student Loans Service Centre (NSLSC) website is essential to those considering applying for government student financial aid.  The Federal Loan site is for all Canadian students Nation-Wide. This website will help students from the beginning to the end of their funding needs throughout their education. From applying for loans, creating a repayment plan, budgeting and apply for debt relief during their repayment period. The site is a robust resource and links out to many other helpful government agencies and assistant services. 
 
 I chose this article as a resource for those who are just beginning their funding application research and those who may have received government funding but were not aware of these resources to help guide their next steps and structure their repayment plan. This website also represents the most reliable and accurate information available to students because it is a government resource.]]> 2021-03-27 18:22:38 UTC https://padlet.com/zoepagazani/xli5qbw9bfgvvz5x/wish/1360205598