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 students who have taken out a Canada Student Loan will not have to repay their debt until he or she is earning at least $25,000 per year, Does it help you?


kurtzfan

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4 hours ago, falcon45ca said:

You're assuming that because a person has a degree/diploma, there is a market for their education.

 

Tell me, what is the job that a BA in History is trained for? Philosophy? Art? Music? What if 10, 000 students select fields that only have 5,000 jobs?

 

Ohhhhhh, so the government should be able to dictate what a student chooses to study? Hmmm, interesting. What else should the government be able to force us to do?

 

I agree with nationalized education, but those aren't good points to support that idea.

Good point. But my idea is more that they don't mislead youth by loaning them money for a useless education. There shouldn't be anything stopping you from learning whatever you want to learn, just that maybe some people shouldn't be accepted into fields of training for which there is no room for employment.

 

Edit- basically refuse to issue loans to someone who wants to be a primary teacher, for example, because there are almost no jobs, but offer to pay for their entire electrical training..

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I heard something along those lines before.  In the US you have a grace period after graduation for a few months but student loans in the US are not forgivable so even if you file bankruptcy, it won't wipe away your loans.  One way to get them wiped out is by serving your country in the military.

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Bump it up to $35,000 and no interest until the loan is being paid off.  Interest rate should never exceed 3%.  Look at the States; it's almost impossible for lower income families to get an education and that's a lot of people if you consider that the middle class is disappearing.

 

Let's not dumb down Canada!  Educate the young and it will pay off later on.

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9 hours ago, ajhockey said:

If I'm still being charged interest, it makes no difference to me.

 

56 minutes ago, Down by the River said:

25k is nothing and I don't see how this program is anything more than wanting people to have the perception that something is being done rather than actually doing anything.

 

Like others have mentioned, if you still pay interest over this time, not paying your loan could be more dangerous than struggling to make payments.

 

 

Am I misunderstanding something, or does the first sentence of the first step of the link not specifically say that the government pays interest for you?

 

Quote


The Government of Canada and your provincial government will pay the interest owing that your revised payment does not cover.

 

TBH, I have absolutely no idea what is new about this, or why this is making news. Everyone I know who graduated and struggled to get a job right away over recent years has been signing up to "repayment assistance" programs that sound exactly like this before. Is Trudeau just publicizing a system that we already had in place, or something? My brother did this program about 5 years ago before he got in on his career.

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Honestly, I feel the 25k should be 30k... 

Although I could care less... I'm passed that point in my life and they didn't give me any breaks... I started paying while I was making minimum wage for my first 6 or so months, it was brutal to say the least. 

 

But no, shouldn't be selfish... This is the way it should be. Like I said though, considering where we live, 25k should be 30k at least.

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To put things in perspective.... 25k is about 13 bucks per hour for F/T.  30k is about $15/hour.  

 

There's just a major disconnect in the job market.  Lack of high paying jobs, reliance on companies to use temps/contract workers, education cost skyrocketing, cost of living getting more expensive than CPI indicates.  

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12 hours ago, khay said:

25,000? Lol. 

 

Most new grads when they are not able to find a job in your field of study, they basically find a temp job of some sort in order to make ends meet.

 

Realistically, in Vancouver or most other major cities, $25,000 is like the minimum you need to earn to afford a decent living. A 1 bedroom apartment goes for at least $1100 in Vancouver, food is about $500, transit is about $150, internet and phone bills are about $150. So that's already $1900*12=$22,800. And this does not count for the deductions or other spendings (for example, entertainment). 

 

So to benefit from this, you either work just enough so that you make slightly under 25,000 but have very little to spend or you just go ahead and make over $25,000 but pay the student loan. 

 

If this value is set higher, say $35,000, then I think it could definitely benefit students IMHO.

 

 

Nothing says that you (not actually you) have to live in the most expensive city in Canada, but if you decide that that is a necessity. You wont have the luxury making $25,000 to live alone, spending $500 on food, entertaining yourself by spending money, and looking up things on the internet because these are all luxuries of life. If your making minimum wage you may need to move to a more affordable city, get roommates, and live on a very very strict budget to pay back a loan that you decided to take out for an Education (which still is a luxury). 

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1 hour ago, CanuckinEdm said:

 

Nothing says that you (not actually you) have to live in the most expensive city in Canada, but if you decide that that is a necessity. You wont have the luxury making $25,000 to live alone, spending $500 on food, entertaining yourself by spending money, and looking up things on the internet because these are all luxuries of life. If your making minimum wage you may need to move to a more affordable city, get roommates, and live on a very very strict budget to pay back a loan that you decided to take out for an Education (which still is a luxury). 

 

Maybe, but it really shouldn't be. 

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3 hours ago, GLASSJAW said:

 

Am I misunderstanding something, or does the first sentence of the first step of the link not specifically say that the government pays interest for you?

 

TBH, I have absolutely no idea what is new about this, or why this is making news. Everyone I know who graduated and struggled to get a job right away over recent years has been signing up to "repayment assistance" programs that sound exactly like this before. Is Trudeau just publicizing a system that we already had in place, or something? My brother did this program about 5 years ago before he got in on his career.

 

Maybe we are looking at different links, but...

  • Your monthly student loan payments would either be reduced or you would not have to make any payments, depending on your financial situation. If you have a permanent disability, it could also depend on your permanent disability-related expenses, which include allowable uninsured medical expenses, special care and other expenses directly related to your permanent disability.

 

And your other comment is exactly what I was thinking. Its more superficial 'give the perception of doing something' than actually doing something.

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2 hours ago, CanuckinEdm said:

 

Nothing says that you (not actually you) have to live in the most expensive city in Canada, but if you decide that that is a necessity. You wont have the luxury making $25,000 to live alone, spending $500 on food, entertaining yourself by spending money, and looking up things on the internet because these are all luxuries of life. If your making minimum wage you may need to move to a more affordable city, get roommates, and live on a very very strict budget to pay back a loan that you decided to take out for an Education (which still is a luxury). 

 

Yeah but the opportunities that these students are seeking is most like available in bigger cities (not just Vancouver but any major cities in Canada). In particular, living in a city where you are educated gives you access to the network (alumni etc) that can help you land those jobs. And of course I'm all for making sacrifices but only if it is made to lead to a better life. If it needs to be made just so that young men/women can afford himself/herself... leaving his/her friends or family behind to go to a completely random city is a lot for 22, 23 year olds. 

 

So, I agree that finding a roommate and going cheap on food is a small sacrifice a young person must make and it can definitely save him/her some money but the fixed cost is still going to be at least $1000 per month. Because at the end of the day, you are still going to have to pay for $550-700 for rent, at least $300 for food if you cook everyday and skip some meals.

 

The interest rate on the student loans is what 7%? 8%? So if you have taken out $30,000 loan, that's about $2000 per year that you need to pay just for the interest in your first year. That adds roughly $200 per month. 

 

And I don't agree that those things (looking things up on internet, entertainment, etc) are luxury. Those are basic necessities of the current generation. Just because you are young and poor, you shouldn't be deprived of those things that make you happy. Education, yeah, you could say is a luxury but everyone needs to, at some point in their life, receive education to further their knowledge/skills so that they can make progress in life. Whether that should take place right after high school or not is another question. 

 

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4 hours ago, khay said:

 

Right. At the end of the day, if interest is being accrued, then it doesn't matter. It's only just delaying the suffering.

Is it correct that interest can be deducted from income tax?   This was not the case in the eighties and interest rates about 17-20%.

Ouch.  The worst part was most banks wouldn't or couldn't lend at lower interest rates when they dropped.  You were stuck paying at the higher rates. 

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16 hours ago, falcon45ca said:

 

Tell me, what is the job that a BA in History is trained for? Philosophy? Art? Music? What if 10, 000 students select fields that only have 5,000 jobs?

 

Ohhhhhh, so the government should be able to dictate what a student chooses to study? Hmmm, interesting. What else should the government be able to force us to do?

I feel I need to expand a bit on my response from this morning. 

 

You essentially explained why granting a student loan to someone who wants to study history, art, music, policy sci etc. is a bad idea. They need a complimentary degree to specialize in education for any of those fields, unemployable diplomas. And on top of it, almost everyone has a degree in education.

 

We train more than 2x the number of teacher than those that retire each year. Good plan right? Education for profit model isn't looking so sound.

 

Now I'm not saying the gov should prevent people from learning about something they have a genuine interest in, but they shouldn't issue loans for students to pursue useless educations. Go ahead, wait for your spot and pay for the class, but no loan. There really needs to be a full overhaul of our system from K- MA.

 

I listened to a fantastic interview with the minister of education from Norway (pretty sure it was Norway, anyway). He figures the Canadian system would take 20yrs to fix. Compared to Europe (as a whole) our system is a complete failure because of the lack of communication between the gov., Industry and institutions based on the low percentage of grads who are employed in their field of study.

He says a very small minority of students are even accepted into university to study science, engineering etc. the cream of the crop only. The vast majority of careers are acheived through apprenticeships, from Lawyer, banker, teacher to tractor mechanic, and they streamline students into career paths that suit their abilities / intellect and societal need. I don't quite grasp how the arts aren't ignored under that system, but apparently they have a rich culture for the arts. Secondary school is complete at age 15 and apprenticeships begin for everyone who isn't accepted for university training; university is for the gifted. 

 

There are so many over educated barista's and cab drivers that got sold a useless education from some crappy university that was far more interested in profit than providing a useful education. That has to stop. It's a total fricken joke.

 

The fact that you even have to take electives, like basket weaving or intro to guitar should be a massive red flag that the post secondary education system in Canada is a corporate jock strap pulling of the youth. They're robbers, plain and simple.

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5 hours ago, luckylager said:

I feel I need to expand a bit on my response from this morning. 

 

You essentially explained why granting a student loan to someone who wants to study history, art, music, policy sci etc. is a bad idea. They need a complimentary degree to specialize in education for any of those fields, unemployable diplomas. And on top of it, almost everyone has a degree in education.

 

We train more than 2x the number of teacher than those that retire each year. Good plan right? Education for profit model isn't looking so sound.

 

Now I'm not saying the gov should prevent people from learning about something they have a genuine interest in, but they shouldn't issue loans for students to pursue useless educations. Go ahead, wait for your spot and pay for the class, but no loan. There really needs to be a full overhaul of our system from K- MA.

 

I listened to a fantastic interview with the minister of education from Norway (pretty sure it was Norway, anyway). He figures the Canadian system would take 20yrs to fix. Compared to Europe (as a whole) our system is a complete failure because of the lack of communication between the gov., Industry and institutions based on the low percentage of grads who are employed in their field of study.

He says a very small minority of students are even accepted into university to study science, engineering etc. the cream of the crop only. The vast majority of careers are acheived through apprenticeships, from Lawyer, banker, teacher to tractor mechanic, and they streamline students into career paths that suit their abilities / intellect and societal need. I don't quite grasp how the arts aren't ignored under that system, but apparently they have a rich culture for the arts. Secondary school is complete at age 15 and apprenticeships begin for everyone who isn't accepted for university training; university is for the gifted. 

 

There are so many over educated barista's and cab drivers that got sold a useless education from some crappy university that was far more interested in profit than providing a useful education. That has to stop. It's a total fricken joke.

 

The fact that you even have to take electives, like basket weaving or intro to guitar should be a massive red flag that the post secondary education system in Canada is a corporate jock strap pulling of the youth. They're robbers, plain and simple.

Here's a real crazy, radical solution...what if every profession was paid the same wage?

 

Then you'd find out who's really passionate and dedicated to a field, and not just who wants a good paycheque.

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