Canada

How Big is Canada's Student Debt Today?

The Canada Student Loan Debt Clock

The Canadian Federation of Students (CFS) has something special on its website. A Canada Student Loan Debt clock lets you watch student debt adding up across the country. Tick-tick tick-tick tick-tick tick-tick tick-tick...


 

It's mesmerizing, though not as soothing as a lava lamp...J

Cost of Education Still Climbing

The next few years will bring continued steep increases for post-secondary schooling for most Canadian students and their families. That's the outlook in Tier for Two, a new report from Canadian Centre for Policy Alternatives (CCPA).

If Canada's current government policies and trends continue, warn Erika Shaker and David Macdonald in their new report, Tier for Two, the next 4 years will see an increase of 13% in average undergrad tuition and related fees.





New Grads: Tuition Fee Rebates Across Canada

  UPDATED Sptember 2014...

If you're a new Canadian grad searching for extra ways to pay off that student loan debt, check out Canada's provincial tuition rebate programs. Who couldn't use an extra $20,000 or $25,000?

I'll list the universal programs here - the ones most grads can obtain.

Some provinces, such as BC, only offer rebates, debt reduction or partial loan forgiveness just to small groups of people. An example recent grads working in B.C.'s civil service (the 'Pacific Leaders' program).





The Price is Wrong: Part 2

 

In the last post, I gave up my neutrality and urged Canadian students to just say NO to today's fixed-rate student loans.

Most governments are over-charging to the point where these loans will almost certainly cost you thousands of dollars more than variable (floating-rate) loans.

Fixed-rate student loans normally cost a bit extra because you're getting the security of locking in today's student loan interest rate, so it won’t go up in future.





Canada’s Student Loan Rates Compared (2013-2014)

 
As mentioned in my last blog, Canada’s federal (and most provincial) governments reap a hidden tax from the low and middle-income students who need to borrow student loans. 
 
These governments borrow money at a discount (at least 1% below the ‘prime’ rate). At present, that lets them borrow at 2% or less. Then they charge up to 400% more on student loans.





Canada’s Hidden Tax On Low-Income Students

 
I like to mix up our blog topics. But we need to return to this student loan interest theme because it’s costing Canadian students billions.
 
Let’s do the math.
 





Canada’s Tuition Fees Compared (2012-2013)

 
Attention, education bargain-hunters...
 
Let’s do a ‘Best to Worst’ follow up of my blog about Canada’s university fees out-running inflation.
 
As Statistics Canada outlined in that report, undergrad tuition rose this year an average 5%. The regional increases ranged from zero (Newfoundland has frozen rates) to 10.1% in Quebec.





Student Loan Bankruptcy - We Ask an Expert!

 

Want to declare bankruptcy on your student loans?

It's not easy and for most people, it's probably not the right route. But yes, it can be done.

We walk you through Canada's student loan bankruptcy rules in Debt 101's new Q & A on Student Loan Bankruptcy (Basic). In this new feature, well-known bankruptcy trustee Douglas Hoyes explains the law, then looks at real-life cases.





Q & A: Student Loan Bankruptcy (Basic)

by Jeannine Mitchell

 

 

 

For this Q & A, Debt 101 Publisher Jeannine Mitchell consulted Douglas Hoyes, an Ontario-based bankruptcy trustee known for his interest in student loan bankruptcy policies. Relevant legal transcripts supplied by Mr. Hoyes are attached.

Douglas Hoyes (BA, CA, CIRP, CBV,Trustee) is co-founder, Hoyes, Michalos & Associates Inc.

NEW! Q & A on RAP - Canada's Student Loan Repayment Assistance Plan

  

By Rodney Noriega

Source for this Q & A: Barry Beaulieu is a policy administrator with the Canada Student Loans Program (CSLP).

 


 

WHO TO CONTACT ABOUT RAP

 

Student Finance 101: Who do you contact to apply for RAP?