A different debt perspective
Printed From: CanadaStudentDebt.ca
Category: Other Topics
Forum Name: Describe your Debt Load!
Forum Description: Post stories of your debt and how it affects you and your family
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=3702
Printed Date: 26/March/2026 at 10:30pm
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Topic: A different debt perspective
Posted By: zackattack
Subject: A different debt perspective
Date Posted: 19/August/2006 at 10:43pm
First I would have to say I am greatful that this site exists. I
came looking for various tactics in dealing with student debt and have
learned a lot.
The general consensus of the site is that loans are to be paid back,
regardless of the rediculous nature of the student loan system. I
agree in a sense, that money borrowed should be paid back but I still
can't bring myself to do it anymore.
When I graduated high school I didn't borrow to buy a flash car, didn't
waste money living extravagantly, I saved every penny and went to
university. I lived as cheaply as I could and came out with 32
000 in debt. I have tried making payments and have been breaking
even while doing it. The question I'm asking myself is that am I
expected to spend the next 10 years of my life living paycheck to
paycheck to pay a government loan with too much interest for an
education that should be FREE in the first place!
I am currently planning on doing volunteer work in native communities
in South America for a few years, something I could NEVER do if I were
paying my loans. Nobody out there should have to give 10 years of
their life away to pay back something like this, we are not criminals!
I will likely never live in Canada ever again because of this debt.
For those who are not fortunate enough to escape Canada and the
oppressive loan structures, I hope one day a reasonable administration
will realize that you can't put an entire generation of people in debt
and expect an economy to continue to grow.
I know this position is unpopular with much of the forum, I apologize
and I don't want to start an argument. I understand that the
government becomes strict with those who honor their debt because of
jerks like me who don't pay. However, I'm not sure the answer is
to bite your toungue and spend 10 years wasting away while paying a
rediculous debt. I suppose things like this are highly
situational. Anyways, thanks for your hard work!
chris.
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Replies:
Posted By: administrator
Date Posted: 20/August/2006 at 8:10am
Chris,
I dont think your position is unpopular at all. You are absolutely right about the points you raise in your post. and the policy is that loans should be paid back if you have the resources... Perhaps I need to rework the policy statement that loans should be paid back, but without such a huge burden on the borrower.
The debt burden is way too high for graduates... and the question has to be asked "why slave for 10 years when the liberals lined their pockets with 100 million in kickbacks, and why should I suffer when each year, 59 million in profits flows to the US firm that manages the student loan system."
Thanks for your post. It provides a special perspective.
Mark
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Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
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