News, Announcements and Alerts - NEW HRSDC ANNUAL REPORT -- TWO YEARS LATE

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NEW HRSDC ANNUAL REPORT -- TWO YEARS LATE

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Topic: NEW HRSDC ANNUAL REPORT -- TWO YEARS LATE

Posted By: pogorelichfan
Subject: NEW HRSDC ANNUAL REPORT -- TWO YEARS LATE
Date Posted: 24/May/2007 at 10:22am

NEW STUDENT LOAN ANNUAL REPORT: HIGHER DEBT, MORE INTEREST, AND MORE WOMEN IN FINANCIAL CRISIS

VANCOUVER - The new 2004/05 HRSDC Annual Report, released two years late, shows an increase of 13.7 million in student loan disbursements from the previous year--meaning more debt for student loan borrowers. It also reveals that 20% of student loan borrowers in 2001/02 were forced to seek a revision of terms, extending their loan repayment by years and forcing them to pay thousands more in interest to the government.

Moreover, while the report states the goal of the program is to "promote access to post-secondary" education, the document admits that the "complexity of the program" is actually contributing to student loan defaults.

The report also reveals that more women than ever are struggling with student loan repayment, with more than 64% of applications for Interest Relief being made by women in 2004/05.

Although the document goes on to say that more borrowers are expressing satisfaction with their student loan experience, about 35% of those borrowers actually in or beginning the repayment process say they are neither satisfied or are unsatisfied with their experience.

Coalition for Student Loan Fairness spokesperson, Julian Benedict, says "this report confirms that the Student Loan system is broken and in need of repair." The Coalition is calling on the federal government to implement its Eight-Point Plan for student loan reform.

Replies:

Posted By: SolveStudentDebt
Date Posted: 24/May/2007 at 4:27pm

This trend certianly makes it a women's issue because it is near impossible to think family, bring children into this world, and have to deal with the high cost of education. THe choice comes down to do I feed and clothe my child or pay my student loan?

Johnny

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