Student Loans

[Ken7]

I heard on the news that there is over 55,000 unpaid student loans. ICBC is considering working with the Government by not giving drivers licenses to those who have failed to pay.

Never had to acquire a student loan, is there no co-signer who is held accountable for failing to pay? Maybe that is a solution, just like any other loan is you have no means of paying.

What's your thoughts and ideas??


http://www.cbc.ca/news/canada/british-c ... -1.2974821

[Captain Awesome]

There's no co-signer for student loans.

[Ken7]

The only information I had, was a friend of mines daughter tried to get one. She was denied because her parents combined income was too high.

I think they need to make some more controlled rules, I would like to know what the 55,000 unpaid loans total. That to me is BS, it's a loan.

I once worked with a gal who has a brother that went through med school. Once all said and done, he declared bankruptcy to avoid paying it back his loans as they were huge. Now that you'd have to be proud of every time you walk into the office and see your diploma hanging on the wall so proudly, wish I had his name to share.

[Captain Awesome]

May be they should have the same rules as they have in US where student loans are not bankruptable.

[JLives]

May be they should have the same rules as they have in US where student loans are not bankruptable.

You can't do it here either.

[maple leaf]

Take away their licence so they can't drive to work and earn an income to pay for their loan,real smart ,who thunk up that one.

[wanderingman]

The only information I had, was a friend of mines daughter tried to get one. She was denied because her parents combined income was too high.

I think they need to make some more controlled rules, I would like to know what the 55,000 unpaid loans total. That to me is BS, it's a loan.

I once worked with a gal who has a brother that went through med school. Once all said and done, he declared bankruptcy to avoid paying it back his loans as they were huge. Now that you'd have to be proud of every time you walk into the office and see your diploma hanging on the wall so proudly, wish I had his name to share.

I seriously doubt that as I understood student loans in Canada are shielded from Bankrupsy. ???
That being said I know my nephew never paid his loans for a few years and was threatened by the government to pay his 22K loan. Hes 37 years old and still owes 20K.(he has a Bank loan now )

Here is Current law I just found
Currently, student loans are not eligible for a discharge in a bankruptcy unless the student has been out of school for 7 or more years. In a hardship situation, the court can discharge the student loan debt, once five years has passed since the schooling, if the bankrupt has acted in good faith and will continue to experience financial problems such that the bankrupt will be unable to pay the debt.
So If the guys a doctor and its obvious he has decent income he cant simply declare BK on the student loan
second off it takes 7 years before he can apply you cant tell me he worked as a doctor for 7 years and then declared BK?

[fluffy]

This quote by Zachery Crispin, Chairperson of the Canadian Federation of Students BC caught my eye:

"If we take away people's driver's licences because they're having a hard time paying back their student loan, they're going to lose their jobs. And that means they're going to default more often," he said.

"So the government is essentially ensuring that people are going to lose their jobs, because they're already having a hard time paying down their student debt."

That's a bit of a stretch in my books, and smacks of over-entitlement. I listened to that broadcast on the radio and the government spokesperson was clear that the proposed legislation was targeting people who haven't made any payments at all in over a year. Seems to me that if you're that far behind it might be a good idea to park you car and ride the bus for a while regardless of regulations.

[skydawg]

Take away their licence so they can't drive to work and earn an income to pay for their loan,real smart ,who thunk up that one.

no kidding. bloody idiots

[Bsuds]

Oh good, just what we need, more idiots on the road with no license and no insurance.

Take it out of their welfare cheques.

[rustled]

Oh good, just what we need, more idiots on the road with no license and no insurance.

Take it out of their welfare cheques.

The first point concerns me, too. Some of those who have not bothered to pay their student loans are working and have been for some time, but they are not worrying themselves with pesky details like repaying what they owe. No, they have plenty of far more important (cough) things to spend their money on, and they always will. So why would they concern themselves with pesky details like insurance?

[Sige]

From the article:

The province said it will give people 30 days' notice before getting ICBC involved, after warning letters have been sent and debtors have had time to comply voluntarily.

"The refuse-to-issue provision is a last-resort measure to collect on outstanding debt," said Brennan Clarke, a spokesperson with the department of finance. "It will only apply to student loan borrowers whose accounts have been out of good standing for more than a year."

They are going to give you lots of opportunity to deal with your student loan before taking any drastic measures. I've had a student loan - it's very easy to negotiate repayment terms with them if you are in hardship.

[wanderingman]

these same students ALL seem to have money for fancy Ipods and 100$ PM texting/phone accounts,money for tattoos. money for Dope to smoke, money for booze etc ,marridge etc so I say they can pay the loans

[Captain Awesome]

Marridges ARE expensive.

[Piecemaker]

Another way to collect on student loans would be to connect it to income tax. It could be done the way that you have to repay money you take out of an RRSP to purchase your first home. A minimum amount must be paid each year until it is repaid. You can, of course, repay a greater amount if you wish.
It could also be linked to amount of income. Those who make more have to pay off larger amounts of their debts more quickly each year than those who earn less.
Those on provincial income assistance could have $20 take off each monthly payment and/or deductions from tax benefits that are paid federally.
If the government is giving loans, than the government should have the means to be able to collect.