No problem Brenda!

My total at the end of next year will be about $36 000. I previously took
the 1st year Arts Program at SMU, then a Travel and Tourism Program. ($15
000 is was I previously owed, and was paying back).

Your comments were great - I appreciate them. I know $36 000 isn't a LOT of
money to people, but to us it sure is!

My SIL graduated with her teaching degree and owed approximately $60 000
(which she somehow managed to pay off in less than 5 years

Hopefully the government will be able to implement some new programs
regarding repayment of Loans. This is an election hot topic at the moment.

And I noticed Dawne had the link Thanks Dawne!

Sarah
"Brenda Lewis" wrote in message
...
Professional curiosity: Would you mind telling me more about how the
student loan programs work in Canada or sending me some links with
information? $25,000 (cdn, I assume) in debt for an entire degree
program isn't bad. Many of the students I used to counsel would borrow
that much or more each year across four or five different loan programs.
They would come in for exit interviews before graduation and not
understand that they were going to walk out with a piece of paper and
over $100,000 (US) in debt.

You are lucky in a way. Your life experience gives you a more realistic
idea of what it really means to be in debt, the value of a dollar (cdn),
and how much you can earn at a real job. I'm still floored by the
C-average students with no work experience who honestly believe they
will have a job when they graduate that will give them $100,000/year, a
hefty signing bonus, a sports/luxury car for personal use, a relocation
package, 'work-related' travel to exotic locales, etc.

It is possible the programs in your country are administered in such a
way that the government can make money from student loans. I don't
think the US program comes out ahead. Setting up, running, and
maintaining security for the student loan clearinghouse is expensive.
All federal aid programs here must be reauthorized by congress every
four years. Congress inevitably makes significant changes to the
programs (adds or drops programs, changes eligibility, new
record-keeping requirements, etc.) during each reauthorization which are
complex, confusing, and costly. They keep trying to find new ways to
keep former-students from defaulting on their loans, but that is also
expensive. Current interest rates are so low, the amount they take in
is eaten up by the expense of administering the program. At times it
seems the only reasons the government stays in the student loan business
is because 1) it is good PR and 2) if a person earns a degree he may
get a higher income which the government can then siphon off over the
next 50 years in income tax.

sunflower wrote:
What I meant is that I have to pay the loans back ~ with interest. In
Nova
Scotia, the student debt load is UNBELIEVABLE . Factor in child care
costs
which I also have to borrow. My debt load will exceed $25 000 easily.

All of which I will be paying back. As well as continuing to reside in
Nova
Scotia and reinvest my earnings into my community.

I don't call getting help to get a loan 'assistance' really. I am
borrowing
$$ for child care and I must provide receipts. Many others in my class
are
being funded by HRDC and are not required to provide receipts for child
care - so many inflate the amount and pocket the extra.

I have to pay everything back - and I got it all on my own. The
Government
isn't really doing me a favor- they're making a ton of money off my
interest

--
Brenda Lewis
WIP: J. Himsworth "I Shall Not Want" xs
J & P Coats "Dancing Snoopy" latchhook