HELLO CANADA!!!
This group is for people who believe Student Loans should be Interest Free for everyone...Period.
Canada's Economic Action Plan will be paid with money our government expects from your pocket now, and in years to come. During this global economic crisis, part of our government's stimulus package is to build even bigger Colleges and Universities. Canada will recommend you get re-training to obtain a job, when Canada's Economic Action Plan does not guarantee new job creation. Compounded interest on student loan debt will pay for a good percentage of Canada's debt, and a future increase in taxes will pay for Canada's debt as well. People are losing their jobs by the 1000s every month, and the unemployment rate will soon hit 8%...greater in some areas of Canada than others. Please don't be confused by part-time and full-time employment, or job sharing for that matter. My best advice to a person who needs a job to survive...don't get a student loan.
A student loan does not fix the tuition affordability problem for low income Canadians. There is no guaranteed job, after you graduate. Student Loans are too "high risk" for new investors - new students; Evidentally, the government has this knowledge and hands an unemployed Canadian a loan anyway. The Canadian Government prefers to give out student loans, as opposed to sending out welfare payments and EI benefits (transfer payments), which people are not entitled to while they are a recipient of OSAP. The compounded interest on student loans is a nightmare. The CRA is now responsible for collections, and they know what you earn, and don't give a damn about your expenses. You cannot claim bankruptcy for a minimum of 7 years from your last day of school. There is no way out! In the next few years expect some of those students to be in so much debt, they seek other alternatives to pay their cumulative debt, or just give up altogether. BEWARE, OSAP IS A "LOANSHARK"!!! Thanks Canada!!!
If you run into difficulties that make it hard to meet your student loan payments, you should contact your loan provider(s) immediately to discuss your options.
For inquiries relating to student loans, you must contact the National Student Loans Service Centre. Here is how you can get in touch with them:
National Student Loans Service Centre
P.O. Box 4030
Mississauga (ON) L5A 4M4
Toll Free: 1-888-815-4514 (within North America)
TTY (for people who are hard of hearing): 1-888-815-4556
Pre-Consolidation Contact Number: 1-866-303-3503
Countries outside of North America: dial the international access code, followed by 800 2 225-2501 (toll free)
Countries outside of North America without an international access code: call the Canadian operator at 800 0800 096 0634, then collect call 905-306-2950