Peterborough’s population is about to increase dramatically over the next week, as students move back to begin another academic year at Trent or Fleming.
And once the cheques start arriving in the mail, some of that OSAP money will be flowing through the city.
Unless funding has come entirely from The Bank of Mom and Dad (or a summer job that paid well beyond student wage), thousands and thousands of students will rely on financial assistance in the form of a government loan; however, today’s students could find themselves under more pressure than ever to repay billions of dollars in loans and grants. The government annually has to write off some of the $16 billion owing in student loans for a number of reasons: a debtor may file for bankruptcy, the debt itself passes a six-year legal limit on collection, or the debtor can’t be found.
Newfoundland and Labrador has abolished provincial student loans – – to be replaced with a system of needs-based non-repayable grants. It is the first province to eliminate the loan system…meaning that students in the province can get a head start on building their lives after graduation, rather than paying off their debts.
Would you like to see this “grant” system adopted in Ontario too? (How long did it take you to repay your student loan?)