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Homer
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 Posted: Sun Feb 08, 2004 7:13 am Post subject: |
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Good point prairieboy.
TECO, the problem about defaulting is when people do so, move on somewhere else (asia for example) earn a decent wage (sometimes a great wage) because of the degree their loan paid for and then just refuse to pay that back.
That person is not a victim. They are making enough money to pay back their loans (and usually still have some left over to save too) but just chose to forgo their obligations. Nice.... |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Sun Feb 08, 2004 2:19 pm Post subject: |
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You can't say that student loan defaults is going to make it so YOU are in effect paying more as a tax payer.
The government of Canada wastes huges sums of money every year. They give loans to businesses that flop. If businesses can declare bankruptcy and not pay it back, why can't students?
Oh and about provincial and bank portions, the bank portion is passed onto the consumer, but let's not talk of banks and how they loan billions to companies that don't pay them back and go bankrupt.
The provincial and bank part do go away believe it or not.
Check your credit report online sometime. |
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Gord
Joined: 25 Feb 2003
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| Posted: Sun Feb 08, 2004 2:41 pm Post subject: |
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| Mr. Pink wrote: |
| You can't say that student loan defaults is going to make it so YOU are in effect paying more as a tax payer. |
But that's what it is. Granted, it's on a micro scale, but it's the end result.
| Quote: |
| The government of Canada wastes huges sums of money every year. They give loans to businesses that flop. If businesses can declare bankruptcy and not pay it back, why can't students? |
Outside of special loans to try and save large employers under special circumstances, usually the only loans done on a regular basis are under the federally insured small business loan act. While guaranteed by the government, there is an application fee for each sucessful loan of 2%. That money is then set aside to cover defaulters. Technically, the SBL Act has been a money maker for the government as they bring in more than they pay out. |
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TECO
Joined: 20 Jan 2003
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| Posted: Tue Feb 10, 2004 9:38 am Post subject: |
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DEBTS NOT RELEASED
BY ORDER OF DISCHARGE
Section 178
(1) An order of discharge does not release the bankrupt from
a) any fine, penalty, restitution order or other order similar in nature to a fine, penalty or restitution order, imposed by a court in respect of an offence, or any debt arising out of a recognizance or bail;
a.1 any award of damage by a court in civil proceedings in respect of
(i) bodily harm intentionally inflicted, or sexual assault, or
(ii) wrongful death resulting therefrom;
b) any debt or liability for alimony;
c) any debt or liability under a support, maintenance or affiliation order or under an agreement for maintenance and support of a spouse or child living apart from the bankrupt;
d) any debt or liability arising out of fraud, embezzlement, misappropriation or defalcation while acting in a fiduciary capacity;
e) any debt or liability for obtaining property by false pretenses or fraudulent misrepresentation;
f) liability for the dividend that a creditor would have been entitled to receive on any provable claim not disclosed to the trustee, unless the creditor had notice or knowledge of the bankruptcy and failed to take reasonable action to prove his claim, or
g) any debt or obligation in respect of a loan made under the Canada Student Loans Act, the Canada Student Financial Assistance Act or any enactment of a province that provides for loans or guarantees of loans to students where the date of bankruptcy of the bankrupt occurred
(i) before the date on which the bankrupt ceased to be a full- or part-time student, as the case may be, under the applicable Act or enactment, or
(ii) within ten years after the date on which the bankrupt ceased to be a full- or part-time student; or
h) any debt for interest owed in relation to an amount referred to in any of paragraphs (a) to (g).
(1.1) At any time after ten years after a bankrupt who has a debt referred to in paragraph (1)(g) ceases to be a full- or part-time student, as the case may be, under the applicable Act or enactment, the court may, on application, order that subsection (1) does not apply to the debt if the court is satisfied that
a) the bankrupt has acted in good faith in connection with the bankrupt's liabilities under the loan; and
b) the bankrupt has and will continue to experience financial difficulty to such an extent that the bankrupt will be unable to pay the liabilities under the loan.
(2) Subject to subsection (1), an order of discharge releases the bankrupt from all claims provable in bankruptcy. |
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wylde
Joined: 14 Apr 2003
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| Posted: Tue Feb 10, 2004 9:58 am Post subject: |
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bankruptcy, avoid it at ALL costs.
there would be loopholes in that act for getting out of your student loans but those would close if you have been, and still are, working in a well paid job. |
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rok_the-boat
Joined: 24 Jan 2004
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| Posted: Tue Feb 10, 2004 5:11 pm Post subject: Student Loan - UK solution |
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Just scanned this thread and no one, I think, has come up with MY solution.
I don't owe much on my loans - I could pay it back instantly if I wanted but have not bothered to do so in the last ten years they have been sending the letters. Why not, you ask? BECAUSE I DON'T HAVE TO!
In the UK, if you can prove that your salary is less than the average UK wage then you can defer your loan to the next year, at which time they send you another letter, and then you defer again. The best part is they don't take your spouse's salary into consideration. So, as long as I work in Korea on the 2 million a year deal, I'll never have to pay it back - legally.
Can't remember what the average wage is calculated at by the loan people - about 14,000 UK pounds, I think.
I operate within the rules ... and do no wrong. |
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wylde
Joined: 14 Apr 2003
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| Posted: Tue Feb 10, 2004 8:41 pm Post subject: Re: Student Loan - UK solution |
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| rok_the-boat wrote: |
| I operate within the rules ... and do no wrong. |
you borrow money and work out a scam for not paying it back - no wrong 
what do you think would happen to student loans in the future if every loser rorted the system like this?
it has been said before... you get good money here, a free house and living is inexpensive. if you are loaned money to secure your future and scam it so you don't to pay it back when it is easy to do so, well, that doesn't score many points in my books. in fact, it seems quite lame.
are you proud/happy when you choose to opt out of your responsibilities?
bankruptcy and using legal loopholes are 2 different things.
bankruptcy is a punishment, it is a last resort for those who don't have the ability to repay. the other is a personal choice. |
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Homer
Guest
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| Posted: Wed Feb 11, 2004 4:51 am Post subject: |
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Wylde,
I second that motion. |
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Kwangjuchicken
Joined: 01 Sep 2003
Location: I was abducted by aliens on my way to Korea and forced to be an EFL teacher on this crazy planet.
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| Posted: Wed Feb 11, 2004 10:46 pm Post subject: |
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Thank God I never had to take out a student loan. When I was growing up 1970's Child Labor Laws in the USA did not apply outside of corporation limits (i.e.,city limits).
The last time I checked (1990) laws still had not changed.
So, from the age of 9, like many kids in my area, I worked my (beep) of doing farm work. Bailing hay, plowing, sun up to sun down late spring to early fall chopping weeds and volunteer corn (that is corn that came up from grains that fell on the ground the year before when it was a corn field) out of soy bean fields so the combines would not get busted up, etc. So, by the time I was a senior in HS I had way more than enough in the bank for my BA. Then, for my MA and PhD I had teaching positions that covered that.
The Lord sure has blessed me in this area. |
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ryleeys
Joined: 22 Dec 2003
Location: Columbia, MD
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| Posted: Thu Feb 12, 2004 1:25 am Post subject: |
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Hmmm... as some people have said (on the other thread about loans I believe), I didn't have mommy and daddy pay for my college... nor did I take out student loans.
Basically, I had a well paying job in high school and instead of blowing the cash on booze and cigarettes and such, I invested it and saved it... I worked through most of college, but not abnormally so... mostly during the summer and winter breaks. I had a job during fall semester of my sophomore year and senior year...
And ya know what? I was never hurting for money. No, I wasn't rich and wasn't buying a new car or anything, but I paid my tuition, my apartment fees, and my car insurance.
So, it's not like I don't know that it can be difficult to afford college... but defualting on your loans (especially now when you're teaching in Korea and very likely saving between 30-50% of your salary) isn't the best option. |
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SuperHero
Joined: 10 Dec 2003
Location: Superhero Hideout
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| Posted: Thu Feb 12, 2004 3:11 am Post subject: |
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| Homer wrote: |
Wylde,
I second that motion. |
And I'll give it a third |
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rok_the-boat
Joined: 24 Jan 2004
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| Posted: Thu Feb 12, 2004 4:29 am Post subject: |
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Maybe you misread my post. I don't have to pay it back. Why? Because the rules clearly state that if I earn less than the UK average wage I don't have to. Not my rules - theirs. And guess what, here in Korea I earn less that the UK average wage. All I have to do is send them a few wage slips each year.
If I earn more than the average UK wage - ?like they gonna give me a wage rise here? - then I'll have to pay it back, and will. No problemo. But until I have to, I won't. |
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