Student loan default high in Canada
You would think that a student with huge loan debts would have repayment on top of his/her mind. However, as always, it has been proved again that things are not as they seem. At least that’s how it is in Canada and it is only safe to assume that students in America are no different. According to recent research, it has been found that keeping up with student-loan payments is not a priority for about one-quarter of Canadian students who borrow from the federal government to fund their education.
According to the Canada Student Loans program, about $2.6 billion in federal student loan is currently in default. This is not to say that the students don’t want to repay their loans, it only shows that they are late in their payments. But the problem with these loans is that you just cannot wish them away. They remain with you all through your life until you repay ever cent! Winnipegsun.com reports:
The federal government has the same recourse as any other lender when it comes to getting its money back. Measures include registering the debt with the credit bureau, putting a lien against property and withholding some government income-tax rebate payments.
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