Nicole Ferko’s $60,000 in student loans made her put off her dream of becoming a nun for a decade. Ferko, who lives in Grand Prairie, Texas, graduated from a private Ohio Catholic university in 2002 and walked away with a huge loan burden.
Freshly-minuted MBAs "are willing to sleep on a couch for a year or two, but they can't do it with the burden of student loans," is how on senior lecturer describes the entrepreneurial-spirit-sucking debt loads that college-leavers face in the new normal. Faced with mounting monthly payments, the WSJ reports that would-be-Bezos have little choice but to look for the steady paychecks that accompany a regular job.
“So, my student loan payments are more than my monthly rent?” exclaimed my sister-in-law, Kari. “More than a mortgage payment, to be honest,” I replied. Kari is finishing up her junior year of college in May and was curious about what life after college would like like.
When my parents first announced at Thanksgiving that they were taking out a life insurance policy on me, I was taken aback and slightly offended. In fact, I thought it was a cruel joke. Why would they need to do such a thing? I’m only 27. The mere thought of it was grim.
The federal government plans to write off $173 million in unpaid student loans in the coming fiscal year, which will bring its three-year write-off total to $716 million.
Taxpayers were on the hook for $312 million in Canada Student Loan write-offs in the 2011-12 fiscal year and $231 million in the current fiscal year (2102-13), although the loans in question span many years.
OTTAWA — The federal government is writing off another $231 million in unpaid student loans this year from more than 44,000 cases, meaning taxpayers are on the hook for more than half a billion in uncollected student debt over the past few years.
Supplementary spending estimates tabled Monday in the House of Commons by Treasury Board president Tony Clement call for an additional $231.2 million in the current 2012-13 fiscal year ending in March to write off 44,048 debts related to Canada Student Loans.