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Drop the interest rate

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    Posted: 27/September/2006 at 10:41pm
Its absurd that we have to pay 7.5 - 8.5 percent (and for some even higher) on a loan for an education.

Dropping the interest rate to 2 o 3 % would substantially lower the default rate and increase the repayment rate!
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Mark O'Meara

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Post Options Post Options   Thanks (0) Thanks(0)   Quote frustrated-guy Quote  Post ReplyReply Direct Link To This Post Posted: 22/February/2007 at 8:46am

In the UK government student loans are based on rate of inflation NOT the Bank INTEREST RATE, thus the interest paid by students is much less.  

We should have this in Canada too
 
UK gov website says:
How interest on your student loan is calculated

The interest rate charged on student loans is linked to the rate of inflation, based on the Retail Prices Index.

The interest rate for student loans applies from 1 September to 31 August each year. The current rate is 2.4 per cent.

Taking inflation into account, the value of the amount you pay back will be more or less the same as the value of the amount you borrow - no one makes any profit on the loan. Interest accrues on your loan until it has been repaid in full.

 
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pogorelichfan View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pogorelichfan Quote  Post ReplyReply Direct Link To This Post Posted: 26/February/2007 at 6:52pm
Cry
Why is this even an issue???  What on earth are we doing pay these rates?  When I read how much better things are in other countries, this really bothers me. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Less Quote  Post ReplyReply Direct Link To This Post Posted: 01/March/2007 at 11:04pm
There must be some old laws (or maybe even new ones) that address indentured slavery, which is what the loan program ends up being.  We pay so much in interest, that the banks are making a killing off just that alone.  It's in their best interest NOT to cooperate with a payback plan. Likewise for collection agencies etc.  Collecting interest-only payments on large principle is a very lucrative business.
 
No other human being in Canada is allowed to be held financially hostage for an indefinate period.  Sex trade workers are rescued from their pimps/gangs all the time - so are illegal immigrants who must pay their own boss for room & board while they live on the property and work the fields.  Pimps, gang members, and farm owners get charged frequently for the exorbitant rents, huge loan interest rates, airplane tickets to be paid back with interest etc.
 
How is it different?  And can we use the same laws to free ourselves from government sanctioned indentured slavery?
 
May be a little far-fetched, but it's just my 2 cents worth.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote frustrated-guy Quote  Post ReplyReply Direct Link To This Post Posted: 02/March/2007 at 10:05am

Lets hold the Conservatives to what they said in opposition about lowering canada student loan interest rates


The Honourable Peter Van Loan (was Conservative HRSDC critic when the liberals were the government) stated in parliament that the Conservatives believe in lowering student loan interest rate: Hansard Friday, February 25, 2005


"Right now, at posted floating rates, the government is charging 6.75% on student debt, money the government has borrowed at an average of 3.8%—that is a pretty good margin. It shows how the Liberal government is using the Canada Student Loans program to make a profit, rather than to assist young Canadians in achieving an education and building brighter futures."


"That is why we, in the Conservative Party, once again are calling on this government to lower student loan interest rates to prime plus 1%. That is what Conservatives believe. And that would be a change for the better."

[/FONT


http://www.petervanloan.com/doc2005-02-25a.html


Mr. Van Loan is now the Conservative government house leader. We should remind him of his promise to lower student loan interest. I gather Mr. Van Loan is an adjunct professor at U of T, thus, hopefully he may have some understanding of student concerns. It may be worth writing him letters asking him to honour what he said in parliament in 2005.


He is currently: Leader of the Government in the House of Commons & Minister for Democratic Reform.


Here is his contact info if you wish to send him a fax or mail a letter asking him to lower interest rates as he promised.


[COLOR=#810081 size=3">http://webinfo.parl.gc.ca/MembersOfParliament/ProfileMP.aspx?Key=78445&Language=E[/COLOR">

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pogorelichfan View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pogorelichfan Quote  Post ReplyReply Direct Link To This Post Posted: 02/March/2007 at 10:22am
Smile
I agree we must have consensus --
 
In terms of the website, I think it looks much more professional to have a website dedicated strictly to what we are doing.  The idea is that we don't become associated with whatever else is being advocated on a 'generalized' petition website. 
 
My concern is that we give the 'opposition' no way of trying to box us in as a bunch of loud mouth teenager beer drinking students!
 
A professional site dedicated to the cause would have real merit. 
 
The privacy issue is important, whatever needs to be done on that front is fine, but there must be a way for politicians to verify that authentic voters have participated.
 
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ATTEN MARK:
 
Do you wish to make up a formal ten point plan that we can submit to online participants?  We can revise it as needed, but I think we should be specific about what we want; for example, not 'reduce interest rates' but reduce them by a specific amount in relation to other G7 countries..that sort of thing... 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote old hippy Quote  Post ReplyReply Direct Link To This Post Posted: 02/March/2007 at 1:33pm

I'm loving this.  Just handed over $460 in interest for the month - there's no doubt they're making a killing.  But I think we're on to them now and I think they know it. 

Careful about the formal 10 point plan pogo....be as merciless as they are.  NO MORE INTEREST!!!  That would be a good place to start.
 
old hippy
 
P.S.   I am certainly not a beer drinking teenager. 
 
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pogorelichfan View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pogorelichfan Quote  Post ReplyReply Direct Link To This Post Posted: 05/March/2007 at 3:39pm
I'm on it!
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