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Give Students the same rights !

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frustrated-guy View Drop Down
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Joined: 10/May/2004
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    Posted: 20/June/2007 at 7:38am
FYI,
 
All borrowers have certain legal rights to be told the cost of borrowing up front (disclosure) so that the borrower knows what they are getting into.  
 
There is a legal obligation for the lender to provide this information (eg interst rate, how interest is calculated ....)  before the loan is given.
 
Conveniently the the Government has exempted student loans from this requirement.
B.C. Reg. 273/2004
O.C. 629/2004
Deposited June 18, 2004
effective January 1, 2006

Business Practices and Consumer Protection Act

DISCLOSURE OF THE COST OF
CONSUMER CREDIT REGULATION

Exemptions
18
(2) Part 5 of the Act does not apply to the following:

(c) a loan made under the British Columbia Student Assistance Program or under the Canada Student Financial Assistance Act or the Canada Student Loans Act;

 
FYI Part 5 of the Business Practices and Consumer Protection Act
deals with the requirement for lenders to disclose all the costs of credit
 
Students should have the same rights as other borrowrs.  This is crazy that the gov exempted itself from this requirement.
 
There would be lower default rates if borrowers were given the correct and complete information up front.
 
Lets hope the gov can be convinced to allow students to be told the costs of borrowing just like other borrowers.
 
 
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