Note: Site has been upgraded so 'Temporary Site Suspensions' should not longer occur.
  New Posts New Posts RSS Feed - Give Students the same rights !
  FAQ FAQ  Forum Search   Register Register  Login Login

Give Students the same rights !

 Post Reply Post Reply
frustrated-guy View Drop Down

Joined: 10/May/2004
Points: 212
Post Options Post Options   Thanks (0) Thanks(0)   Quote frustrated-guy Quote  Post ReplyReply Direct Link To This Post Topic: Give Students the same rights !
    Posted: 20/June/2007 at 7:38am
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


(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.
Back to Top
Sponsored Links

Back to Top
 Post Reply Post Reply
  Share Topic   

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 11.08
Copyright ©2001-2017 Web Wiz Ltd.