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Education needs to curtail student debt

Submitted by on 19 January, 2020 – 4:32 am

British Columbia must learn a lesson from two teachers in Ontario who want to warn students about the dangers of debt.

post-secondary students in Nanaimo and elsewhere are drowning in thousands of dollars of debt in a system that many do not understand.

Ottawa expects the federal student debt to exceed 15 billion U.S. dollars in the fall.

“Canada is on the verge of bankruptcy of a generation,” said David Molenhuis, national president of the Canadian Federation of Students. “The lack of government investment has left the students and their families all the expenses of the universities in Canada.”

Student debt has more than doubled over the past two decades. But the knowledge that many post-secondary Canadian students are on financial aid system is best rudimentary. The Canadian Alliance of Student Associations believes that the level of financial literacy among most students is not enough to understand the Canadian system of student loans.

The Canadian Council on Learning says the average college graduate leaves school $ 26,680 in debt and many others are facing higher debt loads.

No help young people that some companies offer credit cards in the post-secondary campus during orientation week at school.

Students continue to be buried in debt that will take many years to surface.

It is therefore important a. C. see a program that is considered in Ontario that aims to help educate high school students about how to build and maintain their own financial portfolios to create a more financially secure future.

Business professors and Simonton Jasey Rob Shannon at Kingsville District High School students want to help you avoid financial hardship.

Jasey and Simonton has created a class called the financial security offered to students seeking post-secondary education.

Schools must educate students about the pitfalls of compound interest credit as their parents seem to have ignored the lesson.

The ratio of household debt to disposable income reached a record 146% in the first quarter of 2010. Household debt has increased alarmingly in recent years and stands at a record level of more than $ 1 billion and much of consumer debt that is caused by the frequent use of credit cards. Put another way, the average of Canada will be about $ 1.47 per every dollar of disposable income. At some point, Canadians will have to repay the money. Despite these high levels of debt, many Canadians acquired debt rose during the recession because money was cheap and loans decreased housing prices.

With this onerous debt, including a rise in interest rates will be painful for those whose incomes are not rising fast enough to cover daily expenses, the Bank of Canada governor, Mark Carney, warned recently.

So if parents do not know how to avoid the growing debt burden, the school system has to intervene to educate students about wise use of credit, because once someone saddled with debt, regardless of age or experience to get rid of it is like trying to remove a tattoo.

The Ontario Teachers program offers students a five year financial plan to help navigate through any financial turmoil will face when entering the world of student loans and credit cards and mortgages after – in other words, the real world. It is time left.

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