Nice to see the U.S. has exported another invention, crushing student loan debt. The Financial Post in Canada published a great article Student debt: The crippling side effect of education.
“My student loan will be like an anchor holding me back until I have it all paid off — in my eyes — only then will I be free.”
The article says, “For many young Canadians — who are heavily reliant on their parents — what awaits them after graduation is an unreliable job market with seasonal contracts, zero benefits and expensive housing costs.”
It looks like Canadian graduates are shacking up with their parents just like a growing group of financially buried U.S. college graduates.
But while our Northern neighbors suffer from a burden from college debt, at least they have more options to deal with it.
“But the current Liberal government has still been forced to write off $200 million dollars in outstanding student loans on which it will never be able to collect.
This is the third time in the past four years that the government has had to write off outstanding loans for reasons that include bankruptcy, the six-year legal limit on collection and debtors who can no longer be found.”