Canada Student Loans - The Federal government now runs the Canada Student Loans program after the country’s banks said the risk of default was too high.
When an agreement with nine major financial institutions ran out and too few other banks responded to a request for a new agreement on the delivery and administration of the Canada Student Loans program, the government had no choice but to step in to help needy students and guarantee that service would not be interrupted.
Human Resources Development Canada, the department at the center of a recent job grants scandal, was responsible for the Canada Student Loans program. And banks pulled out of the scheme, even though the federal government paid an annual five percent risk premium to participating institutions to compensate for student loan defaults. Default rates on student loans have been increasing for over ten years.
The Canada Student Loans program was started in 1964, and is a fundamental part of providing accessible education to students in Canada. Approximately 350,000 students receive subsidized loans each year.
Until 1995, governments backed student loans with 100% guarantees. Besides being extremely expensive for governments, there was little incentive for the lenders to actively seek repayment, and little service to borrowers.
In 1995, the program was adjusted so that financial institutions accepted the responsibility of administering all aspects of loan repayment, including the risk of the loan not being repaid. In return, the federal government paid the lending institutions a risk premium of five percent annually on the value of that loan consolidation in the given year to compensate for the high risk of students not paying back. It was, apparently, not enough.
But inspite of problems, the Canada Student Loans Program still promotes accessibility to post-secondary education by lowering financial barriers through the provision of loans and grants for young Canadians in financial need.
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