VANCOUVER, Aug. 9 /CNW/ - The Coalition for Student Loan Fairness has
obtained documents under the Access to Information Act which show that, of all
defaulted student loans issued under the direct-lend regime, $97,595,029.00
dollars is interest - not principal.
According to the documents, about 180,000 loans are currently under
active recovery by either the Canada Revenue Agency or collection agencies
hired on its behalf. A CTV report from 2006 revealed that the government is
spending up to $180.8 million on the collection of defaulted student loans.
The total balance of outstanding loans is about $800 million.
Coalition spokesperson, Julian Benedict says, "The information shows the
feds are spending far too much money collecting student loan interest instead
of ensuring its assistance programs, including Interest Relief and Debt
Reduction, are truly accessible to those who need them."
The Coalition is dedicated to the needs of Canada's 990,000 student loan
For further information:
For further information: please call Julian Benedict, CSLF, (604)