A very STRANGE precedent for student loan non-payment has been set in Canada

[Substance]

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http://news.ca.msn.com/canada/cbc-article.aspx?cp-documentid=22653602

A miscarriage of personal responsibility, or merely the banks being burned after playing with fire for so long?

 

[mx_599]

well that's a crock of sh it. poor thing made bad investments...wtf!!

 

[TMP-SMX]

Apparently his health issues are disabling. Either way, the bank should not have loaned the student money above their cost of attendance.

 

[medicinesux]

Go Canada! Unlike the United States where student loans, including private loans which are no different than credit cards, cannot be discharged till death, Canada allows one to release all student loans after 7 years since graduation through bankruptcy-

http://www.bankruptcycanada.com/studentloans1.htm

Even the bible says one should be released of one's debts after 7 years.

As for the article, stupid bank should never have lent the money anyway! And this is the very reason why we have people coming out of college with basket weaving degrees and six figure debt because banks fully realize that these loans can never be discharged and if these students default the govt will reimburse them the loaned balance anyway.

 

[Dr.Millisevert]

Go Canada! Unlike the United States where student loans, including private loans which are no different than credit cards, cannot be discharged till death, Canada allows one to release all student loans after 7 years since graduation through bankruptcy-

http://www.bankruptcycanada.com/studentloans1.htm

Even the bible says one should be released of one's debts after 7 years.

As for the article, stupid bank should never have lent the money anyway! And this is the very reason why we have people coming out of college with basket weaving degrees and six figure debt because banks fully realize that these loans can never be discharged and if these students default the govt will reimburse them the loaned balance anyway.

Yeah, I thought banks/bank employees could get in trouble for giving out big loans to people who aren't a good risk or who have no collateral?

Education should be more affordable in the first place. You shouldn't have to sign your life away to get a university degree.