Loan Default Rate 28%
Province Cuts Off Student Loans
The Times Colonist reports that the Ministry of Advanced Education has decided that due to a high ongoing student loan default rate, that Sprott-Shaw Community College will no longer be able to apply for provincial student loans.
The decision takes effect July 31 meaning that students at the Nanaimo campus will be unable to apply for loans from StudentAid B.C. for upcoming programs.
The province says that the loan default rate for this campus has been above 28% for four or more years.
Comment: I presume that the good old taxpayer has been paying for these unpaid bills for years. In what business is a 28% default rate considered acceptable? Only when you can keep raising taxes to pay for your poor judgment would it be possible.
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