Earlier this year, the Federal Canadian Government did something that helps 34,240 post-secondary students.
The Trudeau Government bailed these students out of their student debt to a total of $203.5 million.
This is not uncommon behavior for our Federal Government as this is the third time in four years that they have had to do this.
Between the fiscal year 2014-2015, the feds loaned full-time students $2.7 billion and a further $21 million to part-time students.
"There has always been bail-outs of student loans. Typically governments in the past, our government included, up to $19 million a year we are bailing out," stated Battle River-Crowfoot, MP Kevin Sorenson. "This is a very substantive bail-out. It includes bankruptcy, where we don't have any problem with people who have tried to find a job and pay off their loans, but many haven't been able to. So they've felt filing for bankruptcy is the only way out."
Sorenson notes that there is a real lack of action from the Federal Government to create jobs for these students. After the post-education has concluded, these same students want jobs to be able to meet their obligations to their student debt. According to Sorenson, students will find themselves a job in another country for the field they had studied in and move there to fulfill their educational duties, but there-in lies the issue. Canada needs its students to have jobs in a Canadian economy to help balance the budget.
"It's cost them. They've taken out a loan so they can do that. I would simply hope that they get into the field that they've trained for. I would hope that those students can excel in the future," Sorensen expressed. "These student loans aren't holding them back any longer. Now I hope they succeed and prosper and I hope they do it here in Canada. I do not want to see other people moving to other countries(for a job)."
In order for the government to consider you a student whose debt is worthy of being cleared/bailed-out, your student debt must be between 7- 15 years old. As mentioned before, if you have found yourself in a bankruptcy situation with your student debt, the government will consider clearing the debt as well.