Report on national student loans program released

The Government of Canada has published the Canada Student Loans Program (CSLP) Annual Report for 2012-2013.

According to the report, the CSLP distributed funding to more than 472,000 full-time and 9,600 part-time students, amounting to more than $2.6 billion in loans. In addition, 357,000 full- and part-time students also received a total $695 million in grants. The report also noted that 209,000 borrowers received support from the program’s Repayment Assistance Plan (RAP), which was launched in 2013.

Also, of the students receiving loans:

• 55 per cent were 21 years of age or younger.
• 60 per cent were female.
• 64 per cent resided in Ontario, followed by British Columbia (13 per cent) and Alberta (10 per cent).

Fifty-nine per cent of full-time student borrowers attended university, 31 per cent attended college, and 10 per cent attended a private institution. These figures remain virtually unchanged from 2011-2012.

The report also says the default rate on Canada student loans has declined to approximately 13 per cent, compared to 28 per cent in 2003-2004.

Want to learn more about financial aid? The University of Ontario Institute of Technology’s (UOIT) Student Awards and Financial Aid office (SAFA) can answer students’, parents’ and guidance counsellors’ questions about government aid, scholarships and bursaries. It also provides budgeting and money-saving tips and offers financial literacy workshops to help students take steps toward the effective management of their finances.

“Education is one of the most important investments a student will ever make,” said Susan Allward, Associate Registrar, SAFA. “UOIT is committed to serving students and helping them achieve financial success during their post-secondary studies.”