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Concept
Student debt
Summary
Student debt is a form of debt that is owed by an attending, formerly withdrawn, or graduated student to a lending institution, or to a financial institution.
The amount that is loaned, often referred to as a student loan or the debts may be owed to the school (or the bank) if the student has dropped classes and withdrawn from the school, or if the student has graduated but is underemployed. Withdrawing from a school, especially if a low (or no-income student) has withdrawn with a failing grade, could deprive the student of the ability of further attendance by disqualifying the student of necessary financial aid. Student loans also differ in many countries in the strict laws regulating renegotiating and bankruptcy. Due payments may be a retroactive penalty for services rendered by the school to the individual, including room and board.
As with most other types of debt, student debt may be considered defaulted after a given period of non-response to requests by the school or the lender for information, payment or negotiation. At that point, the debt is turned over to a Student Loan Guarantor or a collection agency.
Canada ranked third in the world (behind Russia and South Korea) for the percentage of people in the age group of 25-34 who have completed tertiary education. But Canadians are not prone to the rapid accumulation of student loans. As of September 2012, the average debt for a Canadian leaving university was 28,000 Canadian dollars, and that accumulated debt takes an average of 14 years to fully repay based on an average starting salary of 15 billion in 2010, then $18.
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Tuition freeze
Tuition freeze is a government policy restricting the ability of administrators of post-secondary educational facilities (i.e. colleges and universities) to increase tuition fees for students. Although governments have various reasons for implementing such a policy, the main reason cited is improving accessibility for working- and middle-class students. A tuition fee freeze is a common political goal of the Canadian student movement, especially the Canadian Federation of Students.
Student loan
A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. It also differs in many countries in the strict laws regulating renegotiating and bankruptcy. This article highlights the differences of the student loan system in several major countries.
Tuition payments
Tuition payments, usually known as tuition in American English and as tuition fees in Commonwealth English, are fees charged by education institutions for instruction or other services. Besides public spending (by governments and other public bodies), private spending via tuition payments are the largest revenue sources for education institutions in some countries. In most developed countries, especially countries in Scandinavia and Continental Europe, there are no or only nominal tuition fees for all forms of education, including university and other higher education.