Prior to the recent reforms, the repayment terms of a CSLP loan required fixed monthly payments for a maximum of 114 months. However, according to the report of the Ministerial Task Force on Youth, a young university graduate might now take up to two years before settling into a career-track job linked to the graduate’s education and interests.See Human Resources Development Canada, Ministerial Task Force on Youth, Take Onnthe Future: Canadian Youth in the World of Work, Report—Ministerial Task Force on Yo(Outthta wa:nHuman Resources Development Canada, 1996) For those who have outstanding student loans, thencombination of an unsteady income and an inflexible monthly loannpayment created the potential for default.
The committee reviewing the British Columbia Student
Assistance Program wrote: Unemployment and underemployment make it difficult for many to meet the inflexible payment provisions of the Canada and B.C. Student Loan Programs. Many in-person and written submissions to the committee came from students wanting to meet their obligations but feeling forced into default—some into personal bankruptcy—by the size of their student loans and the repayment requirements.
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Lack of flexible repayment plans
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