This story from the Canadian Press paints an unflattering picture of the operations of the Canada Student Loans Program. One issue that I would add to the story is that the lengthy delays in the release of information and data about the program are unhelpful to those of us who interested in studying the trends in these data. From the story:
Yearly report cards for the $1.9-billion Canada Student Loans Program are practically mouldy by the time they're made public.
The latest annual report still hasn't been posted online – and it's for 2004-05.
Accountability delays are among myriad problems federal officials are being pressed to fix as critics demand the overhaul of a widely maligned program.
Leesha Lin, acting director of operational policy and research for the Canada Student Loans Program, concedes it shouldn't take more than two years to complete an annual report.
The document was tabled last month but hasn't been translated for the department's website.
About 350,000 post-secondary students relied last year on federal loans worth $1.9 billion. Those who study for four years will rack up debts worth an average of $20,000. Ottawa charges prime plus 2.5 per cent for variable rates or prime plus 5 for a fixed rate, much higher than most commercial loans. Former students can't declare bankruptcy on that debt for at least 10 years after studies cease.
A bureaucratic labyrinth awaits those who fall behind on payments.
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