North Vancouver, C.-B.
Canada releases report on national student loans program
Canada has published its annual report on the Canada Student Loans Program (CSLP), reflecting data from 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 B in loans. 357,000 full- and part-time students also received a total $695 M in grants. The report also notes that 209,000 borrowers received support from the program’s Repayment Assistance Plan (RAP), which launched in 2013. Most (55%) students receiving loans were 21 years of age or younger. 60% of students receiving loans were female. The majority (64%) of students receiving loans resided in Ontario, followed by British Columbia (13%) and Alberta (10%). The data also indicate that 59% of full-time student borrowers attended university, 31% attended college, and 10% attended a private institution; these figures remain virtually unchanged compared to the previous year. The report also says that the default rate on Canada student loans has declined to approximately 13%, compared to 28% in 2003–2004. CSLP Annual Report