Telegraph-Journal analysis of the government’s most recent annual financial report, filed with the U.S. Securities and Exchange Commission, shows the province believes it will not recover the majority of loans and loan guarantees it granted last year to industry, farms and farm-related businesses, and fishermen.
However, the odds of the province collecting its money are much better when it comes to student loans and those given by Social Development through the New Brunswick Housing Act.
Jon O’Kane, president of the student union at the University of New Brunswick in Fredericton, said it’s encouraging that a healthy majority of students will pay back their loans, but he is still concerned that the report indicates roughly 20 per cent will default.
“It’s positive, but the fact that one in five students have so much debt that they are unable to make payments is quite concerning,” O’Kane said.
He added the New Brunswick government has made it easier on students in the past year by adopting a federal program that gives students the option of limiting payments to no more than 20 per cent of their income.
“It shows the government is committed to making loan repayment easier for students and making education more accessible.”
On the other side of the balance sheet, the report indicates that fishermen have a very high level of default.
For the fiscal year that ended last March 31, the government said in the report it expects that 81 per cent of the $48.8 million in loans and loan guarantees awarded to fishermen will not be repaid.
source here.
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