Happiness vs. Money, [2005] Osgoode Reports 1
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Facts:
The cost of getting a professional degree in Ontario soared in the wake of deregulation, with the tab for medical school quadrupling and law-school fees nearly tripling, according to Statistics Canada. In a new study looking at the impact of rising tuition fees, the government agency also said the sharp increase also went hand-in-hand with changes in who was attending professional schools during the period, with students from families in the middle of the socio-economic spectrum less likely to pursue those career paths. According to the findings, tuition fees in undergraduate programs across Canada rose by 50 per cent on average between 1995-1996 and 2001-2002. In law, however, tuition fees surged 80 per cent, while costs associated with medical school jumped 160 per cent. “These increases were largely the product of trends in Ontario, where fees in professional programs were deregulated in 1998,” Statscan said.
Issues:
A study published in the Osgoode Hall Law Journal by law professor Iain Ramsay in 1999 included a demographic breakdown by age of who filed for bankruptcy in Toronto over a one-year period: 23.5 per cent were 18 to 29; and another 23.5 per cent were 30 to 39. The two were by far the largest groups. But contrary to what many people think, Farber says student loans aren't nearly as much of a factor in youth bankruptcy as credit card debt.
"Young people go to a baseball game and a credit card company is giving away a T-shirt to fill out an application," Alan Farber says. "They will start with a $500 credit limit and, like in the case of both of my kids who are under 25, will soon have it raised to around $10,000 if they make their payments. That can get anyone in a lot of trouble." The numbers back him up. A report compiled by an agency of Industry Canada, showed that in 2004, just 10.3 per cent of bankruptcy filers listed student loans as their most significant debt. However, 87.4 per cent listed credit cards.
One of the main reasons student loans are not listed as a cause of bankruptcy as often is legislation that was passed in 1998. The law prevents recent grads from claiming student loan debt as part of a bankruptcy for 10 years after they leave school. That stopped recent grads from declaring bankruptcy upon graduation, walking away from debt they never had any intention of repaying. A 1999 study by Carleton University public policy professor Saul Schwartz showed that although a small number of students abused the bankruptcy laws prior to 1998, the vast majority who filed for bankruptcy did so as a last resort.
A bill to reduce the student loan bankruptcy period recently passed its first reading in the Senate. If it becomes law, students would be allowed to wipe out their student loan debt by declaring bankruptcy no sooner than seven years after school. "Prior to that legislation, many recent grads were declaring bankruptcy," Laurie Campbell says of the 1998 law. "We are still certainly seeing a growing group of young people going bankrupt.
Ratio:
If you want to be super rich, you might want to take a look at Forbes' website for some helpful clues. In Forbes' list of this year's 400 wealthiest Americans, two clear patterns emerge for the top 10. What those ranking sixth to tenth have in common is their last names are Walton — the same surname as that of Wal-Mart's late founder, Sam. If your relatives are living paycheque to paycheque, this route to riches probably isn't for you.
But don't give up — except, that is, on the idea that a fancy university diploma will make you super rich. It will, no doubt, make you a very nice living, but as four of the five wealthiest Americans will attest, time spent in class is also money forgone. All four of these self-made billionaire computer geeks — Bill Gates, Paul Allen, Michael Dell and Lawrence Ellison — are university dropouts who were more interested in building empires than in academia. But if you don't know Windows from Linux, you enjoy school, and your parents aren't rich, cynics say there's always a job in government. Ask Ellison. As he sees it, "(if) a corporation's primary goal is to make money, government's primary role is to take a big chunk of that money and give it to others." To some, that's a swell idea.
Obiter:
Students of philosophy and theology are the most satisfied in higher education, results of an official survey suggest. They recorded the highest median "overall satisfaction" level: 4.3 out of a maximum possible five points. History and archaeology, physical science, biology and English-based studies all rated 4.2. Art and design ranked lowest, 3.7, with media studies, computer science and technology on 3.8, in results leaked to the Times Higher Education Supplement. They are understood to be preliminary findings from an unprecedented survey of 285,000 final year students on every large course in England, Wales and Northern Ireland. It was carried out by the Higher Education Funding Council for England, which said the full results would be published on 20 September 2005 on the Teaching Quality Information website.
--------------------
Facts:
The cost of getting a professional degree in Ontario soared in the wake of deregulation, with the tab for medical school quadrupling and law-school fees nearly tripling, according to Statistics Canada. In a new study looking at the impact of rising tuition fees, the government agency also said the sharp increase also went hand-in-hand with changes in who was attending professional schools during the period, with students from families in the middle of the socio-economic spectrum less likely to pursue those career paths. According to the findings, tuition fees in undergraduate programs across Canada rose by 50 per cent on average between 1995-1996 and 2001-2002. In law, however, tuition fees surged 80 per cent, while costs associated with medical school jumped 160 per cent. “These increases were largely the product of trends in Ontario, where fees in professional programs were deregulated in 1998,” Statscan said.
Issues:
A study published in the Osgoode Hall Law Journal by law professor Iain Ramsay in 1999 included a demographic breakdown by age of who filed for bankruptcy in Toronto over a one-year period: 23.5 per cent were 18 to 29; and another 23.5 per cent were 30 to 39. The two were by far the largest groups. But contrary to what many people think, Farber says student loans aren't nearly as much of a factor in youth bankruptcy as credit card debt.
"Young people go to a baseball game and a credit card company is giving away a T-shirt to fill out an application," Alan Farber says. "They will start with a $500 credit limit and, like in the case of both of my kids who are under 25, will soon have it raised to around $10,000 if they make their payments. That can get anyone in a lot of trouble." The numbers back him up. A report compiled by an agency of Industry Canada, showed that in 2004, just 10.3 per cent of bankruptcy filers listed student loans as their most significant debt. However, 87.4 per cent listed credit cards.
One of the main reasons student loans are not listed as a cause of bankruptcy as often is legislation that was passed in 1998. The law prevents recent grads from claiming student loan debt as part of a bankruptcy for 10 years after they leave school. That stopped recent grads from declaring bankruptcy upon graduation, walking away from debt they never had any intention of repaying. A 1999 study by Carleton University public policy professor Saul Schwartz showed that although a small number of students abused the bankruptcy laws prior to 1998, the vast majority who filed for bankruptcy did so as a last resort.
A bill to reduce the student loan bankruptcy period recently passed its first reading in the Senate. If it becomes law, students would be allowed to wipe out their student loan debt by declaring bankruptcy no sooner than seven years after school. "Prior to that legislation, many recent grads were declaring bankruptcy," Laurie Campbell says of the 1998 law. "We are still certainly seeing a growing group of young people going bankrupt.
Ratio:
If you want to be super rich, you might want to take a look at Forbes' website for some helpful clues. In Forbes' list of this year's 400 wealthiest Americans, two clear patterns emerge for the top 10. What those ranking sixth to tenth have in common is their last names are Walton — the same surname as that of Wal-Mart's late founder, Sam. If your relatives are living paycheque to paycheque, this route to riches probably isn't for you.
But don't give up — except, that is, on the idea that a fancy university diploma will make you super rich. It will, no doubt, make you a very nice living, but as four of the five wealthiest Americans will attest, time spent in class is also money forgone. All four of these self-made billionaire computer geeks — Bill Gates, Paul Allen, Michael Dell and Lawrence Ellison — are university dropouts who were more interested in building empires than in academia. But if you don't know Windows from Linux, you enjoy school, and your parents aren't rich, cynics say there's always a job in government. Ask Ellison. As he sees it, "(if) a corporation's primary goal is to make money, government's primary role is to take a big chunk of that money and give it to others." To some, that's a swell idea.
Obiter:
Students of philosophy and theology are the most satisfied in higher education, results of an official survey suggest. They recorded the highest median "overall satisfaction" level: 4.3 out of a maximum possible five points. History and archaeology, physical science, biology and English-based studies all rated 4.2. Art and design ranked lowest, 3.7, with media studies, computer science and technology on 3.8, in results leaked to the Times Higher Education Supplement. They are understood to be preliminary findings from an unprecedented survey of 285,000 final year students on every large course in England, Wales and Northern Ireland. It was carried out by the Higher Education Funding Council for England, which said the full results would be published on 20 September 2005 on the Teaching Quality Information website.
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