On student debt management and budgeting in Canada - Research Paper Example

Research on Debt management and Budgeting in Canada (Analytical Memo Report) August 6, The aspiring can apply for loans to finish their academic requirements. The research delves on student finance polls. The study delves on possible bank alternatives. Bank loans help students finish their academic needs. The Royal bank’s June student finances poll was published in August 2010 (www.rbc.com). The poll results shows that 57 percent of post-secondary students decided to find work to pay for their school expenses.

The polls indicate that 77 percent of the students felt working part-time will affect their grades. The poll shows that 6 out of 10 students will graduate with a debt to pay. Likewise, 75 % of the Canadian students do not use a budget (Glasby, 2009, p.152). In addition, the Canadian federal government offers financial assistance through the Canada Student Loans Program (Johnstone, 2010, p 180). There are two Canadian bank loan prerogatives for the Saint Mary’s University’s students.

Royal Bank offers student loans (www.rbcroyalbank.com). The bank does not collect interest payments while in school. The Royal Bank manages the Federal loans in Quebec and Nova Scotia, Canada. The bank helps the students with their repayment options, responsibilities as well as obligations. Further, the Toronto Dominion Bank offers student line of credit loans (www.tdcanadatrust.com). The student loans cover tuition fees, books, and living expenses. The bank offers different payment terms that fit the students’ payment capacities.

The bank does not collect monthly fees and annual fees during the student’s student life. Furthermore, the National Student Loans Service Centre helps the students with their student loan inquiries (https://nslsc.canlearn.ca). The Centre offers several student loan types. The student can process the student loans from the bank’s National Student Loans Service Centre. The Centre offers different payment terms. The terms fit the students’ capacity to pay the loans on time. The government offers loan forgiveness to academically intelligent students (Mutimer, 2012, p. 209). Canada’s nature and level of student debt.

The Royal Bank’s website (www.rbcroyalbank.com) offers readable online student loan materials to Canadian Citizens, through the federal student loan program (Council of International Schools, 2009, p. 37). Likewise, the Toronto Dominion bank (www.tdcanadatrust.com) can easily be understood by the student loan applicant. The can easily find the advantages of filing a Toronto Dominion student bank loan. The Royal Bank’s website offers student loan applicants the ease to inquire about the requirements and student loan terms.

The bank’s website offers detailed information pertaining to the student loan program (www.rbcroyalbank.com). Likewise, the student can easily find the details of the bank’s student loan terms. Toronto Dominion bank indicates the different student loan choices in its website (www.tdcanadatrust.com). Recommendation. It is highly recommended that Ms. Grey persuade the Saint Mary’s University’s 1st year and 2nd year students to visit the two banks’ websites. Both banks’ websites offer unique student loan terms that fit.

Consequently, the students can choose the bank that offers the better student loan terms. Some students will prefer the terms of Royal Bank. On the other hand, other students may choose the Trade Dominion Bank’s student loan terms. Summarizing the above analysis, the aspiring students process bank loans to finish their academic requirements. The research indicates students graduate with debt, using bank loans. The federal government aids student loans. Indeed, the school bank loans aid the 1st and 2nd year students’ academic needs.

REFERENCES:Council of International Schools. (2009). CIS Higher Education Directory 2010. New York: John Catt Educational Press.Glasby, J. (2009). Direct Payments and Personal Budgets. New York: The Policy Press.https://nslsc.canlearn.ca. (n.d.). https://nslsc.canlearn.ca. Retrieved August 6, 2012, from (https://nslsc.canlearn.ca/eng/default.aspx)Johnstone, D. (2010). Financing Higher Education Worldwide. New York: JHU Press.Mutimer, D. (2012). Canadian Annual Review of Politics and Public Affairs.

Toronto: Unversity of Toronto Press.Schools, C. i. (2009). CIS Higher Education Directory 2010. New York: John Catt Educational Press.www.rbc.com. (n.d.). Retrieved August 6, 2012, from http://www.rbc.com/newsroom/2010/0816-student.htmlwww.rbcroyalbank.com. (n.d.). Retrieved August 6, 2012, from http://www.rbcroyalbank.com/student_l_index.htmlwww.tdcanadatrust.com. (n.d.). Retrieved August 6, 2012, from http://www.tdcanadatrust.com/products-services/banking/student-life/stline.jsp