Class Notes (839,398)
Canada (511,327)
Commerce (1,911)

Chapter 7.docx

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Tony Belsito

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Basic Features of Consumer Loans Using Consumer LoansAre formal negotiated contractsSpecify the terms for borrowingSpecify the repayment scheduleIs a onetime transactionNormally used to pay for bigticket itemsPurchase an automobilePurchase high priced home furnishingsPay for a vacationConsolidate highinterest debtPay for household renovationsPay for the costs of postsecondary educationBasic Features of Consumer Loans Types of Consumer LoansAutoDurable goodsEducation loansPersonal loansConsolidation loans Basic Features of Consumer Loans Financing a Postsecondary EducationIn Canada there are many sources of financial support for students pursuing postsecondary education that should be considered before borrowingSupport can come in the form ofScholarshipsawarded on the basis of high academic achievementAwardsawarded on the basis of academic achievement and some additional criteriaBursariesawarded on the basis of financial needScholarships bursaries and awards may be awarded on entrance to the academic program or may be in courseThey are available from government serviceclubs fraternal organizations religious organizations unions companies charitable organizations and many more Basic Features of Consumer Loans Student LoansIn Canada there are many sources of financial support for students pursuing postsecondary educationThese includeFederal government supportCanada student loansCanadian Millennium Scholarship FoundationFederal bursariesProvincial government loansUniversitycollegespecific andor programspecific loan programs Basic Features of Consumer Loans Student Loans rememberUnder present bankruptcy legislation student loans are no longer dischargableIf you have trouble repaying your student loan you mayBe eligible for interest relief depending on your income level
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