An Act to amend the Business Development Bank of Canada Act and the Canada Student Loans Act to provide for a student loan system that is more supportive of students

This bill was last introduced in the 39th Parliament, 2nd Session, which ended in September 2008.

This bill was previously introduced in the 39th Parliament, 1st Session.

Sponsor

Pat Martin  NDP

Introduced as a private member’s bill. (These don’t often become law.)

Status

Not active, as of June 19, 2006
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

The purpose of this enactment is to establish the Business Development Bank of Canada as a lender of guaranteed student loans and to provide that student loan interest rates are set at the rate of inflation for the previous year and are adjusted annually.

This will ensure that students and persons still paying off student loans have reasonable financing and are not unduly burdened by debt after completing their education.

Persons who have existing loans from the lenders previously established by the Canada Student Loans Act will be able to apply for loans from the Business Development Bank of Canada to pay them off and will then be covered by the new interest provisions.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Business Development ActRoutine Proceedings

June 19th, 2006 / 3:10 p.m.
See context

NDP

Pat Martin NDP Winnipeg Centre, MB

moved for leave to introduce Bill C-330, An Act to amend the Business Development Bank of Canada Act and the Canada Student Loans Act to provide for a student loan system that is more supportive of students.

Mr. Speaker, I felt compelled to introduce this bill to try to do something on behalf of the student debt crisis faced by post-secondary students today, students who graduate with a debt the size of a small mortgage.

The bill seeks to amend the Business Development Bank of Canada Act to put in place a regime of student loans that would enable more students to access capital at reasonable rates and repatriate the Canada student loans system to be the responsibility of the federal government rather than the private sector lenders. We all know that the experience through the main charter banks has been catastrophic in terms of providing students with the loans they need.

(Motions deemed adopted, bill read the first time and printed)