Forgiving Student Loans

February 28, 2023March 15, 2023 ~ Loreeebee ~ Leave a comment

Are you in favour of forgiving student loans? Joe Biden is trying to do just that in the USA. That means Justin Trudeau won’t be far behind if Biden gets his way, especially with federal elections looming (2024 for the US, 2025 in Canada). Is this move a bid to win votes?

The Advantages of Forgiving Student Loans

The advantages are somewhat obvious, especially to those eligible for the program. Paying off (or at least reducing) the massive debt owed by students will certainly boost their economic status.

The Disadvantages

A Divisive Move?

Some feel this move will be divisive, just what any country does not need right now. The students (or former students) whose decisions on what degree to aim for and where to go were based solely on their economic status.

I am one of those. I would have loved to go to university to pursue a career in accounting or teaching. I could not afford it, nor could my parents afford to help out. As the fifth of six children in our family, I was only eligible for a small student loan and no grant. Instead of following my dreams at an out-of-town university (there was not one in the small town I grew up in) I lived at home and went to our community college. I still barely managed to afford this choice, with a student loan to pay off as a graduation gift.

Did these facts make me work harder to achieve my diploma in medical laboratory technology? They sure did. Does that mean I don’t see the need to help some students deserving of forgiving student loans? No, but I would like to see lots of conditions so two steps forwards don’t result in four steps backward for the economy, inflation rate, healthcare, and so on.

Will the Rate of Inflation Rise More?

The Federal Reserve Bank of Richmond (in the US) believes it will:

There could also be some stimulating impact, as the debt cancellation could free up borrowers’ cash flow, and the additional spending may create more tax revenue.

However, at the same time, this is also likely to be inflationary.

A key concern about the debt forgiveness program is its inflationary impact in an environment where inflation has been persistently elevated for over a year.

Shifting the Burden to Taxpayers

The Conservative argument is that forgiving student loans would simply (and unfairly) shift the debt from the students to their federal government. And we all know taxpayers pay for government debt. Unfortunately, when money gets funneled into one program, other programs suffer. So, students like myself that struggled to pay for their own education will now pay taxes so others do not have to pay for theirs.

Biden’s Proposal for American Students

Biden’s proposal says borrowers with an annual income of up to $125,000 or households with a combined income of up to $250,000 are eligible to apply for $10,000 to reduce their current student debt. However, those currently with an outstanding debt of less than $10,000 will only get reimbursed for whatever their balance is. According to the Congressional Budget Office, up to 43 million applicants will qualify for at least partially forgiving student loans.

The Canadian Version

In Canada, the National Student Loans Service Center (NSLSC) implemented its own version for forgiving student loans. Sort of. They, from April 2021 to March 31, 2023, eliminated the interest accrued on student loans. However, any interest accumulated before that date is still owed. This interest elimination was recently extended permanently after April of 2023.

In November of 2022, some Canadian provinces lowered maximum payments to 10% of household income from 20% and changed their zero payment income thresholds. To apply for their Repayment Assistance Plan (RAP), log into your NSLSC account. So far, only students from New Brunswick, Newfoundland and Labrador, Manitoba, and Saskatchewan are eligible. Hopefully, other provinces will follow suit.

Conclusions

I believe, and I realize this may sound selfish, that the majority of our taxes should be for improving the core services our citizens rely on. Stuff like roads and infrastructure, garbage collection, snow removal, and especially our flailing healthcare system.

Since graduation years ago, we (hubby and I) paid lots of tax dollars to raise three now self-sufficient children in a comfortable lifestyle. We chose to have three children because we believed that if we worked hard we could afford to feed, clothe, protect, entertain, and yes, educate them.

Of course, like most other citizens, we continue to pay taxes too.

Now seniors, we have reached the age where affordable, efficient, and available healthcare is more of a priority to us than forgiving student loans.

photo credit

Happy Birthday Dad!

September 19, 2022September 20, 2022 ~ Loreeebee ~ 2 Comments

Today, September 19th, would have been my Dad’s 94th birthday. Although he left us sixteen years ago already, I think of him in some context daily. Happy Birthday Dad!

These pictures were taken on Dad’s surprise (sort of) 75th birthday where he was celebrated by his family and friends.

A Broken Heart Took Him Too Early

After my mom died in 1994 at the age of 65, dad’s love of life and will to live seemed to diminish. He was only 66 at the time, and the quality of his life deteriorated quickly after her death. He used his advancing age as an excuse to prevent him from enjoying his golden years, but we all knew it was the void in his heart that was the culprit.

Happy birthday Dad, we are all thinking of you today and hope you are celebrating with Mom and others that left us too soon.

Memories That Make me Smile

A few years ago I woke up to frost on the rooftops and lawns on this date, an early appearance even here in Ottawa, but somehow appropriate for Dad’s birthday. As I looked out the window at the whiteness, I could hear his voice saying “HAH, frost in September!”

The really cool thing is that many of his unique expressions and habits live on in my children and grandchildren. His premature white hair lives on in moi. As my three brothers age, I see many of Dad’s personality traits in them too. Here are just a few memories and the things that evoke them:

his affectionate phrase “dum dum” when someone did something silly, often used on his children and grandchildren. I must admit to using it in my own household too, softened with a giggle, just like he used to.
his use of the expression “HAH” as used above, meaning “who would have thunk it?” or “I don’t think so” (when he didn’t want to do something) or when he found something funny or ridiculous.
his ride-on lawnmower that his six children purchased for him on his 75th birthday. It currently resides at my cottage where the lawns are big enough to need a ride-on mower.

when I am out “puttering” in a garden as he used to love to do. In his latter days he would have a list of things for me to do in his garden each visit. As a youngster, I remember my mom picking out the plants, but Dad was always the one planting and looking after them. I know he would be proud and not the least bit surprised about my new profession, Gardens4U.
when one of my sons (or me) yell at the TV during a hockey game.
one of his sweaters that I found in his closet when cleaning out his house, barely (if at all) used, that I now use as garden apparel on cool days.
his use of an accelerant to start the campfire at the cottage, especially after a week of rain when everything is damp. My husband calls it “grandpa’s firestarter.”
wandering around my gardens in sandals (Dad often wore his slippers to do this, much to my Mom’s dismay) with a cup of tea in hand, stopping here and there to pull a weed or two, or to “stop and smell the roses.”
My youngest grandson was named after you, although he is still too young to realize it. He will though, I will make sure he does.
his goofy grin, that fortunately (for me) lives on in my middle son and also my oldest grandson.

The list goes on and on….

Happy Birthday Dad, I miss you! Oh, how I wish you were still here to visit with my sons and my contribution to the great-grandchildren in your family tree.

Sleep Deprivation, the Consequences

December 9, 2021March 25, 2023 ~ Loreeebee ~ 6 Comments

If you google just about any health ailment or nagging symptom, sleep deprivation will be on the list of possible causes. Why is that? Because people are just too (potentially dangerously so) busy and plugged in to sleep these days. When we do sleep, we don’t sleep well.

From small children to retirement age, our lives are jam-packed with structure and technology, leaving no (or very little) downtime. If you ask a retiree, they will most likely tell you one of the most enjoyable things about retiring is the ability to nap when you want.

Improve the Quality of Your Sleep to Avoid Sleep Deprivation

What can you do to improve the quantity and quality of your sleep to ward off sleep deprivation? Start by unplugging yourself, literally and figuratively, at least four hours before your bedtime. Instead of focusing on the screens of a television, game console, computer, or cell phone, shut them down. Read a book, cook and savour a nice meal, or go out for a drink or meal with a friend or loved one. Without the phone.

Children Need Quality Sleep Too

This applies to your children too. Remember, you are their most influential teacher. They will pick up your unhealthy habits just as easily as your good ones. They do need routine in their lives but organized structure not so much. Kids also need downtime instead of being shuttled from event to event.

Sleep deprivation shows up in their behaviour and their health. Research has shown that overly active (organized) kids tend to suffer from anxiety, which in turn leads to poor quality of sleep. It is very easy to cut back on their organized activities. Let them play at home with their siblings and parents. Bring back the board games of our youth. Encourage older kids to read books or experiment in the kitchen. Simply slow down their lives, especially before bedtime.

Downtime is a Healthy Way to Reboot

Think of your brain as a computer that controls your body. Even the best computers need to reboot or update regularly to stay efficient and healthy.

Similarly, every cell in your body, especially those in your brain, needs downtime to repair and recuperate from everything we throw at them. Unfortunately, they can only recuperate or repair when we sleep. When we don’t provide these cells with quality sleep to perform this maintenance on a regular basis, sleep deprivation sets in and cells start to break down, causing all those symptoms you are googling about.