What’s the story behind the $2-billion loan crisis?

Alex Usher, October 1, 2010 at 3:23 PM

Most of you will have noticed the news stories from a couple of weeks ago about regulatory changes to the Canada Student Loans Program (CSLP).  To recap briefly, the law limits outstanding student loans to $15-billion; apparently, outstanding loans snuck up on this limit without anyone noticing, thus requiring the government to draft some emergency re-definitions of what "outstanding loans" meant in order to get through the fall without breaking the law.

There was clearly much more to that story than anyone in government is letting on; what data is available publicly suggests that CSLP was somehow off by a full $2-billion in its calculations of outstanding debt (via the CSLP Actuarial Report).  Stereotypes about impecunious public servants aside, nobody just loses $2-billion. 

One possibility is that there was a misunderstanding between HRDC's legal department and Treasury Board's and that CSLP has been counting the loans to a different standard for years.  Another possibility is that there has been a truly shocking shift in the student loan portfolio: big drops in repayment due to graduates not earning enough to repay their loans combined with big increases in the client base because students can't earn enough in the summer and part-time work.  The least likely - but not entirely impossible - explanation is that someone made a Grade A mistake and plugged in the wrong numbers into a spreadsheet.  In the absence of any hard information (the first data on the CSLP tends to come about 6 months after the end of a given loan year, meaning at the earliest, we'll have data on what happened this fall some time around March, 2012), my guess is that it was some combination of the above. 

I doubt very much the government will be very forthcoming with a public explanation for what happened. But the story can't stay contained forever; clearly, the legislation will shortly need to be amended to allow the government to but the $15-billion mark.  When that happens, inquisitive MPs from both sides of the aisle should ask for a clearer explanation of how the Government of Canada came within a couple of weeks of being legally unable to hand out student loans.  It's a story that needs to be told.

 

Tagged with government, loan, repayment, miscalculation |

Comments

The limitation of university surveys is the failure of independent and imaginative checks on the information that goes into the rankings.

For example, York deserves to drop a few notches just based on its appalling behavior in relation to Jennifer Schuessler, an editor at the New York Times Book Review, who in no way linked the Great Ape Trust to Marc Hauser. Nor did she "impugn" the work at the Great Ape Trust.

Nicholas Maronese: I find the performance of York in the matter of
Jennifer Schuessler to be embarrassing, absurd, and infantile.

York has been the only Canadian university in the foreground of the
Great Ape Trust defamation of the New York Times Book Review editor Jennifer Schuessler.

Internet bullying is not acceptable.

Defamation in the face of clear evidence that the statements are
malicious, incorrect, and persistent is beyond the pale in a university.

I am not personally involved in this story. In fact, I can present proof that I have been critical of the New York Times Book Review when such criticism was warranted.

I have commented extensively at The Harvard Crimson website. The Crimson would be an excellent model for the Canadian student media. It is embarrassing for the Excalibur to have to admit that students at York cannot read texts.

I sent my comments on the Schuessler matter to your website, but they
were not posted. These are reasonable comments.

I am going to send you the background on this case. I expect your paper to cover it.

Clayton Burns PhD Vancouver.

York researchers respond to New York Times book review to defend Great Ape Trust’s scientific integrity Tuesday, October 19th, 2010.

Ten academics, including James Benson and William Greaves, professors emeriti at Glendon College, and Stuart Shanker, distinguished research professor in philosophy & psychology in York’s Faculty of Health and director of the Milton and Ethel Harris Research Initiative, wrote a letter to The New York Times‘ Sunday Book Review section Oct. 17 in which they respond to a review essay that compared a fictional account of bonobos (Sara Gruen’s Ape House) with a nonfiction book on apes
(Jon Cohen’s Almost Chimpanzee):

In her essay “Trouble in the Monkey House” (Sept. 12), Jennifer
Schuessler concocts a peculiar mash-up. The pairing of a fictional account of bonobos (Sara Gruen’s “Ape House”) with a nonfiction book on apes (Jon Cohen’s “Almost Chimpanzee”) makes some sense; Gruen grounded her novel in visits to real-life bonobos at the Great Ape
Trust in Iowa, a place also visited by Cohen.

But lest readers be led astray, we wish to clarify that the Great Ape Trust is in no way connected with Marc Hauser, the Harvard scientist mentioned in the essay who has been accused of falsifying data in his primate studies. For those with serious interest about the research into the language abilities of bonobos, extensive video documentation is freely available on the Internet, including material at kanzi.bvu.edu/.

We are scientists who have worked closely with Sue Savage-Rumbaugh and
her colleagues at the Great Ape Trust, and/or have observed and interacted with the bonobos. We teach and write about the work impugned in the Book Review — because we respect its scientific integrity, because it has powerfully transformed our understanding of what apes are capable of, and because, through it, we grasp more fully what it means to share our world with other sentient creatures.

Benson and Greaves, members of Glendon’s Centre for Research on
Language Contact, traveled to the United States to meet with other
researchers who study bonobos earlier this year.

Republished courtesy of YFile– York University’s daily e-bulletin

--------------------------------------------------------------------------------

Tags: Bonobo Human Discourse, Centre for Research on Language Contact
(CRLC), Distinguished Research Professors, fiction, great apes, Jon
Cohen, Milton & Ethel Harris Research Initiative, Sara Gruen, Stuart
Shanker, The New York Times, York in the Media

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