O'I'H-XWA(CUP)--AS Student aid offices across Canada are being swanp‘edgwith record nmbers of‘applications, sane students are returning . after going to the bank to negotiate their loans. None of Canada's five

major banks is'rflh‘a'ppy with interest rate on student loans, and two have made major policychanges that are making student loans 7 more difficult to obtain.

' _ The Toronto Dominion has the of money it will allocate to student hora-.10. cent‘increase frun“ last year.

. - A student who has defused ,aIi—I: loan at a TD branch in

I{11,53TamrmgrmmThis.gimme“.....fdr..t1111¢::h..1nmce.itl'nis.meat.u.,. -._ - .

reached .its limit and V d'issue no more loans.

The 'ID and the Bank of Montreal are limiting loans to~students who have held an account with them for the ” past six-months. This will particularly affect first year and out of town students.

' The Bank of Montreal is also centralizing its loans to “one branch in each city, often located miles from campus and student residences. Meamihile, other banks are worried that students, unable to get loans at the 'ID or Bank of. Montreal will turn to them. -

' ' The Royal Bank Stated

in a recent letter to.the Canadian Federation of , Students that "with restrictions recently announced by leaders, we donot wish to

be involuntarily placed in the position of being the \ one of a few national lending. institutions granting these loans, thus bearing a greater proportion of the associated firgigfxrilll ‘2; " ‘11 l j,

" The Royal not currently restrict the mmber or amount of student loans.

‘ The Canadian Imperial Bank of Commerce, which handles the largest number of loans, ill fegotiate a Student transferred from ' - ‘ i1... “’ {v- WW

:Refu‘sed ‘

I chargeeither prime interesq

\

Guy Wright, Canadian Federation of Students-Ontario (CPS-O) executive officer, said the banks are trying to force the federal government to increase the interest rates on student loans.

_ The move comes when students have applied for aid. Applications are up 20 per cent in Ontario, 24 cent in Prince Edward sland, and

‘90 per cent in Alberta. In British Columbia, applications increased 45 per cent at

Simon Fraser University and

200 per cent at Caribou College

More than 150,000 students received aid in 1980-81, about a third of Canada's full-time students.

And applicants are asking

according to CFS researcher Bruce Tate. Not only did students have a difficult time earning money this sumer, but many of their parents were also \mePIOYE’d or had lower incanes, he said. ' "The restrictions could not have cone at a worse time," said Tate. ' The banks' lobby group,

the Canadian Bankers Association

(CBA) , has asked the federal goverrment to allow them to-

rate a} prime plus one. They currently receive the rate paid on Canada Sa‘vings

Bonds ,, :usua’lly gabout three

_ percentage points below prime.

Tate said; the'l‘d is usually the forerunner in student loan policy, though

' it "is currently the only

banka‘vto'impose‘ a dollar ceiling 'on loans. { ,

In 1980, the TD briefly refused studentrlo'ans after the Bankers? Association asked. . the federal 'goVer‘nment to change their loans policy, but they eventually backed

Off -. K Secretary or State,

Gerald Began, promised CPS ‘ ,

Aug. 11." that~ the federal

’ government would grarantee tha

.119 student would be denied accessto a post—secondary education this fall because of changes in thebank's

1r": Mywnk‘ Ion é 4. .

we\°°me .» back

PUB CRAWL, ORIENTATION WEEK 1982

Orientation week is now over and wewould like to

announce. that ' it was the best

ever‘held at U.P.E.I. ' The attendance at the events was record breaking and the enthusiasm was terrific.

.. . .— .. ~-We would“ like-mac

this «Is—4- our cannitt‘ée'jl or the incredible anmmt of effort A and tine that they gave to ' help us. We also want to thank the" many individuals who helped us so much during the week.

We sincerely hope that the

freshman class enjoyed the activities and we would like

to thank everyone who partic—

ipated. Ronalda Murphy Lori Lawless,

Co—Chairpersons, .. Orientation '02

"THE MANAGEMENT AND STAFF OF SAGA

i " Welt“ O" ., ’ abo 9- 5 ard—

CANADIAN MANAGEMENTSERVICES, YOUR

FOOD SERVICE ON CAMPUS, EXTEND OUR BEST WISHES To RETURNING STUDENTS AND THOSE THAT ARE WITH US FOR THE FIRST TIME,:— WE 100K EDWARD 'IO SERVING YOU, AND ANOTHER YEAR OF OORDIAL RELATIONSHIPS. I