Leaps & bounds : Improving accessibility and the impact of research in Canada's post-secondary education system

CASA recommends that the federal government exempt the value of one vehicle in the assessment of borrower assets in the CSLP. [...] CASA recommends that the Governor in Council appoint a student representative to each of the governing councils of the federal granting agencies: SSHRC, NSERC, and CIHR. [...] Students who own a vehicle are required to report the value of that vehicle when applying to the CSLP as part of the assessment of borrower assets, the value of the vehicle counts against the loan awarded to a student, unless the vehicle is valued at less than $5,000. [...] Recently, one study showed the average price of a used car from a private seller in Canada was $11,400.i From a dealership the price is nearly double.ii The price of a safe and reliable vehicle has now vastly outstripped the value of the vehicle exemption. [...] Of student loans borrowers in 2009-2010, over 84,000 students claimed a vehicle in their CLSP application.iii Of those who claimed a vehicle valued above the $5000 exemption, 42% were denied a loan.iv The assessment of borrower assets in the CLSP has failed to keep pace with the expenses incurred by those trying to attend college and university.