The Misfortune of Immaturity

It's well known how unfortunate it is that so many university students end up post-graduation owing a substantial amount of money, to pay back student loans. It's a heavy burden for young people, searching for paid employment, knowing how urgent it is that they acquire a well-paying job, to allow them to pay back debts often amounting to $40,000, and still be responsible for paying all their normal daily costs for shelter, food, clothing.

And yet, many young people do this, and live to tell the story. Going on to forge a future for themselves as professionals working in their field of endeavour. Somehow, over time, managing to pay back that enormous student-loan debt. There's a certain pride in one's determination to pay the piper, having given one's word that such loans would, eventually be cleared.

You can just imagine the sigh of relief, once that last installment has been made and the load of responsibility can finally be shed. The tedious thoughts of how wonderful it would be to no longer owe that money, so that the funds required to cleanse the slate could be directed elsewhere. You can just imagine, too, how an excess of worry over how and whether that loan can and would be repaid weighs heavily on the conscience of graduated students.

Some of whom have taken the road of filing for personal bankruptcy in a last desperate attempt to dig themselves out of the intolerable mess their lives have taken on. The recent instance of a former university student in Nova Scotia well illustrates some personal stories.

In this instance, one student's lack of foresight, and ultimately, his inability to cope with his imprudence in obtaining a total of $50,000 in student loans. This story is a little out of the ordinary and, in the final analysis telling of character. Or, on second thought, lack of character, as the case most certainly determines.

Alfredo Abdo who attended Dalhousie University in Halifax, switching from engineering to commerce, received a number of student loans. The first of which, $20,000, brought him to financial trouble, he claimed, due to 'poor investments'. After which he applied for a second loan in the amount of $30,000. Which the Royal Bank of Canada approved.

Now, citing health problems, stress and dizziness, a Nova Scotia bankruptcy court has granted Alfredo Abdo an absolute discharge from pay-back of the RBC loan. Claiming that " ... TBC took the risk", when approving the $30,000 "...loan to an immature 19-year-old investor". (Presumably, had the bank refused the loan, it stood the risk of being accused of discrimination.)

He is no longer 19, but obviously remains immature, relying on 'stress and dizziness' to rescue him from responsibility. Along with the sympathy of the bankruptcy court, abetting his immaturity.