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UBC hands out $11.8M in interest-free mortgages to admin, faculty
Posted By Neal Yonson On January 2, 2013 @ 11:11 am In Featured,News | Comments Disabled
From the AMS’s report on Student Housing [1]:
[...]
“In the 2011/2012 financial year, SHHS interest and debt repayments to the University were projected to be in excess of $26 million, out of total SHHS costs of $77 million. While $8 million was to pay back money that was borrowed, just under $18 million, or approximately 23%, was for interest payments alone.”
From a Freedom of Information request [2] received in December:
Lisa Castle, VP Human Resources at UBC, described this system to the Ubyssey – levying millions of dollars in interest charges against students living in residence, while forgoing all interest charges from those at UBC who have the most ability to pay – as “standard practice” [4].
Article printed from UBC Insiders: http://ubcinsiders.ca
URL to article: http://ubcinsiders.ca/2013/01/ubc-hands-out-11-8m-in-interest-free-mortgages-to-admin-faculty/
URLs in this post:
[1] AMS’s report on Student Housing: http://www.ams.ubc.ca/wp-content/uploads/2012/10/Student-Housing-and-Sustainability-Report-2012.pdf
[2] Freedom of Information request: http://ubcinsiders.ca/wp/wp-content/uploads/2013/01/12-188-Response-Letter.pdf
[3] Image: http://ubcinsiders.ca/wp/wp-content/uploads/2013/01/Mortgages.png
[4] “standard practice”: http://ubyssey.ca/news/helsley-342/
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