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Death By Student Loans

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Veristic View Drop Down

Joined: 23/December/2010
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Veristic Quote  Post ReplyReply Direct Link To This Post Topic: Death By Student Loans
    Posted: 23/December/2010 at 7:26pm
I have huge student loan debt, which is slowly killing me. I work three jobs, over 70 hours a week and still can't keep up with loan repayments. I currently pay $1500 in student loan repayments per month and I have fallen behind with rent and personal loans, resulting in ongoing calls for payment. Since I have a student line of credit and also old student loans, my payments are beyond my capacity to repay. I called the banks that have taken over the old student loan debt, and they all said that they can not reduce the minimum monthly payments. I am working so hard, barely eating anymore, can't sleep, and think that there is no way to resolve this. I don't know how to fix this problem. Lately I have been thinking that suicide might be the only option because I can no longer cope with this debt. 
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administrator View Drop Down
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Joined: 25/January/2003
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 24/December/2010 at 8:32am

I can understand the feelings of being overwhelmed. The stress of student loans can be extremely draining.  There is hope and support here on this forum. 

Remember that your rent, and living expenses and taking care of yourself should come first.  You obviously need help with these student loans and deserve that help. There are government programs, but the banks often fail to mention them or as documented in studies, help is often not available to those who need it the most. But we're here to help. 

First step is to provide some more info... what province are the loans from? Are they bank loans i.e. a line of credit or from the Canada Student Loan Program?   When did you go to school?   When did you finish?  Are you in default?  This info will really help us help you.

If they are loans from the Canada Student Loan Program, and if you loans are not in default you are should be eligible to apply for the RAP (Repayment Assistance Program)  program.  If your loans are in default there are ways to get out default and new rules that came out that can help you get back into good standing and eligible for the RAP program.

If your loans are in default, talk to johnny at CFWGroup  as he may be able to help intervene. He charges fees but may be able to keep collectors off your back.  Best thing you can do is to just talk to him and get things clearer as to what your options are.

And as we go through the xmas season, make sure you have support.  You've taken a good step here by posting on this forum.  And you should be most certainly commended for your efforts to make these loan payments - its a sign of a good character.

If you can provide the extra info: - when you went to school, when you finished school, and if the loans are in default or not, then we can certainly get started on some tactics to deal with this.

Keep us informed.  This site was created to help people like you!


Mark O'Meara

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fwhite View Drop Down

Joined: 18/May/2011
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Post Options Post Options   Thanks (0) Thanks(0)   Quote fwhite Quote  Post ReplyReply Direct Link To This Post Posted: 18/May/2011 at 1:16pm
It is really hard to be buried so deep with all the loans that you have but that is the way life goes.  I hope you are doing good at the moment.

I can see that you are really fighting to be able to pay and I admire you for that. Some would just falter and leave what they started because they could not handle the pressure but you are still going for it. 
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Jona View Drop Down

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jona Quote  Post ReplyReply Direct Link To This Post Posted: 15/July/2011 at 2:15pm
I keep hearing about the marvelous help from CFW. I have only got the same kind of round-around as the government. I was advised to default as I wasn't going to be heard otherwise. My health has suffered immensely through all this and I don't know how I can keep going. I am soooo stressed and I see no end in sight. John keeps telling me he will help but it has been 10 months and I am getting phone calls daily that I can't answer or cope with. I guess there is no one else. I don't know what I will do!
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Johnny View Drop Down
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Joined: 05/November/2003
Location: Canada
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 16/July/2011 at 6:04am

Jona that is a serious exaggeration. There is no run around - and you are not even a client. You have no means to keep the loans active. What else are you going to do? It is either good standing or default. If you end up in default I said I would help you deal with the bullies. I have been giving you my time for a LONG time now to help you understand the system, and coach you on how you can effectively deal with this tragic system for months and months and I have not charged you a penny. You call without appointments and you demand my time on your agenda. This has got to stop. I know you are stressed but the problem is not you or I - it is the system and it's relentless need to enslave Canadians in debt that, in a lot of cases, will out-live it's slave.

If you want me to help you then please approach this the right way. Email me or my assistant and schedule an appointment, open a file, secure payment, and then proceed. I told you I will coach and navigate you - and intervene when necessary at a very low cost, which has not been paid.  
I told you time ago that you can come to me for assistance once the system starts to pursue. For 10 months I have been coaching and giving you very good advice in respect to how this will all play out for you from a hardhsip perspective for free. I decided to help you because you were clearly stressed and emotional.  Intervention would begin once it is time to move forward on the various hardship demonstrations. I would like to do a lot more for people at no cost but I can't do that anymore.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.
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