This website is a testimony to the problems Canadian Student Loan borrowers experienced from approximately 1996 to 2008 and until their loans were paid off.

The privatization of the Student Loans system by the Chretien and Martin Liberal governments broke the system and defaulted thousands of borrowers who were trying to pay their loans. There were even stories of suicide due to the harassment of borrowers.

Read the report that I prepared back in 2007 here. Canada Student Loans-The Need for Change Fortunately the new Conservative government at the time revamped the program and fixed the system for new borrowers, but borrowers under the previous program were left with ruined credit and continued harassment from debt collectors.

I call on the Canadian Government to apologize to the borrowers affected by this fiasco and make amends.

Unfortunately the Liberal government is again clobbering the Education system with their upcoming changes to International Student Visas. Yes, there's a problem, but instead of a well thought out plan, they have pulled the emergency brake on the train causing a derailment. This has introduced unprecedented instability for both private and public education institutions who serve both international and local students.

Universities can't plan. I've heard of courses being cut because the government has no process in place for universities to send the newly required acceptance letters to the government.

This means that students who have been accepted can not attend courses that start in the summer 2024 semester. With cut sections, current Canadian students will have trouble getting courses, and may have to switch to part-time which changes their enrollment status and might trigger repayment of their loans or ineligibility for funding. I've seen this before. It wreaks havoc on the student loan borrowers.

Again, the Liberal government has messed up the education environment. Will the new system needed in a rush for the acceptance letters be the new Arrivecan scandal?

I call on the government to implement a slower phased in approach and delay the requirement of the acceptance letters until a process is in place to submit these letters.


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frustrated-guy View Drop Down
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    Posted: 11/June/2004 at 3:26pm

Hi,

I gather that the ten year rule says you can not apply for bankruptcy until 10 years after you leave school.

However, if you are still at school, but have exhausted your 340 weeks of interest free period at school, and go into repayment they no longer consider you a student even if your at school.

If this is the case would the 10 year rule apply to the last period that the student loan people would accept a Schedule ii form?

thanks

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frustrated-guy View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote frustrated-guy Quote  Post ReplyReply Direct Link To This Post Posted: 11/June/2004 at 3:29pm

What I am getting at is the gov can not have a double standard.

If the gov stops paying the interest on your student loan while your in school (exhaust 340 weeks) then the bankruptcy clock should start while your in school on the day that the gov stop paying the interest on your student loan.  

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peewee View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote peewee Quote  Post ReplyReply Direct Link To This Post Posted: 11/June/2004 at 5:18pm

i am in a similar situation.  as i have pointed out in other posts i did file bankruptcy while still a student.  but didn't include my student loans in the bankruptcy as they were still in interest free status.  however, by filing bankrupty, i am considered no longer a student.  my loans got defaulted immediately.  i would not have filed if i knew this would happen.  however, it was up to me to have known this, not my trustee.  anyways, i'm still a student, still 2 years to go in my program.  i think that this means that i can't go bankrupt on my SL's for 12 years rather than 10.  doesn't make sense since on one hand they say i'm not a student and on the other hand they say i am.  i'm not sure what will happen.  but i do know that once i get discharged, about 1 month from now, they will expect me to start making payments and interest will accrue and has accrued from the day i filed my bankruptcy. it is frustrating and it is a double standard. 

i never intended to default on my SL's but i stupidly didn't educate myself on the canada student loans act and the canada student loans regulations.  had i done my research, i would've held off on the bankruptcy at least until i was done school.  i would've save a whole whack of interest since i clearly won't be able to start paying until i'm done my program.  and if i quit now, i won't have a chance in hell of ever paying them back.  in the best of situations it will take me 14.5 years starting 2 years from now.  i'll be 57 by then.

no one seems to know exactly how the clock "ticks" in my situation.  and i cant seem to get an answer.   

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patch View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote patch Quote  Post ReplyReply Direct Link To This Post Posted: 12/June/2004 at 10:11am

"however, it was up to me to have known this, not my trustee"

 

I think your trustee should have known this and you can make a claim on their error and ommission insurance.

What  did the trustee say to you to make you believe that nonsence.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote danny Quote  Post ReplyReply Direct Link To This Post Posted: 19/June/2004 at 8:02pm
if u go back to school the clock resets.....in this case the ir should also reset
Johnny save me!!!!!!!!!!!!!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote help Quote  Post ReplyReply Direct Link To This Post Posted: 05/October/2004 at 11:10am
I would like to go back to school and finish my education so I can actually get a decent job and be able to pay my loans off. DFoes anyone know if there is any way to do this a keep the collection agencies from taking leagl action? I am trying to avoid bankruptcy if at all possible.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote momof2 Quote  Post ReplyReply Direct Link To This Post Posted: 05/October/2004 at 12:42pm

help - i am not sure where you are so keep in mind each province has its own quirks.

for ontario, if you check the osap site they have tons of info.

http://osap.gov.on.ca/eng/not_secure/repay.htm

if i am reading this correctly, it goes like this.  if your first set of loans are in good standing, they would go back into the system and your additional funding would get tacked on to the totals of what you already owe.  if you have defaulted on your first set of loans you would have to obtain clearance of your default and then reapply for osap.  they also have a section to check regarding bankruptcy.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote momof2 Quote  Post ReplyReply Direct Link To This Post Posted: 05/October/2004 at 12:51pm

frustrated-guy

you can apply for bankruptcy at any time, but your student loans cannot be included until 10 years after you cease your studies.  if you were to file prior to the 10 years, you would later have to apply to have the loans discharged on your original bankruptcy - you do not have to go bankrupt again.  2laural is the authority on this stuff, seek her out if you have some additional questions.

if you are still in school you should be able to get your loan status changed since you are a full time student again.  go to your financial aid office and talk to whoever is in charge and get some answers.

as for the government, they basically have you by the balls no matter what.  the clock goes form the last day you are a full time student to include your loans for bankruptcy.  stats barred is six years after your last acknowledgement of the debt which gets reset each and every time you make a payment or submit a financial statement to those pricks at hrdc. 

and who had the bright idea to charge 1500 bucks to file for bankruptcy anyways ??

if you are getting screwed over, talk to johnny, he may be able to help you

good luck

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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 05/October/2004 at 2:35pm

 

 Help,

 You do not have to go bankrupt.

Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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