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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Post Options Post Options   Thanks (0) Thanks(0)   Quote kasha Quote  Post ReplyReply Direct Link To This Post Topic: Bank approved IR ,CSL didn’t, what to do?
    Posted: 28/July/2004 at 10:25am

Hello! 
I came across this site and it’s been great to know that there are others that are in the same boat as me. We need to keep sharing our stories and continue to support each other through this process. I have about $30,000 of debt and about $8,000 of it is with Canada Student Loans and the rest of it is with a bank. I applied for interest relief through the NSLSC, I had it approved the first time and so the second time I applied I thought things were going to be ok. The bank approved me for interest relief (I have the documentation) and so I didn’t call back NSLSC (my mistake) to confirm (but it was a stressing experience I wanted to avoid). When I called to re-apply 5 months later, it turns out they hadn’t approved me and my loans were in default for 5 months. So after much haggling and inconsistency of being told what I should do and what paperwork I needed to send and what I had to pay, I was approved for interest relief.  But I know my loans were in default and that it has an adverse effect on my credit rating (I had restrictions when getting a cell phone). I want to dispute and get them to clear up my credit rating, but they are going to say it’s the bank’s fault for putting me on interest relief without their approval. My question is this: if I push the dispute and it is the bank’s fault, would the bank get me to pay the back payments of the months that they mistakenly put me on interest relief? I can’t afford it at this point (hence the reason why I’m on IR). But I also don’t want to leave my credit rating as it is without acting on it. Should I wait until I have enough money to cover me if the bank does ask me for back payments (would take awhile) or would they just chalk it up as their mistake? Thanks so much for your time and any assistance.

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