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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owe2much View Drop Down
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Joined: 19/October/2004
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Post Options Post Options   Thanks (0) Thanks(0)   Quote owe2much Quote  Post ReplyReply Direct Link To This Post Topic: Interest rates
    Posted: 25/October/2004 at 3:33pm
I'm going to give National Bank a call to see if they will reduce my interest rate on my student load to 5 or 6%.  I hope they will go along with it.  My wife and I are in the process of trying to make our payments on our student loans.  It seems like the bank doesn't want us to pay them as they don't seem to want to discuss any possibilities of decresing the interest rate or taking the loan out for a longer time.  We both put in for debt reduction and so far I was turned down for my provincial loan, although I called the bank on saturday and asked for my balances, account numbers and payments.  These numbers did not agree with anything.  Both of the National loans are lower than I expected,around $10,000 less, so I figure that the debt reduction went through on them. The Provincial loan did not change.  My interest rate is at (8.5% floating) now and my wife's is at (11.25% fixed).  We are going to try and get them to lower this rate to prime or 1% above.  The payments they told us now are 1/3 of what they were initially.  I'm kinda thinking that these payments are just interest, but Im not sure.  I should know better in a couple days.  Has anyone here negotiated a better interest rate?
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eshelton View Drop Down
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Joined: 19/January/2004
Location: Canada
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Post Options Post Options   Thanks (0) Thanks(0)   Quote eshelton Quote  Post ReplyReply Direct Link To This Post Posted: 04/November/2004 at 5:35pm
Your interest rate seems really high.  I'm paying between 3 - 5% to Scotiabank and to HRDC.  I didn't negotiate - that's just what they gave me. 

You should get some kind of monthly statement showing what the status is on all your loans.  Balance oweing, interest paid, principal, etc.   Hopefully, some sort of paper trail will clear up the confusion of what's going on here.

Debt reduction - rules are too bloody complicated for my understanding. 
"A proof is a proof. What kind of a proof? It's a proof. A proof is a proof. And when you have a good proof, it's because it's proven." - Jean Chretien
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