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.


  New Posts New Posts RSS Feed - will i qualify for debt reduction?
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum Lockedwill i qualify for debt reduction?

 Post Reply Post Reply Page  12>
Author
worldfamous View Drop Down
Newbie
Newbie


Joined: 17/November/2004
Points: 36
Post Options Post Options   Thanks (0) Thanks(0)   Quote worldfamous Quote  Post ReplyReply Direct Link To This Post Topic: will i qualify for debt reduction?
    Posted: 30/November/2004 at 5:49am

I last applied for a student loan in 1998 for a 2 year course.  I finished school in april of 2000 and started paying back the loan in November of 2000.

I am currently going back to school, but am paying for the tuition myself.

I was wondering if i would qualify for debt reduction in 2005?

One of the stipulations state that

  • five years has passed since you last attended a post-secondary institution;

Does this apply even thought im paying for the schooling myself and am not using a student loan?

Back to Top
Sponsored Links


Back to Top
momof2 View Drop Down
Member
Member
Avatar

Joined: 15/August/2004
Location: Canada
Points: 792
Post Options Post Options   Thanks (0) Thanks(0)   Quote momof2 Quote  Post ReplyReply Direct Link To This Post Posted: 30/November/2004 at 8:05am

im guessing the bank will try and screw you here, famous, and make you wait five years form when you finish your current course.  try asking your lender, though, or whoever holds your original loan.

let us know how it goes.

anyone else have a definitive answer for this one ?

professionals built the titanic but amateurs built the ark...
Back to Top
kwelmm View Drop Down
Newbie
Newbie
Avatar

Joined: 06/November/2004
Location: Canada
Points: 702
Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 30/November/2004 at 8:51am

What is this debt reduction????  Does it apply if your loans have gone to collections?

Where was I when all this came around? 

Back to Top
momof2 View Drop Down
Member
Member
Avatar

Joined: 15/August/2004
Location: Canada
Points: 792
Post Options Post Options   Thanks (0) Thanks(0)   Quote momof2 Quote  Post ReplyReply Direct Link To This Post Posted: 30/November/2004 at 9:57am

you cant apply for debt reduction if you are in collections

makes no sense i know, but yet another example of how the government screws over the people who need help the most

professionals built the titanic but amateurs built the ark...
Back to Top
kwelmm View Drop Down
Newbie
Newbie
Avatar

Joined: 06/November/2004
Location: Canada
Points: 702
Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 30/November/2004 at 12:32pm

Oh , oh well...not quick enough to be in the know..timing is everything!!!

 

Back to Top
Pigeon View Drop Down
Senior Member
Senior Member
Avatar

Joined: 24/September/2004
Points: 134
Post Options Post Options   Thanks (0) Thanks(0)   Quote Pigeon Quote  Post ReplyReply Direct Link To This Post Posted: 01/December/2004 at 4:38am

Here's a question sports fans....If you're OSL is sent back to the government by the CA and you are paying the government monthly, are you then eligible for debt reduction?

 

 

Back to Top
momof2 View Drop Down
Member
Member
Avatar

Joined: 15/August/2004
Location: Canada
Points: 792
Post Options Post Options   Thanks (0) Thanks(0)   Quote momof2 Quote  Post ReplyReply Direct Link To This Post Posted: 01/December/2004 at 7:09am

Eligibility 

To be considered for this program you must meet the following eligibility requirements:

  • You have signed a consolidated loan agreement for your Ontario Student Loan(s). 
  • You currently reside in Canada. For purposes of this application, individuals who are Canadian Military personnel stationed abroad and individuals participating in an international internship program are considered to be residing in Canada.
  • You have exhausted all interest relief assistance available from the Government of Ontario.
  • You are NOT  in default on your Ontario Student Loan(s). If you are in default on your Canada Student Loan(s) and/or other provincial student loans, you may continue to be eligible.
  • You are no longer a full-time student for at least 60 months before applying for this program.
  • You have waited one year before applying for a second or a third debt reduction in repayment from the Government of Ontario.
  • You have not already received three payments through the Ontario Debt Reduction in Repayment program.
  • You are not restricted from receiving OSAP assistance.
  • You are not considered ineligible for an Ontario DRR payment (e.g., due to misrepresentation or conviction of a criminal offence relating to a student loan(s).
  • Your total monthly student loan payments are greater than the monthly payment amount in the DRR Monthly Income Table corresponding with your family size and gross monthly family income.

If you are in receipt of federal Debt Reduction in Repayment, it does not effect your eligibility for consideration under the Ontario Debt Reduction in Repayment.

from http://osap.gov.on.ca/eng/not_secure/DRR.htm#Eligibility%20a nd%20Conditions

so i guess that would be a big NO

professionals built the titanic but amateurs built the ark...
Back to Top
momof2 View Drop Down
Member
Member
Avatar

Joined: 15/August/2004
Location: Canada
Points: 792
Post Options Post Options   Thanks (0) Thanks(0)   Quote momof2 Quote  Post ReplyReply Direct Link To This Post Posted: 01/December/2004 at 7:10am
unless you can get your loan back to good standing with the government.
professionals built the titanic but amateurs built the ark...
Back to Top
CELYN View Drop Down
Newbie
Newbie


Joined: 12/November/2004
Points: 32
Post Options Post Options   Thanks (0) Thanks(0)   Quote CELYN Quote  Post ReplyReply Direct Link To This Post Posted: 01/December/2004 at 3:31pm

Hi,

RE: Ontario Debt Reduction in Repayment

Eligibility: "You have exhausted all interest relief assistance available from the Government of Ontario."

Does anyone here know if this means 30 months of interest relief or 54 months?  Thanks.

The reason I ask is because I've exhausted 54 months of CSL interest relief so it's not a problem since CSL requires 30 months exhaustion.  This statement seems to suggest 54 because it mentions "all interest relief available from Government of Ontario."

I've only used 53 months of OSL interest relief. Strange because my applications were always in sync with my CSL interest relief.  Then one day the government changed my approval period and I'm one month off.  I just let it go and applied for 6 months each after that.  It threw off my CSL and OSL applications.  After this change, I had to call twice for applications and also pre-screened twice. One month for CSL and the next month for OSL.  It sure was a pain in the neck!

If it's 54 months and I'm short 1 month could I appeal you think? If so how do I do it? 

BTW, I think it means 30 months.  I hope it doesn't mean 54 months.  If someone knows please reply as this is giving me a headache.

celyn

Back to Top
momof2 View Drop Down
Member
Member
Avatar

Joined: 15/August/2004
Location: Canada
Points: 792
Post Options Post Options   Thanks (0) Thanks(0)   Quote momof2 Quote  Post ReplyReply Direct Link To This Post Posted: 01/December/2004 at 4:59pm

celyn

i had to go the full 54 months before they would even let me apply for DRR.  i did ask at 30 months and was told that it wasnt available to me.   from above... 

You are no longer a full-time student for at least 60 months before applying for this program.

you could appeal it, though.  you never know.

kep us posted, though.

professionals built the titanic but amateurs built the ark...
Back to Top
CELYN View Drop Down
Newbie
Newbie


Joined: 12/November/2004
Points: 32
Post Options Post Options   Thanks (0) Thanks(0)   Quote CELYN Quote  Post ReplyReply Direct Link To This Post Posted: 01/December/2004 at 5:28pm

momof2,

I've been out of school for at least 5 years.  The question is whether you need to use up all 30 months or is it 54 months of interest relief.

They have 2 interest relief as you know.  The regular 30 months of interest relief and the extended interest relief of 24 months.

I'll call CIBC National Student Centre but last I spoke with them they haven't got the guidelines regarding Ontario debt reduction.

It's very frustrating with all these govt. rules.

celyn

Back to Top
momof2 View Drop Down
Member
Member
Avatar

Joined: 15/August/2004
Location: Canada
Points: 792
Post Options Post Options   Thanks (0) Thanks(0)   Quote momof2 Quote  Post ReplyReply Direct Link To This Post Posted: 02/December/2004 at 1:38am

celyn

you can print the app from the OSAP website, but it does say to speak to your original lender if you have any q's.  hope you can get a break on this one.

professionals built the titanic but amateurs built the ark...
Back to Top
administrator View Drop Down
Admin Group
Admin Group
Avatar

Joined: 25/January/2003
Points: 1798
Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 02/December/2004 at 4:13am
It would be 54 months of interest relief. Ontario offers 54 weeks therefore you must use up the 54 weeks before you can get Debt Reduction...

And you can not go to school during the 5 years, part-time or full-time, even if you are paying for it yourself. Stupid rule!

Mark
Back to Top
CELYN View Drop Down
Newbie
Newbie


Joined: 12/November/2004
Points: 32
Post Options Post Options   Thanks (0) Thanks(0)   Quote CELYN Quote  Post ReplyReply Direct Link To This Post Posted: 02/December/2004 at 3:00pm

Thanks for the replies.  I'll call and see what they can do regarding my 53 months of interest relief.

celyn

Back to Top
CELYN View Drop Down
Newbie
Newbie


Joined: 12/November/2004
Points: 32
Post Options Post Options   Thanks (0) Thanks(0)   Quote CELYN Quote  Post ReplyReply Direct Link To This Post Posted: 02/December/2004 at 3:21pm

admininistrator,

You made a typo - it's 54 months not 54 weeks.

Anyway, the reason I'm confused is about the interest relief is because CSL also offers 54 months, same as OSL.  However, the letter regarding debt reduction I was sent by my financial institution stated at least 30 months of CSL interest relief must be used in order to apply for interest relief.

Hence I assume the OSL would be the same.  Although a total of 54 is available, only a minimum of 30 months is required. 

Also, I believe they have changed the rules to allow people to use 30 months of interest relief beyond the 5 year after leaving school.  Perhaps they meant people have to use all 30 months to qualify.

Their usage of "all interest relief" might mean the first 30 months.  They do have a different term for the other 24 months which is "extended interest relief."

Again, thanks to all who replied.  I'll call and find out and try to sort out this mess with my 53 months of interest relief.

celyn

Back to Top
CELYN View Drop Down
Newbie
Newbie


Joined: 12/November/2004
Points: 32
Post Options Post Options   Thanks (0) Thanks(0)   Quote CELYN Quote  Post ReplyReply Direct Link To This Post Posted: 02/December/2004 at 4:19pm

I forgot to include these:

- from the OSAP and other websites all mentioned interest relief's maximum period is 30 months.  Only if you are still unable to pay then you apply for extended interest relief (within 5 years of leaving school.)  So I'm thinking they mean it's 30 months?

- I've googled and found out some websites mentioning the CSL and OSL are interest relief and repayment are being integrated and basically the guidelines will be similar, with a few exceptions.

I'll be back to update you all whether it's 30 months or not. 

P.S. The rule about resetting the clock if you go back to school sucks.  I don't see why the clock should be reset since you are not getting more student loans to go back to school. Makes

Back to Top
CELYN View Drop Down
Newbie
Newbie


Joined: 12/November/2004
Points: 32
Post Options Post Options   Thanks (0) Thanks(0)   Quote CELYN Quote  Post ReplyReply Direct Link To This Post Posted: 02/December/2004 at 4:20pm
no sense whatsoever.
Back to Top
CELYN View Drop Down
Newbie
Newbie


Joined: 12/November/2004
Points: 32
Post Options Post Options   Thanks (0) Thanks(0)   Quote CELYN Quote  Post ReplyReply Direct Link To This Post Posted: 03/December/2004 at 2:25pm

I spoke with the person in charge of debt reduction at my financial institute and was told it looks I would qualify if I have used up 53 months, and to print application from website and send it in.

It seems they still don't have the guidelines for Ontario Debt Reduction from the government.

celyn

Back to Top
nago View Drop Down
Groupie
Groupie
Avatar

Joined: 01/December/2004
Location: Canada
Points: 212
Post Options Post Options   Thanks (0) Thanks(0)   Quote nago Quote  Post ReplyReply Direct Link To This Post Posted: 06/December/2004 at 4:46pm
nope u didnt exhaust interest relife and bridgin'

but it doesnt say anything about being a student as a req for interest relief

so i assume you would have to apply and exhaust 30 months ir and then 24 more months bridging

As long as you apply for and exhausted the 54 months then i would assume so


But you raise an important question can u get ir while in school on previous loans?

and if so

can u apply for ddr?


Edited by nago
http://img152.imageshack.us/my.php?image=2sn9.jpg
Back to Top
worldfamous View Drop Down
Newbie
Newbie


Joined: 17/November/2004
Points: 36
Post Options Post Options   Thanks (0) Thanks(0)   Quote worldfamous Quote  Post ReplyReply Direct Link To This Post Posted: 06/December/2004 at 4:55pm

I wrote the student loans people and this was they're response.

Good morning.

To qualify for Debt Reduction you must be in receipt of student loan
funding from at least August 2002 onward.  Based on the information
provided in your e-mail you do not meet the criteria.

Please contact our office should you have any further questions.

(refer back to the first message in this thread)

Back to Top
 Post Reply Post Reply Page  12>

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.