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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in debt bad View Drop Down
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    Posted: 09/March/2005 at 9:34am
I recently applied for a consolidation loan with a co-signer and it actually might happen......MAYBE.....is what they said.  What I do know is that I would only qualify for enough to cover most of the principal.  The interest is another story.  I wuld like nothing more than to be able to pay them off in one lump sum and begin getting my life back on track.  the last time I had made any payments on this loan was in 2000.  What would the CA do if I offered to pay all of the principal in one lump sum but could not afford to pay the interest??
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Points: 640 		Post Options Post Options   Thanks (0) Thanks(0)   Quote hunter Quote  Post ReplyReply Direct Link To This Post Posted: 09/March/2005 at 10:23am
It is worth a try.
I would definitely like to be in your position to be able to offer them a lump sum payment.
They will want to get a piece of their commission.
I think they would rather get the principal only, rather than wait for what could be years before it will be all paid off.
Good luck and let us know what happens.
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Points: 15 		Post Options Post Options   Thanks (0) Thanks(0)   Quote in debt bad Quote  Post ReplyReply Direct Link To This Post Posted: 09/March/2005 at 11:04am
Oh I'm not gettin too excited.  This is the seventh bank I've applied to and at first they all say........"yeah I think we could work something out".......then three days later, they phone and say......"I don't understand, I really thought we could make this work   sorry...you need more net worth".........RRIIIIIIIIIIIIGGGHT!
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Well.........you guessed it, DENIED!, AGAIN!!!!! even WITH a co-signer.....getting to the end of my rope here.
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Points: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2005 at 8:38am

 

 You have applied at "seven" financial institutions? You are running out of lenders here. Having that many inquiries on your credit history is enough to cause a turn-down.

 Secondly, what institutions have you applied to? Who is the original lender of your student loan?

 If you would like some help in the prepatory and educational side of this, feel free to contact me. You might be approachign this all wrong. From what you have described, you are exhibiting "desperation" and that is not good if it is "visible" to the grantor. Ypou need to be better prepared. Then, things will work out better for you.

 

John LeBlanc
The Canadian Financial Wellness Group
 
Tel: (902) 464-8727
 
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It was partly without my knowledge that I had applied at so many banks cause I used a financial broker type service and they applied on my behalf which I know now was a mistake.  However, I just talked to a loan specialist who works for a local credit union.  I was referred by a business associate who said "give them a try, credit unions are nothing like the big money grubbing banks".  and man was she right!!!!!!!!!!.  This person was straight forward, empathetic, understanding, and genuinely nice!!.  I had told him about how many times I had been turned down and why and he said he understood how that would look to a lot of other banks but that he would do everything in his power to help me get this taken care of.  I would still need a co-signer of course but it was like he actually heard my plea and is TRULY eager to help me.  Maybe it'll be the same old thing but somehow it feels different. 

    I called the CA and asked them what they would take as a lump sum settlement.  At first she said "That decision is not up to me,.......why can't you just pay the whole thing".  I said that even if I do get a loan it will be nowhere near the entire amount and that they would have to decide whether to take a lump sum payment for about three quarters of the loan or wait years and years for me to pay it off very slowly.  She then said "Call me back when you find out if you get the loan and we'll discuss this further"  Am I being foolishly optomistic or will they really take a settlement that is several thousand less???
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They may...what kind of loan was it.  Was it thourgh a bank or directly through the federal or provincial govn't before being in collections?  THe former is a lot more likely to accept less.  Be careful to get the settlement in writing.  Be sure that its takes care of everything.  Try to get a hard number.  They will press you for every dollar they think they can get.  If you come up with 8K they will try for 10.  I'd lowball them a bit and work up...just me.
Good luck.
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It was a guaranteed CSL through the royal bank......if I recall correctly.  Been reading a lot of posts about the stats barred legislation and just wondering....... The last time I payed anything against this loan was early 2000 and besides a couple of phone conversations with the CA (which I read are not considered adequate acknowledgment of debt), the only thing I have done was authorize my financial advisor to inquire about the debt.  They just told him how much was owing and nothing else was done ie. no payment, income reports filled out etc.  AND I got my income tax and GST this year!!!.  Is that authorization considered acknowledgment or would my loan fall under stats barred legislation in early 2006???
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Got a call from the CA today and she said that after reviewing my account, they would not take a settlement because my loan was federal and not provincial.  She said every loan has a provincial part and a federal part..........mine doesn't.  Maybe cause it is older but she said they never accept settlements on federal student loans.  She said I could write a proposal and send it to the government to see what happens.  My banker said he finds it unlikely that they would not accept a settlement and are probably just trying to get every cent out of me (he used to work for student loans collections).  My problem is that I don't want this opportunity to pass me by because of the situation getting tied up with the government for who knows how long......even the CA said the government is extremely slow when handling these matters. 

    Hasn't the government washed their hands of this debt by sending it to a third party collector?? I thought it would be at the discretion of the collection agency whether or not to accept a settlement.  Are they just lying to me to try and get it all??? there is absolutely no way I could get a loan for the full amount.  I even came right out and asked my banker and he said......NOPE.  If I can't get this taken care of now, I don't know when I'll EVER get this chance again
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in debt bad,

The lender gives the okay for the settlement.  Some collectors like to think they are the ones...and may give this impression.
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 in debt bad,

 If your loan is a debt owing to the Crwon (HRSDC) then youa re wasting your time proposing a settlement. No offense, but if your banker claims to have worked int he student loan colelction sector, then he or she would already know this.

 To get the Crown to even consider a proposal, you first have to give them a reason to do so. If the Crown determines that the borrower is a) not experiencing financial hardship, b) is able to pay but is simply looking to save a few bucks, c) is falsifying or misleading in their situation and proposal to get a deal, d) or is not acting in good faith in any way; then they will decline.

 A person's situation must be pretty severe - even critical for the Crown to agree to settle. Remember, the Crown can seize income tax and GSR rebates for as long as you owe money to the Crown.

 Johnny

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well then I guess it's no use even trying to get this loan cause as I said, I would only get approved for a little over half of whats owing.  I can't afford to pay my current bills plus even come close to the payments they want.  I don't think I would qualify for a settlement since I'm not living on the street or terminally ill.  I made a lot of mistakes in my life and payed for every single one.  I'm doing the best I can do but is my only real option to make 50 dollar a month payments for the next twenty years???????
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