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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Marsha View Drop Down
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    Posted: 03/August/2003 at 5:24am
I have just defaulted on my Federal Loan. In March 2003 I was told by CIBC that I no longer am eligible for intrest relief. Why? because in the month of January I received 3 pay cheques. So off course I tried to explain to the rep from CIBC that I get paid bi-weekly this happens twice a year to alot of people in Canada. You can't fault me for that. Was I so wrong my nightmare now begins..... I was told to pay $275 to get back on intrest rellief I begged and borrowed came up with the money paid. Called CIBC 2 weeks later was told I paid 10 days after the date specifed I now owe and additional $140. I could not come up with the $140 so I thought I'll write a letter to HRDC someone there will understand my plight. In June 2003 heard back from HRDC there letter stated you defaulted due to your earnings in January. I just wrote to HRDC stating that I am a single parent I earn 31K a year yes I received 3 pay cheques in January but I recieved every 2 weeks. Well needless to say that did not work. So now I write to the Minister Jane Stewart. I get an email June 19 from one of her reps who says my situation is being looked into. Well I got a letter from HRDC on August 1 stating that my income taxes and GST cheques will now be in their hand since I defaulted on my loan. I have contacted my local MP before contacting HRDC and that has not helped. I don't know what more to do in a matter of 4 months my life has been ruined because I have a job where I get paid bi-weekly? Does this make any sense.......
Marsha
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markomeara View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote markomeara Quote  Post ReplyReply Direct Link To This Post Posted: 03/August/2003 at 11:43am
Marsha, could you email me at csd@markomeara.com
I'd like to forward your story to a senator that is preparing a report on these types of problems...

Thanks

Mark
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Marsha View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Marsha Quote  Post ReplyReply Direct Link To This Post Posted: 05/October/2003 at 4:09am
After 6 months of trying to get my loan recalled it happened. HRDC wrote me a letter stating that they are recalling my loan. They will reinstate my GST cheques and any taxes. Also this situation is currently being reviewed by CSLP. Now I was only forgiven because CIBC should have offered me the option to either pay the interest that had accured for the three month period or capitalized the interest and put it on the principal. So the $275 that I had to pay could have gone on my principal or even after I paid that $275 when I only owed $140 that could have gone on the principal and it could have been all corrected. Can you believe all of this for $140. So as of now if you do get paid bi-weekly and you are on interest relief be very careful of how you submit your pay stubs. Lastly be dilligent, I emailed Jane Stewart, Minister of Human Resources Development every week I also called her constinuency office to get the number of the person who replied to one of my emails. Through calling this person on more than one occassion she made sure my complaint got to CSLP officials. One battle is over now on to Ontario.    
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Post Options Post Options   Thanks (0) Thanks(0)   Quote marshandj Quote  Post ReplyReply Direct Link To This Post Posted: 04/June/2004 at 7:16am

Update to my story.....  I have just found out that indeed I have now exceeded my time of intrest relief and now I must repay.  2 weeks ago I called CIBC to get new forms for IR was informed I can't apply.  Well then what are my options.  CIBC student loan centre told me my only options were to pay just the intrest which is $126 a month or start paying the full amount regardless I have to pay.  Now not once was debt reduction mentioned to me so on May 31 I called back this was the last day of IR and informed them I would like to apply.  First agent said someone will get back to me in 48hrs.  I called back 2 days later to inform them no one has given me a call.  2nd agent says if they have your information they will not give you a call and just send out the forms.  Don't know who is giving me the right info right now but was told the forms should arrive in 15-20 days considering I live in Toronto and their in Burlington it should not take that long...... but in the mean time what are you going to do.  They wanted me to make a verbal agreement over the phone that I would indeed pay just the intrest each month or make full payments.  Now already defaulting on my Ontario loan with these guys and having the problems with my Canadian Loan I am so weary of saying I will pay the intrest payments because if I do this will I not be elgible for debt reduction?  And lastly if I do make the intrest payments each month and that's all I will be paying will I be paying my student loan for the rest of my life, or until my pension?   Lastly I realized if I do get debt reduction my payments will be $124 a month over 15 years in the end I will have paid $6,500 in interest.  Furthermore my son is 10 years old regardless of whatever decision is made he will attend Univ or College and I will still will be paying off my student loan It's crazy....

Keep hope alive!
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