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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uptomyears View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote uptomyears Quote  Post ReplyReply Direct Link To This Post Topic: Settlement Question?
    Posted: 22/March/2005 at 3:45pm
Hi
I have a question, maybe someone out there can help me.
I live in the US and was recently contacted by CBCL regarding the
outstanding RISK portion of my Fed. Loan. After going back and forth with
them on the phone this week they're thretened the following:
1. Their "lawyer" has been reviewing my file, and I need to pay to avoid
legal action here inthe US (I owe about $8500 can. dollars) I live in
California which they told me they can sue me here

2. I am currently out of work, and offered EVERYTHING I have which is
$5200 can. dollars) They said they need put it to their client to see if the
CIBC will accept my offer...is this true? Or is it a scare tactic to get more
money from me? --I really don't have any other money right now or for
the foseable future.

3. I offered to give them $2000 now and start to make $200/month
payments and CBCL didn't seem interested..they want me to pay in full

Any advice would be a great help, My husband will go INSANE!!! if our US
credit gets ruined over my student loans.

HELP!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 22/March/2005 at 6:19pm

 

 1. If your lender authorizes the third-party agency to proceed with legal action, they can do so. Their lawyer (M. Silverthorn) will give whatever treatment is necessary to help his client (the collection agency) do their thing. That is why they have lawyers on site in most cases.

 Please note that what you have described leaves them no avenue of execution. They could sue, of course, but it would cost them a pile in costs - and there is nothing to attach.

 2. Yes, this is true. You are offering an amount that is less than what they have blanket permission to accept.

 3. Remember that collection agencies are driven on commission earning. They will do or say what is necessary for $$ recovery.

 If you would like some help, protection, and a solution to all of this, let me know.

 

John LeBlanc
The Canadian Financial Wellness Group
 
Tel: (902) 464-8727
 
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