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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terribletrick View Drop Down
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    Posted: 25/April/2005 at 9:39am
Well, I guess everyone has a horror story here. Mine started back in 1997 when I finished University (well I left a couple of credits short of a degree in order to pursue the purchase of a business). During my time at University, which began in 1993, regulations changed. Loan and partial loan forgiveness rules changed and I was stuck with the full amount where I thought I would be owing less. All that aside, I don't duck out on my responsibilites and so I attempted to pay back as much as I could.  I couldn't, so I got on the interest relief program. During the time I was on the interest relief program, I went to the U.S. for 3 months as part of a contract I had in my new self-run business. What I didn't know at the time is that if you leave the country, for any reason, you will be removed from interest relief so I told them where I was, not knowing that it would place me in default automatically. That was a little more than 3 years ago and I have had all of the harrassing calls, demands, threats of legal action etc ever since.  I pretty much am used to the calls pretty much weekly. Here is the kicker: I have been paying $225/month for the last three years toward my student loans. However, since they are portioned out into 3 parts, each gets $75/month. There have been times I paid a little more or made a double payment all through internet banking and post dated cheques and overall, I have paid approximately $10,000 over the last three years. This is about 1/3 of my total student loan.  However, it's all gone to interest. There was no way to consolidate and by paying smaller amounts to three portions, it all went to interest.

Now, I get all call today from Metropolitan saying I have to pay $1000 by April 29th (or else). I am currently unemployed and looking for a new job and a new life after moving back to my home town away from my self-employment hardship and they are demanding that much money.  I still have other financial burdens from my previous life and I went through a financial questionnaire over the phone and they said "oh in this case, CIBC says we will accept $500 instead of $1000 but you have to pay it by the 29th of April." They still have post dated cheques as well...they called even though they have had the cheques for months and I send 6 new ones every 6 months. I have very little money left in my savings and hopefully I find a job soon or they will make it very difficult for me to get by.
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