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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    Posted: 29/August/2003 at 3:46pm
I recieved a message from CIBC stating that I had missed a payment and my account was overdue for August. I had sent the payment for August in Late July to allow adequate time for it to go through the mail ( heaven forbid it be late, they come head hunting for you pretty quick ), They told me I had sent the payment to early and it had posted as a double payment for July and no payment for August. They said this was something they could not fix in their computers and I needed to send more money!!!Even though I had sent three times more than the minimum monthly payment. I was amazed, the service rep. was very unpleasant to deal with and didn't seem to want to try to fix their mistake, so I was penalized for it. Now I have to worry if I am sending the payments to early or to late.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote help_is_here Quote  Post ReplyReply Direct Link To This Post Posted: 03/October/2003 at 2:49pm

Well, you are dealing with a collector. Chances are they are from the agency pretending to be a CIBC rep. This happens all the time. You make your payment once every month. Get the name, contact info for this so-0called CIBC rep... and verify. You will find out that he/she is working from the agency. If this is true, then you can file a complaint as the collector has misrepresented him/herself.

Johnny

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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 03/October/2003 at 8:14pm
yes, but it may be a good idea to make the payment otherwise all hell will break lose!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote help_is_here Quote  Post ReplyReply Direct Link To This Post Posted: 04/October/2003 at 4:48am

yes, most certainly. The payment arrangement always must stay in place.

John
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Post Options Post Options   Thanks (0) Thanks(0)   Quote sweetmicky Quote  Post ReplyReply Direct Link To This Post Posted: 27/February/2004 at 7:44am
Its so funny to find someone else with the exact same problems I had. On too many occasions to count I would go into my bank, make my monthly loan payment down to the exact cent, only to be told a week or two later that they didn't get that payment. Because I made the payment the day before the due date it went to paying down my balance, and not that payment, and they needed another one. So the next month I would go through it all again, and ask the teller if she was sure this was for my payment due and not the balance, and she would say yes...but nope. She screwed up or lied, and now I'm being told I'm two months behind. Ha! Now I've been transferred to a collection agency after a year of these repeated mistakes, for a lousy $300. I paid off $7000, but because of a year of their screw ups I am being harrassed daily by some nasty woman for a lousy $300. CIBC will never see any money from me again
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