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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cindybee73 View Drop Down
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    Posted: 16/July/2005 at 4:03am
First off, I am so glad that I am not the only one dealing with the morons at Scotiabank.  (actually, that doesn't sound so nice, but you know what I mean!)

I'll try to make a long story short, I am currently repaying my student loan with Scotia, I just passed the 60 month mark. 

I am getting my interest letters, but I'm missing the one from 2001, and Revenue Quebec is asking for all of them, so now I have to wait for these morons to send me THAT.  I can tell you 5 years' worth of horror stories, but I'm sure you've all been there.

My current situation is that my first term of 60 months is finished, and I need a new Reimbursement Agreement.  I was paying 6.5% interest, and obviously should be paying much less now that interest rates are so low. I figured my payments per month would go down, but they haven't. I called them to ask them when they would send it, and they send all the new letters went out in May.  This was a bit shocking, considering my first term was up in February, and anyone with half a brain should have sent it BEFORE then. When I asked why my payments are the same, she said the interest went down, so my payments will go towards paying down the principle faster, therefore my total loan will be paid off sooner than the remaining 60 months. 

Now, that's fine and dandy, but it's July and I'm still waiting for my new agreement. Furthermore, I'm a stay-at-home mom with 2 kids, and have been for the passed 6 years, so I need lower monthly payments, not a loan paid off faster.  I also requested for them to send me a statement of my account, showing the interest paid to date and the principal paid so I can see how much is left, and they told me 'we don't do that'.

I am so frustrated by the prospect of having to deal with yet another round of Moronic Pursuit.  Has anyone else ever received any kind of statement of account from them?  What has happened when your renewal date arrived?
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Pixxa View Drop Down
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Points: 42 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Pixxa Quote  Post ReplyReply Direct Link To This Post Posted: 16/July/2005 at 6:45am

hi Cindy

Yup, been dealing with Scotia since 1992... one problem after another during and after college. In answer to your question about statements, I receive a monthly statement from them, but it took me over 2 years of phone calls and letters to get them!!! Sorry I can't give you a more encouraging response.

Although I can suggest that what may have finally made things happen in my case was to call and write letters to The Office of the President at Scotia Bank. (Bank of Nova Scotia: Office of the President: 1-877-700-0043) Cut out the middleman and you may not take as long for you as it did for me.

Pixx
Somtimes I feel like I'm diagonally parked in a parallel universe. anonymous
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Points: 42 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Pixxa Quote  Post ReplyReply Direct Link To This Post Posted: 16/July/2005 at 6:46am
Okay... I forgot to grammer and spell check ~sighs~ so much for that college education huh?
Somtimes I feel like I'm diagonally parked in a parallel universe. anonymous
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Thank you very much for the information, I hope it works!  Wish me luck. 
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Sort of progress? The confusion continues....

Finally, someone who seems to know something called me back today, and will be sending me statements for my loan every 2 months from now on, along with statements from every year for the last 5 years, so for that I am a happy camper!

Because my loan was deferred for the first 3 years, my original payment date started in 1997 instead of 2000, so my year 2000 reimbursement agreement is not worth the paper it is written on. This is the most confusing thing on the planet.  You need a PhD just to figure all this out, I swear! I'm stuck with a friggin' 6.5% interest rate now, how much does THAT suck?  I just have to pray that in 2007 it's still this low.

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SolveStudentDebt View Drop Down
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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: 13/August/2005 at 1:52pm

Someone should enter the words "HANDLE WITH CARE" on every student loan  document and filing at NSLSC.

It is amazing how the smallest screw up on their end can negatively affect a person financially and emotionally. There is nothing worse than being punished for the wrong-doing of someone else.

Johnny

www.cfwgroup.ca

www.cfwgroup.ca/forum

 
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Points: 61 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Observer Quote  Post ReplyReply Direct Link To This Post Posted: 14/August/2005 at 3:48am
I understand that there was a task force put into place to handle the paperwork side at one of the banks (This is a true story) and guess what their report to sr. managment got lost both hardcopy and electronic. It was found several years later.....
Retired Collection and Credit Executive
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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: 14/August/2005 at 8:22am

Hi O,

 Have you hear the latest news about RBC? They are handing over their internal collection and recovery units (Cental and West) over to a private third-party to handle. The RBC is going third-party in every aspect now.

This is all happening on August 26.

Johnny

 
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Points: 61 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Observer Quote  Post ReplyReply Direct Link To This Post Posted: 14/August/2005 at 9:58am
I heard, but as to how much they are outsourcing all or parts Wacko I will know Tuesday when I meet with one of my people.
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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: 14/August/2005 at 10:14am

The third-party will be assigned all of the student loan management and collection center's responsibility.

Johnny
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Joined: 17/January/2005
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Points: 61 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Observer Quote  Post ReplyReply Direct Link To This Post Posted: 14/August/2005 at 10:20am
Seems they are going the route that other Banks have tried it seems to be cyclical with the banks, centralise...outsource...bring back in...decentralize....centralize...outsource...do you think someone in upper management will say ..."Hey wait a minute!"
Retired Collection and Credit Executive
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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: 14/August/2005 at 10:35am

I think it has already been said. Please leave a message at the sound of the tone -the lights are on but no one's home, if ya get me meaning.

Johnny

Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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