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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Scott View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Scott Quote  Post ReplyReply Direct Link To This Post Topic: I also need help quick (please)
    Posted: 20/July/2005 at 12:26pm

I have both a Canada Student Loan and a British Columbia StudenT Loan.  I attended university from 1995 - 1999 and had my loans over that period.  Very shortly after graduating university in 1999, I moved to Jamaica to start a work-study program with a hotel chain. 

I was not on a salary, but only a stipend and as a result I was not able to pay my student loans.  Consequently, they are all now with a collection agency (I received notice via mail of this). 

I have recently returned to Canada with a new job and would like to make restitution and begin paying the loans.  However, I am getting so many different answers from the collection agency that I am not sure what to believe.  At first they said the debt was $48,000, then they immediately said they could reduce it by $8,000, then yesterday (July 19) they told me that it could be settled for $25,000.  I just want to get an honest total of what the outstanding balance is. I would also like to begin making payments, however, the collection agency has said two contrasting things.  First, they said the could only accept a full settlement of the $40,000 dollars.  Then during yesterday's conversation, they said they could accept a $12,500 down payment and then we could negotiated installment payments.

Unfortunately I am not in a financial position to make any kind of down payment, but am more than willing to set up and follow a monthly repayment program.  I would like to get this under way so that I can stop stressing out about this. It seems that I am not getting a straight answer from anyone and I am at a loss.

I have been stressing for sometime about this because I have not been getting help from Scotiabank or the collection agency (NCO).

Here are some other notes that might help someone help me:

1.Is it advisable to apply to have Scotiabank "Recall" the loan?

2.  Can the collection agency force me to make a down payment, or am I able to set up monthly payments.

3.  I have a credit card that I use for my job (sometimes I travel) and the collection agency said that they would try to go after my credit card and charge their "down payment" to the card.  Can they legally do this?  Can I prevent it?

I just want to do the right thing, consider all my options and start putting this behind me.  It's killing me now.

Any help is GREATLY APPRECIATED.  Thank you all so much.

Regards,

- Scott.

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silence2long View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote silence2long Quote  Post ReplyReply Direct Link To This Post Posted: 20/July/2005 at 4:47pm

Talk to Johnny.

silence is a form of fear...fear of the unknown...has kept me silent too long
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kwelmm View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 21/July/2005 at 4:31am
Hey, Silence...long time no see 

Scott...these are good questions..and good for you for wanting to find out "the truth"..LOL...before doing anything that the CAs ask of you.

1).  Chances are the loan will not be recalled...unless there was some bank error that can be proven.  I would venture to guess that your loan has been written off by the bank.

2).  No, the Collection agency can not force you to make a down payment.  Collection agencies like to make you think this...so they can collect on their big fat ol' commish...lol...  You can try to make payment arrangements...but just know that they do not have to accept the arrangement.

3).  The CA can not go after your credit card for a down payment...they are trying to scare you into making a huge down payment!!!   You sure can prevent it...be aware of what they are allowed to be doing...and not doing...become empowered...arm yourself..and keep control of the conversation when you speak to them.  CAs hate a well informed "debtor"!!

You would be wise to check out John LeBlanc's site  www.cfwgroup.ca  for the 3rd party collection directives.  Awareness is a start...it won't necessarily solve all your debt problems....like an intervention would..but at least you will know what guidelines govern the collection agencies!!!

Stay strong and take care, Scott


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silence2long View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote silence2long Quote  Post ReplyReply Direct Link To This Post Posted: 21/July/2005 at 4:27pm

Hi Kwelmm........

Thought that I would drop by ...... don't get on that often anymore.  I hope to catch you online sometime....chat.

 

silence is a form of fear...fear of the unknown...has kept me silent too long
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