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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Forum LockedCIBC settles with SEC

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    Posted: 02/August/2005 at 12:25pm
From Globe and Mail...Aug 2

Canadian Imperial Bank of Commerce has agreed to pay $2.4-billion (U.S.) to resolve allegations it aided the collapse of Enron Corp., a massive settlement that will cost the bank more than its entire profit last year.

The CIBC settlement represents the biggest win so far for former investors of the disgraced energy trader, who have filed a $25-billion class-action lawsuit against several of the most powerful financial institutions in the United States and Canada.

The bank said shortly after 4 p.m. that the settlement “does not include any admission of wrongdoing” by the bank. CIBC also said it “agreed to the settlement solely to eliminate the uncertainties, burden and expense of further protracted litigation.”

...For CIBC, the Enron settlement is a costly and painful culmination of various regulatory problems that have afflicted the bank in recent years. In late 2003, the bank paid $80-million to U.S. regulators to settle allegations it aided and abetted the accounting fraud at Enron. Two weeks ago, it struck a $125-million deal with the U.S. Securities and Exchange Commission and New York State Attorney General Eliot Spitzer to settle its alleged role in a mutual fund trading scandal.

This latest settlement is expected to wipe the slate clean for newly minted chief executive officer Gerry McCaughey, who officially replaced John Hunkin today.


---- sorry Mr. McCaughey ... the slate isnt clean yet! There's still your student loan mess to fix


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Letter to The Editor - Globe and Mail -Aug 2nd

CIBC has settled its involvement in the Enron scandal, but we need to see CIBC pay restitution for all those whose student loan "Continuation of Enrollment" forms were lost, all the direct deposits that weren't applied to loans, and the damaged credit ratings due to CIBC incompetence in their administration of student loans when they owned Edulinx. This is the untold CIBC story. At least the investors and regular banking lost faxes were found in a autowrecking yard in the US. Most of us still dont have a clue where our information ended up.
CIBC avoided their accountability with their student loan mismanagement by disowning Edulinx, selling it to an US firm. With Enron, they were accountable to the SEC. Unfortunately there is no such regulatory body for student loans, other than our incompetent Liberal government who promised in the last election to revamp the student loan system but have so far broken that promise.

Mark O'Meara

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