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 LockedRBC Outsources student loans!

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    Posted: 15/August/2005 at 2:28pm
Outsourcer takes over student loans from RBC

http://www.itbusiness.ca/index.asp?theaction=61&lid=1&sid=59 674
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hunter2 Quote  Post ReplyReply Direct Link To This Post Posted: 15/August/2005 at 5:25pm
Lovely.
Thanks for the heads up.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Staretz Quote  Post ReplyReply Direct Link To This Post Posted: 15/August/2005 at 8:06pm
Not surprised somehow.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote sharpetorium Quote  Post ReplyReply Direct Link To This Post Posted: 06/September/2005 at 4:53pm

I was told this today by the nice lady at RBC student loans.  Apparently I was supposed to have received information on this "ages ago."  Apparently not, and it doesn't look like I'm the only one!

It is happening on September 12, but she did not tell me where to send payments to because she didn't know!!!!

She did give me a number: 800-363-3822, which is the RBC student loans number and already closed for the day. Genius.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 07/September/2005 at 12:49am

"... but she did not tell me where to send payments to because she didn't know!!!!"

All she had to do was click open the main profile of the account and scroll down to see the loan's status and location. If will tell the representative that the account is either still with RBC, assigned out to a third-party collection agency, or on hold due to bankruptcy.

When a bank uses an outsourcing group to handle this particular portfolio, it means trouble.

Johnny

www.cfwgroup.ca

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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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Post Options Post Options   Thanks (0) Thanks(0)   Quote sharpetorium Quote  Post ReplyReply Direct Link To This Post Posted: 07/September/2005 at 7:58am

...but that's just it...I'm NOT in collections and all my loans were listed as "up to date"

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Post Options Post Options   Thanks (0) Thanks(0)   Quote sharpetorium Quote  Post ReplyReply Direct Link To This Post Posted: 07/September/2005 at 7:59am
P.S., Johnny, I think they are outsourcing all their loans
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 07/September/2005 at 1:43pm

Actually, the outsourcing group that is working for RBC is not handling the collection and recovery of student loans. The RBC still has their central home-base for these issues.

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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Post Options Post Options   Thanks (0) Thanks(0)   Quote sharpetorium Quote  Post ReplyReply Direct Link To This Post Posted: 07/September/2005 at 2:21pm
Johnny, I have an update.  After 45 minutes and three phone calls, something that all the friendly associates should have known was related to me.   She did have to put me on hold three times to figure it out, but I digress.

The first 800-number that I posted (that I was told would have all the answers) could not find my information anywhere.  This was causing me to panic until I found out it was the 800-number for Ontario student loans. Why this number was given to me when the nice lady at Western Canada loans had my Sask loan IN FRONT OF HER was, at first, a mystery.  I called the Western RBC back, they gave me another number that didn't work, called back again, then they looked up my information and confirmed that the loans were being outsourced to the same company that Ontario used, which was why they gave me the Ontario number. 

WHA????

My loans still go to the same address, nothing has changed, other than they have been "outsourced."  I told them it would by nice if they could send out a freaking flyer or something before causing mass panic.  As an aside she told me I should send post-dated cheques so that I 'didn't have to worry.'  Are you kidding?  They don't even send statements! 

I informed the nice lady that maybe I should let my loans go to collections so that I could write one check at the end of the month, instead of four, since it's so difficult for them to consolidate.  It's not like I can claim the stupid interest on my Canadian taxes and I sure can't use it on my U.S. ones.

Well, that's a long story long for you.  I find that persistence and rudeness usually do the trick when you at first can't get an answer. 



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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 07/September/2005 at 2:46pm

 

 Persistence usually pays off.  Garnished with a bit of attitude, of course.

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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