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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SandiLee View Drop Down
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    Posted: 20/August/2005 at 11:57am

New to this form

Has anyone tried to offer Royal Bank an amount that they can pay even thought its not the actual amount they should be paying.

Royal bank has offered me to pay interest only payments which at this time I can not afford. I can continue to pay them something for the interim, but due to the fact I am on Maternity leave, I just don't have the funds to make full payments.

Can they send this to collections, even if I try to pay them something each month?

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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: 20/August/2005 at 12:04pm

Try negotiating with them what you can pay...give it a try at least!!  You never know what special circumstances they will take into account in their decision....

If you can't negotiate something with the bank...after they have tried interest only payments...there is a good chance they will send it on....to collections...after so many attempts to make arrangements with you.

Maybe others have different ideas!!!!

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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 20/August/2005 at 2:05pm

Sandi,

Interest-only arrangements usually rund for 3-6 months when it is approved by creditors, especially with secured loans, PLOC's, Visa, M/C, Amex, etc.

Unfortunately, if they have offered you a reduced payment schedule, and you cannot perform it, then they reserve that right to close the account and send it for collection.

Creditors want payments. If no payments are (or can be) made, then the creditor has to make a decision.

If you are making payments toward the debt, and the creditor/lender is not satisfied with the arrangement, they still reserve the right to close the account. Unfortunaely, that is the way it is in the world of lending and credit granting.

Johnny 

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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SandiLee View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SandiLee Quote  Post ReplyReply Direct Link To This Post Posted: 21/August/2005 at 3:47am
Does this run true for Student Loans as well?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 21/August/2005 at 6:01am
Are your loans in default? If not, you should you be applying for interest relief if it hasnt been more than 5 years since you've been out of school...

Mark
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SandiLee Quote  Post ReplyReply Direct Link To This Post Posted: 27/August/2005 at 7:14am

Its been more than 5 years since i have been out of school, and I have exhausted the interest relief prior to that. I haven't missed a payment in 5 years on my Student loans, yet due to financial difficulties I expect to experience while on Maternity Leave I feel that I won't be able to make the full payments, however I want to try and make something to keep them happy.

Just trying to find out what avenues if any others have experienced with this.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 27/August/2005 at 10:14pm
You should now be able to apply for Debt Reduction in Repayment then....
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SandiLee View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SandiLee Quote  Post ReplyReply Direct Link To This Post Posted: 02/September/2005 at 11:30am
Does anyone know how I would go about applying for Debt Reduction in Repayment?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 03/September/2005 at 6:49am
You can go to the canlearn.ca website to find the info...

http://www.canlearn.ca/nslsc/repay/nlindex.cfm?langnslsc=en

Click on your province and other info and then click on "Obtaining Repayment Assistance"

It may just tell you to contact your bank.
Make sure you do this quickly, as being in default will exclude you from these benefits...

http://www.canlearn.ca/nslsc/repay/nlindex.cfm?langnslsc=en
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