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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SolveStudentDebt View Drop Down
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    Posted: 14/September/2005 at 3:49am

Hi folks!

Many people here are faced with CIBC student loans (bank-risk) that are assigned out to third-party collection agencies. The good news about these loans is that the CIBC supports repayment arangements and are not over-zealous to sue a debtor.

Collectors are sneaky in their efforts to recover debt, and most of what they tell you and do is NOT inputted in their notelines on your acoc**t at that agency. This is a common trend in that industry. 

If a collector feels that by threatening or commencing legal action will serve their need to earn a commission dollar with more ease, then they will excercise them.

By comparison, the CIBC is more strict in their guidelines when it involves third-party collection agencies. In other words, collectors do not get away with as much with CIBC as they do the Royal Bank.

The CIBC will listen to both sides rather than JUST the collector's - agency's.

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 jrmevans Quote  Post ReplyReply Direct Link To This Post Posted: 14/September/2005 at 6:41am

That is very good to know. Considering I have students that were done through CIBC, and have been pursued throughed NCO. Hopefully, someday, i will get the loan paid off, but till then I just send my monthly payment in. Not much else I can do ...

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