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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oilersfan View Drop Down
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    Posted: 19/October/2005 at 12:30am

Hi there,

I paid off my student loan in May. Now I would assume they would report this to the credit unions but I just checked my score online and it indicates that my debt is still "unable to locate, bad debt" (something like that). It doesn't say it was paid in pull which another debt case indicates.

Shouldn't the collection agency report that I paid my debt in full?

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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: 19/October/2005 at 1:16am

""unable to locate, bad debt" (something like that)."

That is the standard narrastive that descibes a "9" item (R9/I9/O9).

It reads: "Bad Debt DWO, assigned to a third-party for collection/skip unable to locate .."

Unfortunately, the onus is upon the lender to report a debt paid. In your case, because the payment was very recent, the bank may take up to six months to report the new transaction.

The best thing for you to do is to file a consumer requst for changes to be made towards your file. All you do is ask them for a consumer request form, describe what had occured, and show proof of payment - such as the release docment you received to show settled.

The bureau will then update it for you.

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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