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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newfie16 View Drop Down
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    Posted: 22/December/2008 at 3:27am

Last year was the first year I received an income tax return in like 10 years.  Something sketchy about all this, I aint paying them until I get all my files.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote newfie16 Quote  Post ReplyReply Direct Link To This Post Posted: 22/December/2008 at 3:26am
Good Luck with that, Im going through the same thing right now, I THOUGHT I had everything paid, it felt so good.  2 weeks ago while I was home for my Grandfathers funeral , I got a call saying I owe money to CIBC student loan center for a loan I didnt pay.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Raindude Quote  Post ReplyReply Direct Link To This Post Posted: 25/April/2008 at 11:24am
the government has been taking my refunds for the last 4 years.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Raindude Quote  Post ReplyReply Direct Link To This Post Posted: 25/April/2008 at 11:20am
Johnny I will probably require your assistance sometime soon.  I have been trying to contact CBV Collection CIBC's collector.  I left a message to call me.  Just to give some background, I have a delinquent Federal student loan that I thought was cleared through bankruptcy many many years ago.  Is there a way to make a deal to pay off the loan at a lower amount instead of paying it slowly by monthly or do they even let you pay it monthly.  I'm not sure. 

Thanks,
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 05/September/2007 at 12:01pm
You would have to call CRA National Collection Services or the Non Tax Directorate.
 
Johnny
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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Buff View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Buff Quote  Post ReplyReply Direct Link To This Post Posted: 05/September/2007 at 10:25am
Nightmare, some CRA woman told me back in July that if line 150 on last year's tax return is "more than just under $21,000", you lose your GST payments. If you're not making that much, it's why they don't take yours. I don't know the cutoff for tax refunds, but I lost my 2005 refund after making $15,500 in 2004.
 
Buff
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nightmare Quote  Post ReplyReply Direct Link To This Post Posted: 05/September/2007 at 8:39am
Johnny who would I ask if it's a put-pack (CSL2)?
I don't recieve any statements what so ever
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 05/September/2007 at 5:19am
Buff,
 
A CSL4 is a code for "direct financing", or a direct lend by the government of Canada post 2000.
 
Night,
 
If you receive any statements from SDC you will see the type of loan it is on the right-hand side where the account information is. If they say "Canada Student Loan", ask them if it is a put-pack (CSL2).
 
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 Nightmare Quote  Post ReplyReply Direct Link To This Post Posted: 05/September/2007 at 1:31am
I have not had anything removed from my income tax or my GST returns. How do I know if I have a CSL2 Loan??
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Buff Quote  Post ReplyReply Direct Link To This Post Posted: 04/September/2007 at 11:40am
Out of curiosity then, what's CSL4? That's what my monthly statements say.
 
Oh, I'm back in town too. I've actually been back for 2 months, but spent much of the time hunting for jobs and a decent apartment and fighting the evil EI people who took 5+ weeks to transfer my claim to NS and left me with no money for that long.
 
Buff
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 04/September/2007 at 10:18am
A CSL2 is a federal loan that was purchased by the govenrment for 5 cents on the dollar. For instance, the Federal Government has a special arrangement with CIBC whereas they buy a certain percentage of their risk loans each year for 5 cents on the dollar - and they collect 100% from you. It is the same type of business that some collection agencies engage in where they buy old accounts for pennies on the buck. It is VERY lucrative, especially for the govenrment because they are guaranteed 100 cents on the dollar. THey just hook up a lien on your income tax and GST rebates for the life of the debt. It is a guaranteed profit margin of 995%.
 
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 Nightmare Quote  Post ReplyReply Direct Link To This Post Posted: 04/September/2007 at 1:07am
What is a CSL2 and is that Canadian?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 31/August/2007 at 3:39pm
The collection agency must request permisision to proceed. Once approved, they can proceed. If the debt is a Crown debt (guaranteed CSL), then they cannot. Only the department of Justice & CRA Legal Services can commence these proceedings. Is your loan a CSL2? If so, it was bought by the feds for 5 cents on the dollar.
 
If you need some help, let me know.
 
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 Nightmare Quote  Post ReplyReply Direct Link To This Post Posted: 31/August/2007 at 3:33am
Johnny,
 
Can you let me know if a Collection Agency such as Collectcorp can actually proceed with legal action towards me???
 
I was under the impression that a collection agency cannot sue. It is the creditor that can.
 
As far as I know CIBC got their money from the government as a write off and know my file is in the hands of collect corp. I did not sign anything i.e. a contract with Collectcorp!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 31/August/2007 at 3:29am
You know where to find me.
 
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 Nightmare Quote  Post ReplyReply Direct Link To This Post Posted: 31/August/2007 at 1:22am
Johnny,
 
I would appreciate all the help I can get.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 30/August/2007 at 2:37pm

Don;t worry so much. You can still get that settlement. Collectors behave this way when you are late. They make it appear as if they have the final say when they actually have absolutely no say at all. It is a power trip, that's all.

If you want some help, let me know. It would be a pleasure.
 
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 Nightmare Quote  Post ReplyReply Direct Link To This Post Posted: 30/August/2007 at 9:27am
Today I wanted to pay my settlement off with Collectcorp.
First they tell me to go to a cibc branch and the paperwork will be there.
 
Once I got there I spent 45 minutes waiting in line and as soon as I got to the teller they had informed me that there was no paperwork.
 
I called Ms. Bowen-Edwards who then faxed the paperwork.
When I gave the teller a cheque she couldn't take it and had informed me that I have to go to my bank BNS and get a money order and then come back.. (Keep inmind this is at 2:00pm) (I have a 3:00pm deadline with Collectcorp).
 
It was virtually impossible to get to my bank and back to the CIBC.
According to Ms. Edwards since I was not able to make the deadline, the settlement amount agreed upon is now null and void.
 
What pisses me off is that they could not extend the deadline for 1 additional day.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nightmare Quote  Post ReplyReply Direct Link To This Post Posted: 30/August/2007 at 7:25am
I just got off the phone with Ms. Edwards who has informed me that CIBC is the one who comes up with the settlement amount.
 
I have contacted CIBC in order to get an extension and they have advised me that CIBC does not make a settlement amount and therefore can not extend any time due to the fact that Collect Corp. is now handling the account.
 
Please be forwarned that your money does not go to the bank that the orginal loan was processed from Collectcorp. Your money is going to Collectcorp!!!!!
 
They can make adjustments to your loan and have control of the extension period not the BANK.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Buff Quote  Post ReplyReply Direct Link To This Post Posted: 20/April/2006 at 7:09am

They like to refer people to just about anyone else, no matter if it's related to the problem or not.

I have a CIBC student loan and 3 defaulted NSLC loans, one of which is paid off. I missed the first payment on the CIBC loan in 2002, but I made it up the next month and everything has been going smoothly since. After reading some of the stories here, I'm quite glad that I managed to keep that one in good standing.

Buff

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