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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zackattack View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote zackattack Quote  Post ReplyReply Direct Link To This Post Topic: A different debt perspective
    Posted: 19/August/2006 at 10:43pm
First I would have to say I am greatful that this site exists.  I came looking for various tactics in dealing with student debt and have learned a lot.
The general consensus of the site is that loans are to be paid back, regardless of the rediculous nature of the student loan system.  I agree in a sense, that money borrowed should be paid back but I still can't bring myself to do it anymore. 

When I graduated high school I didn't borrow to buy a flash car, didn't waste money living extravagantly, I saved every penny and went to university.  I lived as cheaply as I could and came out with 32 000 in debt.  I have tried making payments and have been breaking even while doing it.  The question I'm asking myself is that am I expected to spend the next 10 years of my life living paycheck to paycheck to pay a government loan with too much interest for an education that should be FREE in the first place!
I am currently planning on doing volunteer work in native communities in South America for a few years, something I could NEVER do if I were paying my loans.  Nobody out there should have to give 10 years of their life away to pay back something like this, we are not criminals!

I will likely never live in Canada ever again because of this debt.

For those who are not fortunate enough to escape Canada and the oppressive loan structures, I hope one day a reasonable administration will realize that you can't put an entire generation of people in debt and expect an economy to continue to grow.

I know this position is unpopular with much of the forum, I apologize and I don't want to start an argument.  I understand that the government becomes strict with those who honor their debt because of jerks like me who don't pay.  However, I'm not sure the answer is to bite your toungue and spend 10 years wasting away while paying a rediculous debt.  I suppose things like this are highly situational.  Anyways, thanks for your hard work!

chris.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 20/August/2006 at 8:10am
Chris,
I dont think your position is unpopular at all. You are absolutely right about the points you raise in your post. and the policy is that loans should be paid back if you have the resources... Perhaps I need to rework the policy statement that loans should be paid back, but without such a huge burden on the borrower.

The debt burden is way too high for graduates... and the question has to be asked "why slave for 10 years when the liberals lined their pockets with 100 million in kickbacks, and why should I suffer when each year, 59 million in profits flows to the US firm that manages the student loan system."

Thanks for your post. It provides a special perspective.
Mark
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Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
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