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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Forum LockedMy family loan nightmare

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MarkMcG View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MarkMcG Quote  Post ReplyReply Direct Link To This Post Topic: My family loan nightmare
    Posted: 14/September/2006 at 2:55pm

I have two undergraduate degrees and a Masters.  Thankfully, I did my first degree before tuition skyrocketed, and was funded fully for my Masters.  After a few years of struggle, I have finally been able to start paying back my federal loan (1 year) and my provincial loan (1 and 1/2 years).  I have a job as a Wildlife Biologist, a job I love and and spent years of studying and struggling at dead-end jobs for the opportunity.  I am finally getting practical experience, and it is in an expanding field, so I hope there are continued opportunities for me, as I am only on contract right now.

My wife is also doing her Masters and will complete that this fall, so without her income, once again, I am a slave to the Interest Relief monkey.  We have one daughter who is almost three, and are ready to celebrate the birth of our second child in another month.

Things have not been bad.  We have two cars, rent is paid on time, food in the cupboard.  But I am dreading that period at the end of 2007 when my 5 years is up and I have to pay back no matter what.  It makes me lie awake at night.  I get depressed about it during the day when I think about it.  Combined, my wife and I will end up paying on both loans about 750-800 total a month, which means that in order to save for anything like retirement or a mortgate we would have to gross about 80,000 a year.

In New Brunswick, we are currently in the midst of an election.  They talk about job training, tax credits for students, but the ones that always are forgotten are those who have completed their degrees, collected student loans, and are now struggling to make ends meet.  I think it is great to give students a leg up as they are starting their education, but where is the help for us?  Why is the government not seeing our plight?

I know I shouldn't worry about what may come, but it is hard not to think about it.  I have actually made a point to start an education fund for my daughter, and will for the next child as well, to at least give them a bit of a chance.  It is a struggle sometimes but I am doing it for them, which helps me on.  Am I wrong to be thinking this far ahead in terms of my financial situtation?  It is awfully hard to look at my daughter and think about potentially not being able to give her the things she needs down the road.

I know that a lot of the stuff I have read are from people already mired deep in the student loan nightmare.  Is there anything that can be done ahead of time?  Be proactive?  I don't know at this point.  Even writing this message is bumming me out.

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administrator View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 14/September/2006 at 4:18pm
If you have used up all the interest relief, then you may qualify for Debt Reduction in Repayment (DDR)

Check the canlearn.ca site for more info...
Make sure your loans do not go into default, otherwise you wont be eligible...

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Mark OMeara
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https://LaughSingWrite.com - http://bit.ly/heal2024
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hunter2 Quote  Post ReplyReply Direct Link To This Post Posted: 16/September/2006 at 12:52pm
I think it is great that you are starting an education fund for your children. It could make a world of difference and you will be able to give her everything she needs because you obviously love her very much and everything else is only as neccesary as you make it.
Try DR and keep us updated.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote MarkMcG Quote  Post ReplyReply Direct Link To This Post Posted: 29/September/2006 at 4:18pm

DR is still away off...probably another year I think.  Loans were consolidated end of 2002, when I finished my Masters.  So probably not until 2007.  Haven't exhausted extended Interest Relief yet, which I plan to apply for at Christmas (when my wife's funding for her Masters runs out).

I make roughly 43,000 a year.  I think that is too high for DR, correct?  What do they take into consideration on the applications?

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