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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    Posted: 27/September/2006 at 6:41pm
Its absurd that we have to pay 7.5 - 8.5 percent (and for some even higher) on a loan for an education.

Dropping the interest rate to 2 o 3 % would substantially lower the default rate and increase the repayment rate!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote frustrated-guy Quote  Post ReplyReply Direct Link To This Post Posted: 22/February/2007 at 4:46am

In the UK government student loans are based on rate of inflation NOT the Bank INTEREST RATE, thus the interest paid by students is much less.  

We should have this in Canada too
 
UK gov website says:
How interest on your student loan is calculated

The interest rate charged on student loans is linked to the rate of inflation, based on the Retail Prices Index.

The interest rate for student loans applies from 1 September to 31 August each year. The current rate is 2.4 per cent.

Taking inflation into account, the value of the amount you pay back will be more or less the same as the value of the amount you borrow - no one makes any profit on the loan. Interest accrues on your loan until it has been repaid in full.

 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pogorelichfan Quote  Post ReplyReply Direct Link To This Post Posted: 26/February/2007 at 2:52pm
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Why is this even an issue???  What on earth are we doing pay these rates?  When I read how much better things are in other countries, this really bothers me. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Less Quote  Post ReplyReply Direct Link To This Post Posted: 01/March/2007 at 7:04pm
There must be some old laws (or maybe even new ones) that address indentured slavery, which is what the loan program ends up being.  We pay so much in interest, that the banks are making a killing off just that alone.  It's in their best interest NOT to cooperate with a payback plan. Likewise for collection agencies etc.  Collecting interest-only payments on large principle is a very lucrative business.
 
No other human being in Canada is allowed to be held financially hostage for an indefinate period.  Sex trade workers are rescued from their pimps/gangs all the time - so are illegal immigrants who must pay their own boss for room & board while they live on the property and work the fields.  Pimps, gang members, and farm owners get charged frequently for the exorbitant rents, huge loan interest rates, airplane tickets to be paid back with interest etc.
 
How is it different?  And can we use the same laws to free ourselves from government sanctioned indentured slavery?
 
May be a little far-fetched, but it's just my 2 cents worth.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote frustrated-guy Quote  Post ReplyReply Direct Link To This Post Posted: 02/March/2007 at 6:05am

Lets hold the Conservatives to what they said in opposition about lowering canada student loan interest rates


The Honourable Peter Van Loan (was Conservative HRSDC critic when the liberals were the government) stated in parliament that the Conservatives believe in lowering student loan interest rate: Hansard Friday, February 25, 2005


"Right now, at posted floating rates, the government is charging 6.75% on student debt, money the government has borrowed at an average of 3.8%—that is a pretty good margin. It shows how the Liberal government is using the Canada Student Loans program to make a profit, rather than to assist young Canadians in achieving an education and building brighter futures."


"That is why we, in the Conservative Party, once again are calling on this government to lower student loan interest rates to prime plus 1%. That is what Conservatives believe. And that would be a change for the better."

[/FONT


http://www.petervanloan.com/doc2005-02-25a.html


Mr. Van Loan is now the Conservative government house leader. We should remind him of his promise to lower student loan interest. I gather Mr. Van Loan is an adjunct professor at U of T, thus, hopefully he may have some understanding of student concerns. It may be worth writing him letters asking him to honour what he said in parliament in 2005.


He is currently: Leader of the Government in the House of Commons & Minister for Democratic Reform.


Here is his contact info if you wish to send him a fax or mail a letter asking him to lower interest rates as he promised.


[COLOR=#810081 size=3">http://webinfo.parl.gc.ca/MembersOfParliament/ProfileMP.aspx?Key=78445&Language=E[/COLOR">

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Post Options Post Options   Thanks (0) Thanks(0)   Quote pogorelichfan Quote  Post ReplyReply Direct Link To This Post Posted: 02/March/2007 at 6:22am
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I agree we must have consensus --
 
In terms of the website, I think it looks much more professional to have a website dedicated strictly to what we are doing.  The idea is that we don't become associated with whatever else is being advocated on a 'generalized' petition website. 
 
My concern is that we give the 'opposition' no way of trying to box us in as a bunch of loud mouth teenager beer drinking students!
 
A professional site dedicated to the cause would have real merit. 
 
The privacy issue is important, whatever needs to be done on that front is fine, but there must be a way for politicians to verify that authentic voters have participated.
 
------------
 
ATTEN MARK:
 
Do you wish to make up a formal ten point plan that we can submit to online participants?  We can revise it as needed, but I think we should be specific about what we want; for example, not 'reduce interest rates' but reduce them by a specific amount in relation to other G7 countries..that sort of thing... 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote old hippy Quote  Post ReplyReply Direct Link To This Post Posted: 02/March/2007 at 9:33am

I'm loving this.  Just handed over $460 in interest for the month - there's no doubt they're making a killing.  But I think we're on to them now and I think they know it. 

Careful about the formal 10 point plan pogo....be as merciless as they are.  NO MORE INTEREST!!!  That would be a good place to start.
 
old hippy
 
P.S.   I am certainly not a beer drinking teenager. 
 
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I'm on it!
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