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.


  New Posts New Posts RSS Feed - US Government Cuts SL Interest Rate in Half!!!!
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedUS Government Cuts SL Interest Rate in Half!!!!

 Post Reply Post Reply
Author
administrator View Drop Down
Admin Group
Admin Group
Avatar

Joined: 25/January/2003
Points: 1798
Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Topic: US Government Cuts SL Interest Rate in Half!!!!
    Posted: 17/January/2007 at 11:20am
If only the Canadian Government would do the same, so many problems would be solved for so many people!

WASHINGTON, Jan 17 (Reuters) - The new Democratic-led U.S. House of Representatives kept another campaign promise on Wednesday and voted to help financially strapped students cover the soaring cost of college.

The House set aside objections from President George W. Bush's administration as well as concerns by lenders and passed a bill to cut in half the interest rate on need-based federal student loans over five years to 3.4 percent.

"This legislation will be a vital first step toward helping lower college costs for millions of low- and middle-income students," said California Democratic Rep. George Miller. He is a chief sponsor of the measure that now goes to the closely divided Democratic-led Senate for an anticipated battle.


Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
Back to Top
Sponsored Links


Back to Top
pogorelichfan View Drop Down
Groupie
Groupie


Joined: 24/February/2007
Location: Canada
Points: 87
Post Options Post Options   Thanks (0) Thanks(0)   Quote pogorelichfan Quote  Post ReplyReply Direct Link To This Post Posted: 24/February/2007 at 5:27am
Smile 
 
I have already written letters to all three federal political parties about this issue--as well as Gordon Campbell in BC.  My hope is that we can at least get a few points knocked off our student loan interest rate(s)...
Back to Top
debtorprison View Drop Down
Newbie
Newbie


Joined: 15/April/2008
Points: 3
Post Options Post Options   Thanks (0) Thanks(0)   Quote debtorprison Quote  Post ReplyReply Direct Link To This Post Posted: 20/April/2008 at 11:40am
At 3.4% i would save over 1200/year in interest payments alone (on just my Canada student loans)!
Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.