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 Lockedadvice regarding defaulted loan

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raydavies29 View Drop Down
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Joined: 25/February/2007
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Post Options Post Options   Thanks (0) Thanks(0)   Quote raydavies29 Quote  Post ReplyReply Direct Link To This Post Topic: advice regarding defaulted loan
    Posted: 25/February/2007 at 10:59pm
i have only 5000 left to pay on a defaulted federal canada student loan that is with nco financial... i heard of stories that the goverment may forgive a portion of that ..with a proposal.. which i bet they'll want at least 80 percent of that 5000 owing.. does anyone know of a site that can help me with the proposal.. what  words i should include in it to safe guard myself so i have something to prove what was agreed upon so they don't come back later for another 1000
 

i'm going to over 2500 and see what they come back with

tia


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hunter View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote hunter Quote  Post ReplyReply Direct Link To This Post Posted: 28/February/2007 at 9:58am
If the money is owed to HRSDC they will not take a settlement payment. Been there and tried it.
I owe $ 13,000. and I offered them $ 6,000 and they said why should we accept that. In time, whether it be 5 years or ten we will get the money from either your income tax refunds, or GST credits, or wage guarnishee. She went on to tell me that she did not care if I paid it, as they would get their money in the end.
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