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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skali610 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote skali610 Quote  Post ReplyReply Direct Link To This Post Topic: Help Please
    Posted: 03/March/2007 at 4:53pm
Hello all,
 
I have a student of about $28,000. I am making payments to RBC $200 per month and to the student loan centre : $200 per month also. I am making about $61000 per year now and want to get out of the rental apartment. I got approved for no down payment mortgage. However, with the interest rate, my budget will not allow me to pay more than 200 per month for both of the student loans. That is reducing the payment by half. I spoke to SLC and they told me that I could extend the duration of repayment to 16 years and it will reduce the monthly payments? Can I also do that with RBC? Is this a good idea? In the future, if I were to apply for IR, how will it affect my situation. I am very confused. Please advise. I have an infant daughter and wife to take care of as well and trying to minimize my payments. Any advise would be appreciated.
 
Thanks
 
Skali
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masy View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote masy Quote  Post ReplyReply Direct Link To This Post Posted: 05/March/2007 at 4:38am
Interesting, CSL would not accept any lower payments from me and I ended up defaulting. You must be a sweet talker, haha!
 
 
Try contacting RBC and see what they say. Banks are different from CSL and will have different policies.
Also contact CSL about how applying for IR will affect your situation. IR just covers the interest portion of your loan, the prinipal will remain the same once IR ends. If you are in the same financial situation when IR ends then it's back to square one, without the option of IR.
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 05/March/2007 at 5:44am
after IR you can apply for debt reduction though...
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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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masy View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote masy Quote  Post ReplyReply Direct Link To This Post Posted: 05/March/2007 at 9:52am
What!!! CSL never told me about that when my IR finished? Is this a new policy??
 
Not that I can do anything about it now, but if this was something that existed 5 years ago - ARGHH!!!!!!!!!!!!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 05/March/2007 at 10:31am
If your loans are not in default you can apply for debt reduction...after exhausting IR Its been around for a few years...

The first year only 44 people qualified so they made it a little easier to get...

You might still be able to do something if not in default...

Mark
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https://LaughSingWrite.com - http://bit.ly/heal2024
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ChumbaWumba Quote  Post ReplyReply Direct Link To This Post Posted: 10/July/2007 at 3:51am
How does one apply for debt reduction??
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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 10/July/2007 at 4:12am
You would contact the Nationsl Student Loan Service Center and apply for DDR.
 
Johnny
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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