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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hkexpat View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote hkexpat Quote  Post ReplyReply Direct Link To This Post Topic: statement from National Student Centre?
    Posted: 15/April/2007 at 1:57pm
I've been working in Hk for a year and a half trying to pay off my student loan debt- 3 separate loans:  Social Development Canada, Canada-NL student Loan, and CIBC.
 
Last year I wrote letters to all three lendors asking for a detailed statement of account- interest rate, interest paid, principal paid, total owing, etc.
 
I heard from everybody except for CIBC!  All I got in the mail was a statement of the interest paid for tax purposes.  No detailed record at all. 
 
I want to have a detailed record so I can sit down and come up with a plan to get rid of this debt as soon as possible. 
 
If a letter requesting a detailed statement doesn't work, what does?
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holygeez View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote holygeez Quote  Post ReplyReply Direct Link To This Post Posted: 17/April/2007 at 12:02am

Good luck with getting statements.   I've been asking the RBC for statements ever since I got 3 different payment and loan amounts (in 1 day)...3 years ago!!  Every month I ask, where is my statement?  "Oh yes, we will get that out to you right away." BULLS*IT.

The banks, customer reps and especially NSLSC do NOT know their heads from their rears.  The entire system is one big joke and we are the ones left looking stupid.  So laugh it up...hardy har. If you don't laugh, you'll cry...and you'll still be heading NO WHERE!
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takopup View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote takopup Quote  Post ReplyReply Direct Link To This Post Posted: 17/April/2007 at 1:11pm
I have 2 insights for you. 

1) I have been able to successfully obtain a statement from CIBC and mine was in collections even.  Collectcorp will give you nothing.  What you have to do is fax a request to the CIBC National Student Centre.  Then wait about a month.  I would recommend that you quote something along the lines of "Pursuant to Section 8 of PIPEDA..." when asking for a loan transaction history. 

Then, when you get nothing, type "ombudsman" in the CIBC website's search bar.  This will give you contact information for the ombudsman.  I spoke with a Mrs. Martin who was very helpful.

Low and behold, I got a full statement with complete details.

Do things in that order, and you should get what you need from CIBC.  If the ombudsman beats around the bush, then you have every right to file a complaint once 30 days after you have requested in writing a copy of your file to the privacy commissioner.  Tell the ombudsman that you have no choice but to complain and show the privacy commissioner the fax successful sheet proving you requested the information.

2) RBC.  Same thing.  The thing with RBC is that you will speak to 3 people and get 3 completely different versions.  I faxed my request and if I have nothing in 30 days, I'm telling the ombudsman that they are in violation of the privacy act and I suspect I will get the information shortly thereafter.

Do not trust these people.  They will tell you it's on the way and it will never come.  Fax your requests, keep the fax successful sheets and if necessary, send your request by registered mail.

Oh yeah, don't take the BS from CIBC claiming that if your file is collections, they have no access to it.  They told me the same fib and after complaining to the CIBC ombudsman, I got a VERY detailed loan history.

Good luck!!
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Roymar View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Roymar Quote  Post ReplyReply Direct Link To This Post Posted: 17/October/2007 at 9:53am
Thanks for the tip...I have had problems getting statements from CIBC as well. I need detailed statements all the way from ten years ago now..
 
 
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