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 LockedCIBC lump sum settlement

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projectx View Drop Down
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    Posted: 02/May/2007 at 2:06pm
hi,

does anyone know if CIBC accepts a lump sum settlement for less than the total principal owing?  my loan is in good standing, and my very last interest relief period has just expired.

if CIBC does accept lump sum settlements, can anyone give me any tips for negotiating?

i'm totally flat broke right now but i would rather borrow some money off a family member than pay CIBC's insane interest rates.

thank you so much.
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administrator View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 02/May/2007 at 10:33pm
if your interest relief expired then apply for debt reduction! Find info on the canlearn.ca website...

Mark
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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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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: 03/May/2007 at 11:36am
If the loan is in good with no arrears, the liklihood of CIBC accepting a settlement is rather slim. They would have absolutely no reason to approve. They would rather make money than lose money. They are a bank.
 
You can try though but don't get your hopes up. If you are experiencing hardship, you can demonstrate that and see where it goes.
 
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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projectx View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote projectx Quote  Post ReplyReply Direct Link To This Post Posted: 03/May/2007 at 4:37pm
ok let me back up then... i read about the debt reduction, and i believe it said i have to have my repayment set to a minimum of 15 years to qualify (correct me if i'm wrong).

so when i called CIBC's national student centre, they said my current repayment is set to 161 months... so i asked for that to be extended and she said that i can't extend it any longer than that because i had already used up some of the months way back before when i was paying my monthly payments.

see i didn't go on interest relief right away once i graduated, i spent a while paying back... so she said i can't extend it any longer than it already is... i can't get it to the 15 year mark because i already used up some of those months when i was in payment.

so this is why i'm thinking about a lump sum payoff and that's why i was asking about that because i was told i can't extend to 15 years.

help  :(
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bananablythe Quote  Post ReplyReply Direct Link To This Post Posted: 10/August/2007 at 7:57am
You can apply for debt reduction as soon as you've used up the maximum interest relief allowment.  Keep applying for interest relief, for I believe about 60 months, and then you can apply for debt reduction.  I just recieved debt reduction and I graduated in 1999.  Don't believe anything they tell you at the National Student Centre call centre.  They're all nitwits who don't know what they're doing.  You have to be very forceful with them and tell them you simply can't afford to pay them back.  I've been so forceful that they've even hung up on me several times, he, he......  Try this number I've found it very useful.  1 800 334 3660 ext 2531.  I spoke to Vinita. 
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