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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My3Bees View Drop Down
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    Posted: 18/May/2007 at 11:23am
Hi All,
 
I am new to this site (first post EVER on any site). The situation: I am in Saskatchewan, and I have student loans through both NSLSC and RBC. I have entered repayment status (Relief has been exhausted), and I am anticipating HUGE monthly payments. I have applied for Debt Reduction in Repayment for my Canada Student Loans, and I am awaiting the forms.
 
I have contacted both NSLSC and RBC concerning repayment options to reduce my monthly payments (I am not presently employed). I was told by RBC that before I qualify for Interest Only payments or Revision of Terms that I must make 3 consecutive monthly payments for the full amount (approx. 700.00/month). Only then will they review my file and consider me for the above mentioned options.
 
My question is, has anyone been in this situation, and if so, were you told similar? What is the rationale here? Anyone?? I will be forced to make the payments (very difficult to do with only my husband working and 3 children to support) for 3 consecutive months, and then what? They will review my file and inform me that I have been denied!! ("You made full payments for 3 months...you can keep it up!!). Any replies/suggestions would be wonderful. Thanks!
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I had the same problem!! I am a single mom and when I ran out of interest relief they set my payments at 560 per month, no negotiations, "we'll help ourselves to your money if you don't give it to us" Firstly, make sure that your paycheques go into a different back entirely!! DO NOT tell them about that, at all, they will go into your account at will if you don't . They did it to me and bounced my rent cheque and then refused to give me written proof that it was because of their actions that the cheque bounced so my landlord used it against me at a later date even though it  wasn't my fault. RBC are nasty horrid people to deal with, they do not care about you all they want is their money. Be very careful what you say to them and write down everything they say to you!!!!
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I made an arrangement like this last month.  In the middle of June, I called RBC to ask what I owed and how to bring my account up to date.  I was told that I had to make three consecutive full payments and then I would be able to apply for a revision of terms that would reduce my monthly payments.  I was told that the outstanding interest on my account would be capped onto my capital amount owing.  We made a verbal agreement over the phone (very formal) that I agreed to cap the interest, then we set up a payment schedule.  I was to make a payment on July 8, August 8 and the September 8.  I asked the agent, whose name was Prianga, to send me a written copy of this agreement because everytime I called the RBC I got a different answer and what I'd been told before was invalidated by the new person.  She assured me that our arrangement was sound and offered to transfer me to her supervisor.  I said that she seemed to know what she was talking about (rare) and that I'd follow through with our arrangement.  On July 8, I went into the bank and made the payment and then called to tell them that I'd made it and to make sure everything was going as planned.  The man on the phone checked my payment arrangements and said that everything was fine and thanked me for my payment.

This morning (July 31), I got a call from Alliance 1 collection agency saying that that loan had gone into default and that it was in collections.  I hung up and called RBC and they verified that they'd sent my loan to collections on July 23.  I explained that I'd made a payment arrangement and that I was keeping my side of the agreement and that it was a mistake.  The woman on the phone (Aquila?) said that I'd been told that my loan could potentially go to collections when I spoke with Prianga in June.  I said yes, she had said that but had said that if I kept this agreement, that wouldn't happen.  After alot of talk, she said that she would send a request to have my case investigated. 
 
I said that I knew how that investigation was going to go and that I would speak with a credit counsellor and potentially a lawyer about the situation because I didn't think that the RBC was managing my loan properly.  I asked for a copy of the terms and conditions of my loan, for a copy of the policies that direct their decision-making and for a copy of their records of our phone conversations and I was told that they won't give me any of that information.  "We don't do that".
 
I'm not sure what to do but I'm going to make some calls and I'll keep you posted.  My suggestion right now is to record every phone call.  Radio Shack sells some cheap options.
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