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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frustrated-guy View Drop Down
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Joined: 10/May/2004
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Post Options Post Options   Thanks (0) Thanks(0)   Quote frustrated-guy Quote  Post ReplyReply Direct Link To This Post Topic: Give Students the same rights !
    Posted: 20/June/2007 at 3:38am
FYI,
 
All borrowers have certain legal rights to be told the cost of borrowing up front (disclosure) so that the borrower knows what they are getting into.  
 
There is a legal obligation for the lender to provide this information (eg interst rate, how interest is calculated ....)  before the loan is given.
 
Conveniently the the Government has exempted student loans from this requirement.
B.C. Reg. 273/2004
O.C. 629/2004
Deposited June 18, 2004
effective January 1, 2006

Business Practices and Consumer Protection Act

DISCLOSURE OF THE COST OF
CONSUMER CREDIT REGULATION

Exemptions
18
(2) Part 5 of the Act does not apply to the following:

(c) a loan made under the British Columbia Student Assistance Program or under the Canada Student Financial Assistance Act or the Canada Student Loans Act;

 
FYI Part 5 of the Business Practices and Consumer Protection Act
deals with the requirement for lenders to disclose all the costs of credit
 
Students should have the same rights as other borrowrs.  This is crazy that the gov exempted itself from this requirement.
 
There would be lower default rates if borrowers were given the correct and complete information up front.
 
Lets hope the gov can be convinced to allow students to be told the costs of borrowing just like other borrowers.
 
 
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