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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ajaxguy View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ajaxguy Quote  Post ReplyReply Direct Link To This Post Topic: Credit counselling and such??
    Posted: 10/October/2007 at 4:27am

 I have a question regarding counselling services that cut your debt by like 75%, i heard that these places are as bad for your credit just like bankruptcy, is this true?

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: 12/October/2007 at 5:47am
Yes they are.You have to ask who do they really work for,and what are you getting in the end.NOTHING
ANYONE CAN NEGOTIA A DEBT,THE QUESTION IS DO YOU REALLY OWE THE DEBT,AND WHERE IS THE VERIFICATION THAT YOU OWE THE DEBT.ALLOW THEM TO PROVE THEIR CASE BEFORE YOU START TELLING THEM YOUR LIFE STORY!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Typar Quote  Post ReplyReply Direct Link To This Post Posted: 15/October/2007 at 10:14pm
I went to Credit Counciling, was the worst mistake I ever made in my life (other than borrowing student loans).  My credit rating is worse than a bankruptcy, and all the debt was paid off 1 1/2 years ago.  Unfortunately my student loan debt was not included as I was on interest releif the entire time, but I will tell anyone to NEVER enroll in debt management. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Typar Quote  Post ReplyReply Direct Link To This Post Posted: 15/October/2007 at 10:25pm

Just to add to my last post.  It took me 4yrs to pay off the debt I had, and it will take two more years for my credit rating to be cleared, and even though my credit report shows the debts have a zero balance, it still shows up as R7 for each debt and it states in the report I was in debt management. I can't even get a secured credit card.   Even when I was in the program I had collection agaencies calling threatening court action, and that was for creditors who had already AGREED to the repayment plan.  I will say the councilors put an end to that quickly, but you still have the stress of dealing with the phone calls.  And all the debt management plans do is get the creditors to agree to accepting lower or no interest, something as stated in another post you can do yourself. 

With regards to student loans, my councillor told me to let them take me to court, that way the loans are out of the governments hands and is the best hope of getting an affordable payment (from a judge).  Don't know how true this is, but will find out someday I am sure.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 16/October/2007 at 2:48am
Debt management programs are nothing more than a collection scheme. The groups that set them up earn a commission from the creditors. Student loan groups do not accept them and that is why these groups steer clear of student loans. It is for a profit even though they may claim to be non profit. These groups are deeply embedded with the provincial governments and creditors, which provides them with a very safe shelter.
 
The head scratcher is the fact they told you to let them sue you. How productive is that? As long as your debt management program is looked after, they don;t care what goes on in your student debt life. Otherwise, they would have really counselled you and solved the problems.
 
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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