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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paulaffleck View Drop Down
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    Posted: 09/December/2007 at 1:24pm
Anybody who knows the answer to my question, please respond, and accept beforehand, my thanks.
 
I have one provincial and one federal student loan administered by CIBC.  I pay two amounts, monthly.
 
My question:  Will CIBC agree to modify my pre-authorization agreement so that my loan amounts are removed WEEKLY, rather than monthly?
 
The reason:  I expect to save a significant amount of money over the course of repayment, if I pay weekly, rather than monthly.
 
Has anybody who frequents the forum had any recent experience with requesting something like this, from CIBC?
 
Thanks in advance.
 
Paul
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Buff View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Buff Quote  Post ReplyReply Direct Link To This Post Posted: 10/December/2007 at 10:15am
It can be done. I changed my CIBC payments from monthly to twice a month a few years ago. You have to send the request in writing (calling them isn't good enough), telling them when to start, the account to take the money from and the particular day you want it to happen. You will also be hit with a service charge for each payment as it comes out.
 
Buff
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paulaffleck View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote paulaffleck Quote  Post ReplyReply Direct Link To This Post Posted: 10/December/2007 at 2:29pm
Thanks, Buff.  However, after I posted the question, it turned out I could do this over the phone.  Perhaps things have changed, because there will be no service charge applied to the account.
 
Believe me, this is one of the few times I ever have had anything not unkind to say about banks.
 
Thanks,
 
Paul
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Buff View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Buff Quote  Post ReplyReply Direct Link To This Post Posted: 11/December/2007 at 2:50am
Another option would be to make the payments yourself each week through online banking. Set it up as a bill payment. Your payee is CIBC National Student Loan Centre and your account number is your loan number. I find this easier than dealing with their staff when I want to do anything extra.
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