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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syrenavars View Drop Down
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    Posted: 02/October/2008 at 2:37pm

An update....

Success at last.  As I've written in my previous posts, CIBC had changed an activity date on my SL and brought it up on my credit report a year past its removal date.  Additionally, CIBC had put me in collections while I was still a full time student, after having supplied the paper work to attest to the fact, and did not bother contacting me for years...I had been paying back a student loan which I thought had encompassed the CIBC loan, it didn't, I was just paying the governmnet portion.  This is not on my credit report.
 
After CIBC changed the date to reactive it on my credit report, I wrote and called Equifax, to no avail.  I was informed, since CIBC is a "client" their word is enough and they don't need to document what they report to Equifax.  I was also told that the last date of activity on my credit report, which was 12/00 for 7 years, was actually the last date I took out the loan.  Not, as I assumed, the day CIBC defaulted my loan.  Equifax asked me to prove my "theory".  And I couldn't, since I needed information from CIBC and they would not discuss my loan with me.
 
So I wrote to the CIBC and general Banking Ombudsman and to a Consumer Financial Agency....the agency informed me that I am entitled not just to the credit report from Equifax but all the information and documentation which supports it.  The Banking Ombudsman informed me that the office will not act till CIBC's Ombudsman resolves the matter.  And CIBC called me and in a matter of fact told me to call the collection agency.
 
So I wrote to Equifax again, I referred to my previous communications, telephone and mail, with them, and asked for the CIBC SL entry on my credit report to be removed.  I provided my loan agreement dated 01/00, not 12/00 as CIBC had it my report.  I provided evidence to show it had disappeared from my credit report until the dates were doctored.   And so...
 
Nothing happened.  I didn't receive one of those we'll contact you soon letters Equifax usually sends out.  Instead,  about a month after sending my paper work in, they sent me my new "requested" (not) report and the entry I had disputed was not there.
 
I don't know whether it was  my complaints to Equifax or the CIBC Ombudsman that did it.  But it's done...
 
I'm so happy.
 
My advice, if you feel you're in the right, then do everything to prove that you are.  While this entire process was underway my father, on numerous occassions, offered to lend me the money to settle this account, so as to remove it from my  credit report.  I always refused, though I knew I would not have to pay him back, because I also knew I was in the RIGHT!!!!!!!!! 
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