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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Sidney View Drop Down
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Joined: 20/October/2008
Location: Ontario
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sidney Quote  Post ReplyReply Direct Link To This Post Topic: My story
    Posted: 20/October/2008 at 4:25am
I borrowed six years worth of funding. In 1996 I got my first year of OSAP with Scotiabank. Left school for a year and began paying it back, and decided to go back to school in 1998. More loans with Scotiabank, to the tune of $17 000+ before 'they' changed the system. Borrowed another $10 000 or so before graduating with a B.A. Began paying it all back: about $350/month for a couple of years. Decided to go back to school for my Honours in 2005 and borrowed another $5500. Didn't finish the program as I became pregnant.
 
After my mat leave I went back to work full-time, which as a single-mom was very difficult to do. I made the decision to switch to a part-time position so that my son would not have to be in daycare for nine hours a day. Here's the kicker: by reducing my hours I inevitably reduced my income, which qualified me for interest relief. I just completed the first 30 months and as a low-income family of two, qualify for at least another six months. Here's another kicker: because I have been taking a course to finally finish my Honours degree, I will not qualify for DRR (debt reduction) in 2010, when interest relief runs out.
 
I'm happy with my decisions so far, but I fear for the time in the next couple of years when it all runs out and I will have to return to work full-time. Working to pay off student loans is going to be painful when my son is going to need hockey equipment, etc. Even though we live somewhat cheaply, we have a good life. I hope it doesn't get too challenged by my accumulated debt ($33 000 + 18 000 credit card debt).
 
And that's my story, so far .....
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