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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jread1961 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jread1961 Quote  Post ReplyReply Direct Link To This Post Topic: shared student loans
    Posted: 24/August/2009 at 2:19am
I have a few questions that no one has been able to give me straight answers for:

From 1996 - 2000 were CIBC student loans "shared" with the government, or had the the govt stopped sharing the responsibility by then?

 After 7 yrs of sitting in the credit bureau doesn't it have to fall off just as everything else has to fall off after 7 years because of fair reporting? Does the credit bureau fall through and drop it off after 7u years if it is not shared?




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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 24/August/2009 at 7:41am
Risk shared loans go back before 1996. The integrated program took over in late 99/2000 whereas loans are all governmenbt guaranteed.
 
No it doesn't have to fall off. Depends on it's status.  Loans can be reported as per the guidelines in the credit reporting legislation. You can refer to that for additional data.
 
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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jread1961 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jread1961 Quote  Post ReplyReply Direct Link To This Post Posted: 24/August/2009 at 6:57pm
BUT, if something can only stay showing for 7 yrs then if the student loans are not shared then how is it any different? Are you saying then that student loans are different then any other thing being reported to the credit bureau? (I don't mean gov't loans because I know they can stay on forever if unpaid).

My loans (not gov't loans) have had no activity showing for 6 yrs but they keep reporting. I just want to know is it legal for the credit bureau to keep those loans showing on my credit after the 7 yrs is up?

By the way, thanks so much for responding to me. I learn so much from this site.
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