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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    Posted: 21/June/2011 at 3:19am
I finished college and went abroad for some years. While away I kept in touch with NSL people. I even made a few payments but its was difficult to keep that up. My last payment was in 2008. I returned a few months ago and got a credit report. It says my loan has been transferred. It doesn't say where. No one has contacted me even though I'm sure by this time my address has been update with credit bureaus. My loan is approx 22k. The report is date Jun 2009. I live in Ontario.

Here are my questions:

1. Who has it been transferred to?
2. Should I call the NSL pple?
3. When I file taxes next year for the first time will this affect that? I have been working for 5 months now.
4. I am trying to re-build my credit so how will this affect that?
5. Do I still owe or has it been written off?

Please and thank you to any answers.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 23/June/2011 at 4:21am
I am assuming that when you reference "NSL" you actually mean "National - or Canada guaranteed student loan".
 
If so:
 
1. If the loan is in good standing it would still be held by the National Student Loan Service Center. If it is in arrears and not written off it would be held by Tricura, which is the internal collection center of the NSLSC. If the loan is written off then it has been trnsferred to Canada Revenue Agency for recovery and set-off.
 
2. Should you call them? I would say yes. Should you avoid them? I would say no.
 
3. If your loan is in default and returned to the govenrment then you will likely lose any income tax rebates you are entitled to. 
 
4. If the student loan is reflecting on your credit history then it is all relative. What is your idea of "rebuilding" credit though? Rebuilding credit is difficult if not impossible if you don't know what you are doing, or understand how the financial community functions in that regard.
 
5. Who knows. That is something that has to be analyzed. If you want help with all this stuff come to me privately and I will open a file on you and help you figure all this stuff out and get you where you need to be, based on realistic goals.
 
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote returned Quote  Post ReplyReply Direct Link To This Post Posted: 23/June/2011 at 8:08am
I mean re-building credit as in making everthing right so in the future when I want to buy a house I won't be denied a mortgage based on my credit history.
 
Yes I meant NSLSC.Smile
 
Who do I call? NSLSC or the people the loan has been transferred to?
 
What does CRA recovery and set off entail?
 
How do I get in touch with you personally?
 
Finally, THANK YOU SO MUCH FOR YOUR RESPONSE AND TIME. THIS STUFF IS DRIVING ME CRAZY!!! 
 
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 23/June/2011 at 3:39pm

If thr loan is in default you call the CRA office in Belleville Ontario or Surrey BC. If in good standing you call the NSLSC.

CRA is incredibly aggressive. Set-off is the process of confiscating your income tax rebate.
 
If you want to talk with me you can reach me at 902-861-1210.
 
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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