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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badhairdaylady View Drop Down
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Points: 25 		Post Options Post Options   Thanks (0) Thanks(0)   Quote badhairdaylady Quote  Post ReplyReply Direct Link To This Post Posted: 31/March/2013 at 6:00pm
@administrator, not sure how the Repayment Assistance Program could help me at this point.  The federal portion isn't subcontracted to collection agencies anymore, however the provincial portion is.  The collection agency who is handling the provincial portion of my loan use loan shark tactics to try to collect, horrible people.  I finally faxed them a cease and desist letter to stop them from calling me.  There has been no further contact from them, not even a letter.  These people would phone me up to 6 times a day and told me that rent, groceries and basic necessities were to be disregarded by me and to pay my debt immediately and that I was to borrow money from friends and family to pay it.
 
@Royal-NCO, yes I'm by myself, kids are grown.  The question as to the cost of the apartment was brought up not only by the Assessment Unit, but also by the MPP, and my social services worker.  Unfortunately, the province has removed all funding to help with moves that was previously alloted.  When I moved into this apartment, it cost nearly $2000 at the time, I can't afford to move, but nor can I afford to stay here.  The alloted amount for a single person on social assistance is broken down into two parts, one is basic allowance the other is shelter.  They allow $326 for shelter cost.  You can't put a tent on a rented camping lot for a month for that amount!  Living in a room at that rate means selling off all my furniture and appliances that I previously worked very hard for!
 
@Johnny, removing my loan due to hardship?  Come spring 2014, it'll be 7 years since I received any student loans, I was considering bankruptcy, but have been advised that it wouldn't be wise.  I don't have any other debts, no other loans, car payments, bank payments, credit cards, I don't even have a car or cell phone, I live very simply.
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Points: 42 		Post Options Post Options   Thanks (0) Thanks(0)   Quote philbain Quote  Post ReplyReply Direct Link To This Post Posted: 01/April/2013 at 1:12pm
For the record can someone please post what someone has to pay per month and for how long when one declares bankruptcy? Also, can someone please post how bankruptcy can implicate borrowing in the future along with how it can effect career choices ie credit checks when applying for jobs.

Personally I think that the general public thinks that bankruptcy is a way to escape debt when in reality it complicates things. When someone cannot afford to pay these astronomical student debts that are coming out to be a scandal between the government and the banks then the people turn to gambling, drugs, prostitution and other things and the stress that it places on families is tearing families apart. This needs to be demonstrated to the government through hardship cases. In my opinion the best line of defense is the statute of limitations not bankruptcy.

You will get through this if you take the time to deal with it properly.
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The Repayment Assistance Program was a major change to the old Interest Relief.   Your loans still cant be in default to qualify, but the general idea of the new program is that no student loan should survive longer than 15 years. The old program was only for 5 years after graduation, then you were on your own. This program provides interest payments and then principle payments in lump sums.

If there is any way you can get your loans out of default status you might qualify for this. Did you apply for interest relief?

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Mark OMeara
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Points: 25 		Post Options Post Options   Thanks (0) Thanks(0)   Quote badhairdaylady Quote  Post ReplyReply Direct Link To This Post Posted: 01/April/2013 at 5:38pm
I was told that as long as the debt is in the hands of HRSDC that there is no interest relief.  There is no way to get out of default status as it would take thousands of dollars to do so.  For all intents and purposes, I didn't not graduate until after taking that online course in 2011, but not from my original program.
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Points: 244 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 02/April/2013 at 2:33am
philbain,
 
In contrast with what Johnny said, I am NOT advocating Bankruptcy, in fact I prefer exploiting the Stats Barred option until my income improves and I can save and pay it all back in one lump sum.  However,  here's a calculator that I found.
 
It shows that our combined income (wife and me) with our one child, would require me to pay nothing monthly for 8 months.
 
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Points: 244 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 02/April/2013 at 2:38am
Actually, it sais I would need to pay the trustee $1800.  So, $150/month.
 
OP,
 
I understand your frustration with having to sell your stuff.  Trust me, I don't blame you for not doing it.  I wouldn't either.  However, in bankruptcy, you may need to.  I am no expert on this, but there are certain things you're allowed to keep and some you will lose.
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Points: 25 		Post Options Post Options   Thanks (0) Thanks(0)   Quote badhairdaylady Quote  Post ReplyReply Direct Link To This Post Posted: 02/April/2013 at 4:37am
@Royal-NCO, doubt I'd have to sell anything in bankruptcy either though, you need a table/chairs, bed/dresser, appliances.  Those are basics and that's all I have.
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If you have a level of equity in a property that warrents examination and liquidation, or an asset worth more than $3000.00 + (or somewhere thereabouts) then liquidation may be required.  Lady is correct by which the trustee and estate would not require liquidation of household goods as such. Now, if the items were part of a conditional sales contract whereas they are financed, and that balance unpaid is claimed in the statement of affairs, then the finance company or company that extended the credit may recover their goods if they really wanted to take that position.

Usually, secured ventures such as car loans, mortgages, and whatnot are excluded.  The purpose of bankruptcy is to dissolve unsecured debt but if a bankrupt has an asset or assets that can be liquidated, the trustee has to follow through.

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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For example: if you own a car outright valued at 40,000.00. That would be in jeopardy of seizure and liquidation. However, if you have a car loan in the amount of $40,000 then the collateral is protected by the original owner and financer of that asset.
 
Or, let's say if you have a mortgage on a property in the amount of 300,000, and you owe $120,000 on it. The property would be in jeopardy of seizure and liquidation.
 
They are not going to go after your toaster and microave oven.
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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Points: 25 		Post Options Post Options   Thanks (0) Thanks(0)   Quote badhairdaylady Quote  Post ReplyReply Direct Link To This Post Posted: 02/April/2013 at 7:42am
I rent, no car, no loans, no liquidatable assets, I own my mismatched furniture, no credit cards, no money in the bank, no investments, RRSPs, savings, inheritances or anything of the like. 
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Points: 1798 		Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 02/April/2013 at 8:08am
Regarding interest relief, it is not likely that HRSDC is holding this loan.... perhaps CRA? or a collection agency.  You have been given somewhat misleading info.  Rehabilitation of loans IS possible if you pay outstanding interest and make some payments.  I realize that might be hard for you, but if CRA has grabbed tax returns, those payments might qualify.
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When did you last take a course paid for by student loans? For Bankruptcy,  depending on what is determined to be your end of study date, you need to wait 7 years or 5 years for hardship for student loans to be included.

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Points: 25 		Post Options Post Options   Thanks (0) Thanks(0)   Quote badhairdaylady Quote  Post ReplyReply Direct Link To This Post Posted: 02/April/2013 at 8:26am
Yes, CRA is the one who grabs the tax returns, but HRSDC are the ones I have to talk to when I communicate with anyone regarding the student loans. That's the federal portion; the provincial portion is with a collection agency I've refused to deal with because of their loan shark tactics. 
Last time I received any student loans was January of 2007, end of semester was April 29 of that year.  I did not graduate at that time.  Four years later, I completed the online course to get a 2 yr. business accounting diploma at least, there was no loan at that time.
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Points: 5996 		Post Options Post Options   Thanks (1) Thanks(1)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 03/April/2013 at 5:42am
You certainly do have a case to have the loans set aside by appealing to CRA and HRSDC. I Will help you. Wink
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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Points: 25 		Post Options Post Options   Thanks (0) Thanks(0)   Quote badhairdaylady Quote  Post ReplyReply Direct Link To This Post Posted: 03/April/2013 at 7:11am
Thanks Johnny, you'll have to let me know how to proceed, I have no idea.
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Points: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 04/April/2013 at 8:10am
You contact me.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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Points: 25 		Post Options Post Options   Thanks (0) Thanks(0)   Quote badhairdaylady Quote  Post ReplyReply Direct Link To This Post Posted: 04/April/2013 at 9:27am
Contact you where?  I'm assuming at the www.cfwgroup.ca link you have there?
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Points: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 05/April/2013 at 4:15am
That is correct. :)
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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