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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Forum LockedBank suddenly wants new terms and triples payment

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Gypsywoman View Drop Down
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    Posted: 04/January/2014 at 4:50pm
I recently had a call from the bank that holds my Canada student loan and has held it for the last 12 years. They told me they had mailed me a new term of agreement that would allow me to pay off my student loan in 3 years. My monthly payment has gone from $145 a month to $480 per month. I asked them why this sudden increase and they said that at some point I was given interest relief and now I had to "catch up." I told them this was quite unreasonable since I could not possibly meet their expected new payments. They told me they would send me some form to ask for 6 month relief assistance. I asked if that was my only option and the rep told me that was my best one. I go the feeling he was being a bit vague here on purpose. I don't have the forms they sent me yet so I haven't had a chance to look them over actually.

I am wondering if the bank can suddenly just change the terms of agreement, if I am required to sign or if I can just say that I like the terms I currently have. I think what has happened is that my 15 years of repayment is approaching and they want to get the total loan so they are recalculating. What I can't figure out is why it has taken them so long to figure this out. I have not  missed a paymen and I intend to pay what I owe but under reasonable terms. 

At one point in the past I did ask for some relief and they lowered my payments but I thought they had just extended them for a longer period of time. I thought I was on track to pay the loan off but now I find out, I am not. Every year I have received a letter from them stating my total balance and my interest paid and my amounts owing monthly so I had no idea this was coming. 

I would like to call them back and tell them that I am not going to sign this new terms of agreement but I would like to know whether I am legally required to do so, if they will just ignore the fact that I don't. I don't know what options I have here but I do know that I can't possibly make these payments for 3 years. I am doomed to failure if I sign such an agreement. Has anyone else had this happen to them? Any advice would be very helpful. Thank you!
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exstudentdebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote exstudentdebt Quote  Post ReplyReply Direct Link To This Post Posted: 14/January/2014 at 10:51am
Hi,

It looks like the bank is sending you an agreement. If they require you to sign, refuse. Also they have to honor the agreement you signed. You can also go to your MLA, MP and if your province has an student loan ombudsmen. The Federal Government and banks have become ruthless. The Goverment loses billions of our dollars, pay millions of dollars for ads for programs that don't exist. Freeload off of our taxes and they draw blood off of students most who never got a well paying job out of their eduction.
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