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 LockedJudgements and limitations ?'s

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csmith73 View Drop Down
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Joined: 11/March/2014
Location: Toronto
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    Posted: 11/March/2014 at 8:35am
Hi,
 
In the last few days I put an offer on a house and attempted to get a mortgage and was declined because of my student loan.
 
The mortgage company has come back to me and told me that if I get my student loan dealt with, that I would then qualify.  Although my loan is close to 30k with interest at this point, which means my down pmt for a house is then gone, so whats the point.  (Also from what I understand your student loan stays on your credit report forever)
 
I have spoke with the hired guns (Global for CIBC) to try to negotiate a settlement which they told me based on the info that I provided (yes I undersold my income level) that I would need to pay 22k, if I wanted to pay less, I would need to send in a hardship letter, with proof of income expenses etc. etc., and we all know what that means......  "Acknowledgement of debt" and another 6 years to collect.
 
My 6 years limitations reaches April 15th 2014
 
I have considered contacting CIBC to see what type of low ball they would be willing to accept, but I have no idea what they would be willing to accept (I was thinking 10% of initial loan, considering soon enough legally there will be nothing they can do), but I also have concerns that if I do contact them this will light the fire under them to try to place a judgement on me.  I expressed this concern to a friend of mine (who has a little bit of info on how limitations etc work) and they told me that it would take at least 60 days for a judgement to be issued and by that time it would be past limitations.
 
So the question is, should I contact CIBC and give a low ball offer?
Will they try to rush to get a judgement on me considering limitations are weeks away?
Does the loan ever come off your credit report?
How do people manage to get mortgages with this on their credit report if it never comes off?
 
Seems the only way I can purchase a home is if I get rid of this debt, but not sure right way to do this and everything seems to be coming to a head at the same time.
 
Any suggestions or answers?
Chris
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