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 Locked1999 and not feeling so fine

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    Posted: 25/August/2014 at 7:45am
Here's a bit of a unique one, I think. Someone alledgedly applied for a loan in 1999, Canada and Provincial. Bank lost the paperwork and told the "borrower" that there were lost forms and to come in to sign them again. Borrower asks "So you're telling me you lost the forms that I signed that prove I owe you money?" Bank confirms. Borrower hangs up laughing. No collections, no calls, no nothing for 15 years... until another loan is applied for. 

Flash forward to 2014, alleged borrower wants a loan, no proof exists for the original loan. CSL denies new loan based on default on a loan for which no paperwork exists.

How?
Somewhere out there something incredible is waiting to be known. - Carl Sagan
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mousepad Quote  Post ReplyReply Direct Link To This Post Posted: 25/August/2014 at 8:13am
I should clarify that since 1999 there have been no attempts made by the bank to recoup the loan, and no attempts or notices by CRA to garnish GST or Income Tax Refunds. No attempts whatsoever.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mousepad Quote  Post ReplyReply Direct Link To This Post Posted: 26/August/2014 at 5:12am
Could this be a stats barred situation? Canada Student Loans apparently has nothing to do with it at all. The borrower became unexpectedly pregnant at the time the loans were due and could not pay by the way. I am trying to help her figure out this mess but I do not know what constitutes stats barred.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 26/August/2014 at 12:26pm
Back then, the banks administered the loans through a Canada Student Loans Program so your idea that they have nothing to do with it is incorrect.  

It could be statute barred, but Student Loans still would have the right to refuse you further loans.   You did receive the money, you didn't pay it back, so they see you as a high credit risk and don't want to lend you more money....

There is proof of the loan.    A student loan needs assessment was done and sent to your university. Money was transferred into your bank account.

To quote, you laughed at their request and didn't pay back your loan and are now dealing with the consequences of that action.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mousepad Quote  Post ReplyReply Direct Link To This Post Posted: 27/August/2014 at 12:08am
Why would a bank not bother to try to recoup a loan they say was owed to them? Why nothing in 15 years? If they had proof of such a loan, why nothing? It doesn't make sense. Statutes barred is one thing, but doesn't a lender have some responsibility to try to get their money back, and do they not have to show that they tried to?
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