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 LockedCan Loans Charged Interest During Fulltime Study

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r4gt4g View Drop Down
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    Posted: 07/October/2014 at 10:28am
I missed the National Student Loans (NSL) Confirmation of Enrollment (CoE) date three times over the course of my post-secondary education. I was a post-secondary student for a total of 10 years (5 year bachelor's, a 9 month community college diploma, and spent 5 years in graduate school). 

Each time I missed the date, my loan went into retroactive repayment for the previous six months (which is interest-only and no principle). Upon late submission of the CoE, NSL would re-activate my loan account to 'student status' (thus freezing the interest charges again) but would only do so if I agreed to allow them to tack on the accrued interest for the previous six months to the principle amount owing. Missing the CoE date has amounted to an additional ~$1500 on a $16,000 loan, or roughly 10% of the principle loan amount. 

I don't think this is fair. First, everyone gets punished differently for missing this date based on their loan amount. Second, I can and did prove I was a student for those months. Third, I tried to submit documentation that commercial banks accept for student credit lines but they would only accept a paper copy of the CoE that the student picks up in person and the registrar signs. As an example, once I remember I was on a trip for two weeks to BC and realized when I got there that there was no way I could get to the registrar's office at Dal before the CoE date passed. I called NSL but they said there was nothing I could do - they wouldn't call the registrar themselves, accept a temporary note or statement in lieu of a CoE. Again, it's worth noting that the Royal Bank does accept CoE's for my student credit line printed directly from the university website, but NSL will only accept a CoE that the registrar signs and is sent via fax or ortherwise mailed. 

So anyway, it ticks me off that now that I'm in repayment I've been paying the loan for seven months and haven't even reduced it to the original amount I borrowed! I'm not sure if I have a course of action I can take to reverse these interest charges, so I thought I'd ask here.  
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r4gt4g View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote r4gt4g Quote  Post ReplyReply Direct Link To This Post Posted: 07/October/2014 at 10:30am
(of course I'm not expecting 'fair' treatment from Can Student Loans; however, I'm wondering if what they've been doing is legit)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 08/October/2014 at 2:51am
Unfortunately, they do it.  Fairness is not a language that the system speaks or understands. 
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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