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 now wants "financial info"

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Eye 9 Quote  Post ReplyReply Direct Link To This Post Topic: Bank now wants "financial info"
    Posted: 13/May/2015 at 5:50pm
I have a student loan that has fallen into arrears.  As a result, the bank has made my total loan balance payable immediately.

made a payment plan with them six months ago and have been making payments.  However, regardless of the payments I make, the only way for me to get my loan back into good standing is to pay the full balance --  and there is no way that I can afford that.

The newest issue with them is that they have unilaterally rescinded my payment plan and stated that they will continue it only if I provide them with my financial information (income, expenses and assets).  It feels as though they are preparing to sue me (why else would they want  info re my assets?).  Should I give them this information?  And are they able to indefinitely keep my loan in bad standing like this?

Thanks,
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 15/May/2015 at 6:35am

If your loan is in default then can sue at any point they choose. However, it would be a complete waste of time suing everyone of course, So they pick their battles based on one's ability to repay, and whether or not the borrower is contributing sufficiently or not.

The collection and recovery sector used financial information as a tool for them to impose pressure on borrowers. Or, it can be a tool to determine degree of hardship. In most cases the financial information supplied by borrowers is often used against them unless it is presented in such a way that leaves no room for scrutiny or argument on their part.

 

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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