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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jjunket View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote jjunket Quote  Post ReplyReply Direct Link To This Post Posted: 27/March/2018 at 9:02am
Hi All,

Since my last post, I have successfully completed the rehabilitation of the Ontario portion of my defaulted student loan - for those that are curious, here is my experience, and results:

I called the collection agency who held my account directly and requested the rehabilitation program.  The agent confirmed my details and then mailed out a package which outlined the amounts of the 6 monthly payments I needed to make. I was given the option to pay the total of the 6 amounts in a lump sum and just wait out the 6 month period, or, to pay monthly.  I elected to pay the 6 amounts monthly as it was easier on my budget.  I opted to do this by sending in 6 post dated cheques which were all made payable to the Minister of Finance (I also had the option to do pre-authorized debit but this made me uncomfortable so I did cheques instead).  I sent in the cheques along with my signed and returned the rehabilitation agreement.

Shortly after the conclusion of the 6 month period I was mailed a notice from the NSLSC which confirmed that my loan had gone back to them.  The balance was simply added to my existing federal loan account.  A second package also arrived in the mail from the collection agency which confirmed the same.

The only thing outstanding at this point was the collection item on my credit report, which I had been assured would drop off after rehabilitation, but was honestly the one thing I doubted they would come through on.

I called the collection agency to inquire about the credit reporting after I received the final letters and they stated that it takes between 30 - 60 days for all of the information to get updated to the bureaus after the matter is closed.  

After the 60-day mark, I followed up with the agency by phone again, and they were kind enough to expedite the removal process, which removed the collection line from both Equifax and TransUnion (which I verified by requesting my reports).

So, it turns out that the agency held true to their word in my case.

If anyone else is looking to go down this road, some tips that helped me:

- I downloaded an app on my phone that allowed me to record all of my calls about the matter so that I could easily reference our conversations and retain proof of everything stated.  This made it easier to review details and dates of the calls.  I never needed to confront anyone with the recordings but it made me feel better to have them.

- I took detailed notes on every call and made a plan and todo reminders so that I didn't get behind on any essential steps I needed to complete.

- I followed up with everyone I spoke to at every deadline - this sucked and kind of felt like I was chasing people but with these systems, even the smallest hiccup can cause consequences so I made triple sure that I understood everything and that everything was moving along between the organizations as planned.

So that's a wrap for me - both my federal and provincial parts are back in good standing and treated just like any other loan.  One other thing I did after everything was done was request receipts for interest paid for my taxes - the federal parts (NSLSC and EDSC/CRA) mailed this out automatically but I had to mail out a request to a government office for receipts for the provincial part (I also requested prior years).  The collection agency had this address on file and gave me instructions about it when I asked.

I'll try to swing by this board periodically if anyone ever has questions - but I tried to be detailed enough to help anyone that might be searching.

Thanks again to the community here for giving me the confidence to tackle these loans!  There is a light at the end of the tunnel!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 27/March/2018 at 6:29pm
Thanks for the detailed process. It will help others....
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Mark OMeara
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https://LaughSingWrite.com - http://bit.ly/heal2024
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Msavs Quote  Post ReplyReply Direct Link To This Post Posted: 04/July/2018 at 3:57am
Originally posted by jjunket jjunket wrote:


After the 60-day mark, I followed up with the agency by phone again, and they were kind enough to expedite the removal process, which removed the collection line from both Equifax and TransUnion (which I verified by requesting my reports).


I just finished the rehabilitation process myself. When I rehabilitated the federal portion, a new account for the NSLSC showed up just for the federal portion on my credit report, with the old remaining with all of it's awful payment history, in addition to the collections account for the Ontario portion. 

When you had the collection item removed from your credit report, did the old NSLSC account with the bad payment history get removed as well, since that's the one the collection account was tied to? Or did it remain? I'm still in the 30-60 day period after rehab has finished with the province, so my credit report hasn't been updated yet, but I'm just curious to know what I can expect to see. 

If you're still paying attention to this thread, thanks in advance.
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