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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doogy2436 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote doogy2436 Quote  Post ReplyReply Direct Link To This Post Topic: student loan sold
    Posted: 31/August/2017 at 12:28pm
i have a bc and a canada student loan through cibc for $22k. in 2003 i declared bankruptcy and forgot all about the loans..in 2005 a collection agency called me about the loans saying that the cibc sold them the debt. i cashed in about $3k in rrsps and gave it to them plus i was paying them $300/mnth. in 2015 i received a statement from them showing that i still owe about $22k. i also found out that the cibc wrote off the loan. i have not been making any payments since 2015 because money is too tight and i feel like i am being ripped off. i have recently found out that they are trying to sue me for the money .
so i have 3 questions...1.can they make me payback a loan that has been written off.
  2.can they make me pay more interest than the original agreement which was 1% above prime.
any other advise would be welcome

ty
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 01/September/2017 at 10:08am
CIBC behaves quite differently than others. CIBC and Scotiabank are on the bottom of the totem pole for customer service and satisfaction from I have read in the media. 

you student loan was not "sold". Whoever told you that is not telling the truth. It is merely assigned for collection and that;s it. The debt still belongs to the program. The onbly party that can buy the student loan is the government under the put-back rule outlined in the legislation (See CSLFA). 

CIBC's term "written off" doesn't mean anything but that the loan is in default, and written off as a collection account. Yes, they can force you to pay it back if they have an avenue to do so through legal proceedings. 

CIBC is not allowed to charge you anything that is not agreed upon in the load agreement. 

 
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote doogy2436 Quote  Post ReplyReply Direct Link To This Post Posted: 01/September/2017 at 11:02am
thank you
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