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.


  New Posts New Posts RSS Feed - Forever stuck in the program
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedForever stuck in the program

 Post Reply Post Reply
Author
Faramir View Drop Down
Newbie
Newbie
Avatar

Joined: 27/February/2019
Location: Victoria
Points: 4
Post Options Post Options   Thanks (0) Thanks(0)   Quote Faramir Quote  Post ReplyReply Direct Link To This Post Topic: Forever stuck in the program
    Posted: 27/February/2019 at 12:24pm
I would love to have been able for us to continue in the RAP, but only lasted 6 months until told make too much money.  Asking for us to pay over $600 a month seems brutal to me and they wonder why so many default.  How about rewarding those of us who are at least TRYING to repay?  But the Canadian program seems to have no grace whatsoever.
Student loan survivor
Back to Top
Sponsored Links


Back to Top
Sariiya View Drop Down
Newbie
Newbie


Joined: 03/December/2017
Points: 6
Post Options Post Options   Thanks (0) Thanks(0)   Quote Sariiya Quote  Post ReplyReply Direct Link To This Post Posted: 27/March/2018 at 8:45am
The customize repayments option maxes out at 15 years which is the same term as the repayment assistance. You can also only do the interest only payments a maximum of 12 months over the entire loan term although I havnt had to use that option yet. Ive had the reps explain it as a short term stop-gap type measure if you cannot do the regular or repayment assistance amounts. Not really any long term solutions either as in stage 2 the principal reduction still keeps the regular payments the same over the term so they dont really let you get ahead it's just prorated for the term. The last rep said to me dont worry the government will take care of it. Problem is if I wanna get married or get a pay increase over time its still there waiting to be paid. At 7 years in payment with still outstanding of 63500 the regular payments are like 850ish and my repayment assistance is generally under 200. Just got a pay increase to almost 40thou a year. Might have to pay like 300 a month and still get stage 2. I asked the rep about extra payments but I wouldnt be able to catch up at this point. I think it would get adusted every 6 months and bring the regular payments down but that would also mean they write off less the next 6 months so catch 22 there. The only reason to do that is so I could afford to get married but it would take more than I have to even bring those payments down. Also not sure lump sum or regular monthly extra? Is it even worth it. I live alone. Save instead?
Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.