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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datroof View Drop Down
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    Posted: 23/April/2004 at 11:54am
Has anyone out there experienced Debt Reduction?

I have been out of school for 5 years, and am currently on my
last month of IR. Ive kept my acct of good standing- even tho i
paid $600/month for 2 years while i was working, i barely made
a dent ... anyways, i used 12 months of IR before i started and
18 months after i was laid off......

if anyone knows how they determine the 50% forgiveness, i'd
very much appreciate any advice/ expertise.....
I'm gettin' there~! Ever so slowly~!
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Casey View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Casey Quote  Post ReplyReply Direct Link To This Post Posted: 23/April/2004 at 7:33pm

A better question would be does anyone really get the 50% forgiveness. Seeing is believing!  Hey guys, know anyone that got any kind of "forgiveness"?

They likely have an obstacle course of paper work that makes it virtually impossible to get. Even disabled people can not get forgiveness or Canada Pension Disability. The system is designed to make it so difficult that most people either give up or die.

Casey . . 

 

 

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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 24/April/2004 at 7:44am

 

 Yes, people (though very few) have debts "adjusted" or "reduced", but it depends on the situation. Traditionally, the CSLP or HRDC doesn't forgive debts, as we all know. For instance, even when they are stats barred. The loan will ressurect if the individual applies for more student loans down the road. Therefore, the government doesn't "forgive" student loans.

 Unfortunately, when it comes to the governments, forgiveness comes with a huge price tag attached to it. Sad but true.

 The day HRDC/CSLP promotes car loans, personal lines of credit, and mortgages is the day they would be justified in charging the rates of interest that they currently demand.

 I doubt that we will ever see products such as "HRDC VISA's and HRDC power lines of credit".

 Johnny   

 

  

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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she-ra View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote she-ra Quote  Post ReplyReply Direct Link To This Post Posted: 24/April/2004 at 5:43pm
After 5 years scraping along I applied for debt reduction and with the help of the bank (who wanted to get some money lol) I was able to get just under 10,000 knocked off. BUT to do that I had to keep my CSL up to date and to do that I had to give them every cent that didn't go to rent and hydro etc, thus running my measley credit card to the max for three months while the deal went through.  I still owe CSL 24,000, BCSL with the bank 5,000 and BCSL with the provincial govt 10,000.  As I was a single parent I had to take out the max to keep us both alive and well.  So I am still up to my eyeballs in debt, work a low paying job, live in pricey Victoria BC and am praying for the day when I can go bankrupt.  I started this mess late and will be in my late 50's when that blessed day comes.  So far I am hoping my tiny company pension includes a brand new shopping cart each year for my bag lady future. 
she-ra
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Post Options Post Options   Thanks (0) Thanks(0)   Quote datroof Quote  Post ReplyReply Direct Link To This Post Posted: 27/April/2004 at 4:11am
Thanks She-ra,

Save a space for me- i'll be the one in the (hopefully) large
cardboard box.

Can you give me some deets on what you needed to show
them (in terms of paperwork, statements, letters). How tough
were tehy? I have no assets (RRSPs etc) except for a car... will
they tell me to sell it before i get the reduction?
I'm gettin' there~! Ever so slowly~!
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she-ra View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote she-ra Quote  Post ReplyReply Direct Link To This Post Posted: 27/April/2004 at 8:21pm

It was just a statement of earnings and dependents.  Since the loan was with a bank and they hoped to get some money they included my son as a dependent even though he was no longer living with me. lol   They said 'they always come back'  hehehe.  Paperwork not too hard but the loan has to be up to date to get it, so keeping it paid up was really hard and now mastercard doesn't like me.  Losing friends here!!!   I had a car at the time, a beater and it was no problem.

That took the money off my CSL.  I have a BCSL with the bank also but although it is ok I was refused debt reduction on it because the BCSL with the province was in collections.  poo  They are sooo picky.

good luck

she-ra
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