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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Argento View Drop Down
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Joined: 28/July/2004
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Argento Quote  Post ReplyReply Direct Link To This Post Topic: Could use a little help
    Posted: 28/July/2004 at 8:26pm

My story goes like this. Scotia Bank screwed up my loan through some sort of "clearical error" I tried negotiating with them to no avail, so I told them that when they were ready to come to the table and talk to me I would be there to listen....this never happened.

Being young and foolish I pushed this to the back of my mind. Now CBCL is caling me saying I owe $24000. They tried their usual tactic of threatening me and saying I had to pay the amount in full. As I gross $19500 a year this is not going to happen. I asked what my options were and the rude woman on the phone told me asking questions would do me no good, I just had to pay.....so I told her our conversation was done and I wanted to speak to her supervisor.

This guy then tells me that my only option is to settle for an even $20000 and pay in full, or pay $6500 up front and pay $380 a month after that. If I could not do this, He said it would go on my credit report, and I would then have federal dept and told me that "federal dept is much worse then I could ever imagine it is." And that there would be serious legal fallout over this.

Just to mention in case it is of importance. I have had some small credit issues in the past but nothing serious. My other student loans which have all now been transfered to the NSLC are in good standing.

Questions

1.My issue is with Scotia Bank, I have no account with them now. I do bank with CIBC...can Scotia or the Government get at my funds there? What should I do to avoid this?

 2.What are the legal actions that they can take aginst me? I do not own a house or new car...what can they take? Can they take my wages?

3. Are there other options available to me (i.e. alternate payment plans) that they have not told me about?

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eshelton View Drop Down
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Joined: 19/January/2004
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Post Options Post Options   Thanks (0) Thanks(0)   Quote eshelton Quote  Post ReplyReply Direct Link To This Post Posted: 30/July/2004 at 8:02pm
I'm not sure I can answer all your questions but I can offer 2 pieces of advice. 

1. If you are worried about the CIBC account, I'd recommend going to a credit union. 

2. Did the original creditor contact you and tell you the loan would be referred to a collection agency?  I had Collectcorp call me a while ago about some Ontario loans, so I basically said to the guy I need proof it actually exists.  The Ontario gov't never contacted me about these loans, so I said to Collectcorp I'm not paying a penny until I see proof.  It takes them so long to go back to the original creditor it isn't worth it.  They threatened my credit record.  This was 4 months ago and my most recent credit report is clean as far as that issue is concerned.  So ask CBCL to show some PROOF of the loan - not that junk that has their letterhead on it. 
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