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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boredatwork View Drop Down
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    Posted: 15/August/2004 at 11:42am

Hello everyone, just stumbled into this site at work today and read a few posts and this place seems like a great resource thus far. I thought it might be a good release for me to describe my situation so here goes.

I've 'embraced' the reality of my financial situation. I say this because after graduation approx. 1.5 years ago, I was still left with the denial that can develop while your still attending school. The debt load #'s just seemed to massive to even ponder during school, at least for me. I knew the day was coming, when everyone wanted their money back...I just wasn't going to think about it, why not just enjoy the ride until I get there right? Following my 6 month interest free grace period was up, the letters came in, I wasn't even willing to look at the numbers on the pages. Any sort of 'official' looking mail that came to my residence sparked a twinge of anxiety in me(sometimes a mild one sometimes not). Eventually I decided to take it all in and add up the actual debt in full. Just to eat the reality. I have this debt, and somehow I would like erase it from my life as soon as possible. I knew interest relief existed, and being that I had no job yet I knew I'd be eligible. Applying was real pain for me as I had loans before and after the 'changes' that happened around 2000. So I've got loans to pay back from Royal Bank, Canada Loans as well as BC loans. So it's up to me to make sure I fax these groups all of my documents every 4 months or so and also in some cases make sure they comminucate my financial status to one another(ie I can fax a letter from BC Loans to Royal Bank OR wait ONE MONTH for them to mail it, I'll do it myself thanks). About a year ago I got a job which initially paid me about 900-1000 a month working part-time and up to now I've gradually pulled in more hours which at absolute best rake in about 2k a month...but around 1400 is more typical. All together, the payments I am asked to make on my debtload is around 600 a month. I could try to lower these payments but it would just mean paying it off for another decade or two which I am truly unintersted in. I've been doing the interest relief thing for this entire stretch since the full payments would pretty much leave me malnourished. I work for the City of Vancouver and internal job postings do arise, even a few which call for a Communications degree. I've applied for one but since my senoirity level is very low, I will not likely make the short list for around 5 years. The thing is, when I look at these jobs I would most likely have to hold out for here, the pay is only about 25-30% more than what I make now. To me that amount is not enough to permit to lead a healthy life while paying off this debt. It is truly difficult to raise 'real money' in Vancouver unless you decide to break the law. I do not want to break the laws because I don't want any more trouble for myself. I honestly want to get down to business and kill off my debt, but doing it over 10-20 years does not seem reasonable to me. For a while my plan was this: keep applying for interest relief, get the extended relief, then when that ran out, I'd apply for the debt reduction. Beyond that, I wasn't really sure, I tried to be optimistic and feel that a better job would come through for me and I could deal with the rest on my own.

My new plan is to work overseas, I have friends overseas making very reasonable amounts of money, enough to pay off the kind of debt I have in 2-3 years. Perhaps I'm being overly optimistic, but I've heard my friends tell me how much they're making and it seems like the best option for me. I hate my student loan debt with a passion. I hate talking with the people handling my loans on the phone with a passion.

I want this debt out of my life so I can get on with my life. For now, I want nothing more than to be at zero again money wise. I am actually quite good at managing my money and I have aquired almost no debt since graduating. Put me at zero and I'll work out the rest :)

I am willing to work like a maniac to pay off this burden in full as fast as possible. In Canada, I have found no realistic opportunity to do this, so off I go. I will try to post again in the future and update my example. I wish the best to all good natured people swamped in debt of all sorts. If anyone wishes to share stories or advice my email address is kslice@hotmail.com

PS - sorry if my example was a bit of a disorganized ramble, I'm at work and hopped up on espresso shots.

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lasergirl View Drop Down
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Joined: 05/October/2003
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Post Options Post Options   Thanks (0) Thanks(0)   Quote lasergirl Quote  Post ReplyReply Direct Link To This Post Posted: 15/August/2004 at 2:04pm
Hello BoredatWork! Welcome to the site! I
personally would leave the country. If you have the
opportunity to make money and get a decent job GO
FOR IT!!!! Perhaps you could even send Paul Martin
anonymous obscene emails from overseas!! As
someone else on the site wrote 'education is a
privelege NOT a right! You studied and worked
,(maybe even believed in the Canadian nightmare-
sorry DREAM) and now the system wants its several
pounds of flesh. You shouldn't feel any sense of
loyalty to this country. maybe if enough people left
because of the student loan fiasco then the gov't
might take the hint.......Sorry for the bitterness of my
post. This is unusual (even for me) LOL
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momof2 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote momof2 Quote  Post ReplyReply Direct Link To This Post Posted: 15/August/2004 at 5:27pm

I had friends in university qualify for grants while their parents made 150K a year because they lied on their forms - and watched them use the grant cash to buy a car.  I have friends with honors degrees in history who cant get into teachers college and are selling shoes trying to keep the student loan monkeys off their backs.  I graduated in the top five of my class in engineering and cant get a jog because im a woman ( and those of you who say sexual discrimination does not exist - shame on you - most guys on the construction site do not want a woman for a boss).  I have other acquaintances who walk on the shady side of the law to put food on the table because they cant get a full time job to pay the rent.  You do what you must to survive.  If your friends overseas can hook you up with a job that actually pays you, go for it.  If you can pay off your debt - fantastic.  The politicians and bank execs that pass policy dont know what it is to live on part time wages or to support a family of four on under 40K - that's what the fat cats claim for dry cleaning expenses.

Enjoy what the world has to offer - Canada is the land of opportunity as long as you weren't born here or are willing to break the rules to get ahead.

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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: 15/August/2004 at 6:22pm

 

 The very first sentence of your above posting is one of the reasons why the system is so difficult.  

 

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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toofrustrated View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote toofrustrated Quote  Post ReplyReply Direct Link To This Post Posted: 15/August/2004 at 8:11pm
boredatwork, I hear you. I have not run out of interest relief yet, but I have no intention of using it all. Thankfully my husband just got a good job teaching full time, but we still have some time to bide before he gets his first paycheck...Anyways, I wish you lots of luck in your job hunt. Do you have connections overseas for a job like teaching English? Make sure you find a reputable place if you are considering it. I might have some suggestions if you'd like. I had friends that went over for a year, worked pretty hard, but not too hard, went on frequent vacations in the general area of where they were working, and came back with more than $20g in the bank. Pretty good deal. I say go for it. BC isn't exactly the best place to try to pay off loans, anyways...Good luck.
Don't trust Tricura
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Post Options Post Options   Thanks (0) Thanks(0)   Quote vice Quote  Post ReplyReply Direct Link To This Post Posted: 25/August/2004 at 11:02am

boredatwork, I'm in an almost identical boat with you. I'm about 40k in the hole with BC and CSL debts. It looks like the only difference is that I have a wife and 4 kids. Interest relief has been our best recourse for the past few years, but now we're in the "bridging" stage and I'm starting to become concerned. I'm not sure how we'll be able to manage the extra $600/month payments. I hope Ottawa perks up an ear to student loan debts, particularly if moving to a foreign country becomes a popular solution to the problem.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Fame us Quote  Post ReplyReply Direct Link To This Post Posted: 25/August/2004 at 4:22pm

hey Broad

I have the right info for you and maybe others would like to know this.  My student loans are with RBC and I am in the same boat I am at about 38k all said 24k of that is with RBC now the collector that I have been working with (long long long story diamond in the rough for sure) we came up with a plan the plan was to use up all the interest relief I had and use up the "bridge interest relief."  The idea was for me to save and much as I could during this time I think it was like 5 years.  Then when this was all done I could apply for "debt reduction" and they would cut the debt in half or pay up to $10k of the debt.  This ended not working for as of yet cause I cant get my national student loans on interest relief.  Therefor I cant get my RBC federal loans on interest relief.  Basicly $7k of national loan is messing up $31k of RBC federal student loans/BC student loans.  But I sure hope this info helps others.  Best of luck to you.

 

 

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