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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Marx View Drop Down
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Joined: 16/March/2005
Location: Canada
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    Posted: 16/March/2005 at 3:10pm

I have been paying off the secured Ontario portion of my student loan slowly, but have barely made a dent in the interest as I have been putting most of my resources into the federal portion (which is at a higher interest rate). I am also paying off the principle on the unsecured portion very slowly (as the bank has aggreed to apply payments to the principal only and waive any interest).  I am about to settle with the Collection Agency on the secured Ontario portion for the principle only.  The CA has agreed to fax me a letter stating if I make this payment by such and such a date the debt will be settled in full. They are also promising an official release letter in 30 days after processing. It comes out to about 80% of the current balance.   

Should I demand more in the letter? I want to make sure that I have no further obligation or liability concerning this loan to any party whatsoever. 

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Marx View Drop Down
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Joined: 16/March/2005
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Marx Quote  Post ReplyReply Direct Link To This Post Posted: 16/March/2005 at 3:13pm

P.S.

I am paying by my credit card, and I keep my balance at $0 (I have some money coming in so I will pay this off in three months).  They have also promised a receipt will be faxed to me immediately following.  I don't trust Collection Agencies, how vigilent should I be? 

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Post Options Post Options   Thanks (0) Thanks(0)   Quote whereto? Quote  Post ReplyReply Direct Link To This Post Posted: 16/March/2005 at 9:09pm
I've never heard of them freezing intrest like that.  If its true you're lucky.  Watch out tho...they just may be doing it as a settlement...this would show as different on your Credit than paying in full.  Still a satisfied debt but not quite as good as full payment.  I'd look into this closely and make sure you get documentation
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