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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Forum LockedSo how much was I lied to?

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Cthulhu View Drop Down
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    Posted: 17/March/2005 at 2:22pm
My Student loan defaulted back in 1996 and they caught up with me in 2001. it had balooned up to 30k and I've been making 400/month payments since then.

At the start of march I got a call from CBCL (the collection agency I'm dealing with) stating that after 3 years they recall all defaulted loans or it'll go to their legal department. I mentioned I've been making payments at the 15th of the month for 3 years without fail and as long as I kept making them they can't take me to court as we had an agreement that I'd keep paying.

She also mentioned that they did a credit check at equifax every month and it was bringing down my credit rating.

When I went to my bank to get a loan to clear up the rest of the debt to CBCL they told me my credit rating was beyong repute. (got the loan so no more calls for me..woot!)

so...
1) as long as I keep making payments could they have taken me to court?
2) do they do credit checks every month? I'm thinking no.


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Cthulhu View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Cthulhu Quote  Post ReplyReply Direct Link To This Post Posted: 17/March/2005 at 2:24pm
This was from a Quebec loan too incase that makes a difference.
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