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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Yvonnecs View Drop Down
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Joined: 20/August/2003
Location: Canada
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    Posted: 20/August/2003 at 7:30pm
There's a long story about CIBC and my experience with them as well as my husband's. Highlights:

* He took two years of school and didn't finish - was asked to immediately begin repaying his loan, forget the grace period
* When he didn't send the monthly payment (his 'consolidation agreement' arrived 3 days before the end of the month he was supposed to start paying in) they took it from my CIBC account (I had let him cash his loan through that because our bank (TD Bank) said it would be faster that way . . .what a load of horse puckeys!
* Four times last year they took money out of my account even when I phoned, sent letters and faxes informing them it was not a joint account and that their action was illegal - I finally paid $40 to make a permanent stop-automatic-debit on my account
* I went through school for three years with no breaks, so the equivalent of 4 years in semesters, every single semester CIBC lost my paperwork, my money came on average 3 weeks late, and twice I had to go and resign paperwork already submitted just so I could EAT while going to school
* When my husband quit school, he was unemployed for six months and when he finally got a 'good' job (He made $13,000 last year) they said it was too much and my funding was reduced to nothing more than tuition
* Revenue Canada takes his tax refunds every year to pay off their portion of what he owes. . .the collection agencies would not deal with him and I think they even lost the five payments we sent via money order (have those slips still in the files) so finally he basically gave up
* At the end of June when I found they had not recieved a copy of my schedule 22A and wanted money in July (they called me 2 days before I was to write my final exam) I went to the bank, who lost the paperwork
* The bank then phoned me (I have it on tape) and said that since I couldn't prove I had been to the branch to submit my paperwork, I must be lying and it was past the deadline so I would get no grace period either
* I started raising the roof on things, emailed and faxed every number I could find, (I tried the Emerson fellow mentioned in another post) and recieved the following correspondances:
(edited so as to avoid their 'confidentiality' thing at the end of the email even though I know it really legally means nothing I do try to do the 'honorable' thing when I can)
Tammy at CIBC.com said they acknowledged receipt of my letter, including copies of my school transcript to prove that my end of study date was June 30 not December 30, also my copy of schedule 22A sent by fax, and apologizes for the frustration, my file will be investigated.

The NEXT email I got from them was along these lines:
Return Receipt, CIBC had recieved my message (July 24 for both)

AFTER that:

CIBC said they recieved my fax and apolgized for the frustration, they are trying to track down the bank teller who took my schedule 22A at the branch I left it. (July 28)

FOLLOWED by:

The bank recalls taking my copies of schedule 22A (also July 28, same person)

NEXT we have:

They are trying to use a document from National Student Loan Service Center because the branch copy I sent in to them via the branch, is missing the branch stamp. (August 6)

AND:

The government has to authorize the use of Schedule 22 in place of Schedule 22A that they lost. (August 11)

SO:

This one, in its entirety as it was devoid of the 'privacy message'





> Hello Yvonne,
>
> Thanks again for your patience during the course of my investigation.
>
> I am please to inform you that your schedule 22 has been accepted and
> your file has now been updated to reflect that.
>
> Trusting this is satisfactory,
>
> -Silvana
> CIBC Customer Care Centre
>
(August 13)

Ok, so apparantly I get my grace period until December.

What have we learned?

If you raise enough hell they CAN actually do things that they say they can't. . this may be of some use to those still in the fight. I hope mine's over for now, but I'm not holding my breath.


Edited by administrator - 14/December/2005 at 3:13am
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