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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marie_1s View Drop Down
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    Posted: 15/May/2005 at 12:59pm
In 95 I went to college and ended up with around 12,000 in debt and had difficulty getting a full-time  job, so I decided in 2000 to return to school for my social work degree.  I got my social work degree and a BA and at that time I had around 46,000 in debt.  Well I was accepted into grad school and a full year into my MSW I am running at 56,000.  I still have another year to go and I think I will be over 60,000.  It is a nightmare and I cringe  and feel ill when I think about how much I owe.  I suspect my payments will run around 800-900 a month and with my degree I hope to get a position making anywhere from 46,000 to 49,000 to start in the field I enter. I feel like this is a huge load on my back and I just don't want to have debt for the next 9 years.  I was thinking of a plan to use half my salary to pay off student loan per year and live off the rest of my sslary plus my spouse for living expenses.  Does this sound reasonable or highly unlikely??  Any suggestions or opinions welcome. 
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BigFatherA View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BigFatherA Quote  Post ReplyReply Direct Link To This Post Posted: 15/May/2005 at 3:23pm
Lets see: 
Take 46K to start (lucky you!)

Thats about $3800/mo before deductions.

If you have the usual run of deductions you will probably see about $2500/mo take-home.  It your CSL payments run $900, leaving you with $1600 left over.  Some graduates don't even start with $1600 as a take home!

Hope you score that job. . .(with a bit of frugality you'll be just fine)
BigFatherA
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non carborundum illegitemi est
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marie_1s View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote marie_1s Quote  Post ReplyReply Direct Link To This Post Posted: 15/May/2005 at 4:03pm

Thanks for your response.  I realize I owe a lot of money, but I guess I am lucky that I have extensive work experience and will graduate with a degree that I am certain will land me a decent paying job. I can empathize with those who complete their degrees and have difficulty finding work.  I have met many people who completed university and are working for minimum wage and still have huge debts to pay off. 

Even though I know I will get a decent job it still scares the hell out of me that I owe so much.  What bank in the world would feel safe giving me a mortgage for a house or a decent car with this kind of debt? 

 

 

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Blue. Quote  Post ReplyReply Direct Link To This Post Posted: 16/May/2005 at 8:33am
The same people who look at the rest of the population and give them a mortgage. You're looking at $60K with a $48000 salary, right? I graduated with $25K in debt and a starting salary of $24K. While you will owe a lot of money, you're not that badly off as long as you can make SOME form of payment.
What you are obsessing about is a debt. It's a loan. It's business. It's money. It contains no moral baggage. You are a decent, kind, loving and moral human being.
--Islander
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