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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    Posted: 05/July/2005 at 12:45pm
Wow! What a great website - much needed!!!!

My student loans are over 10 years old in default. I most definitely have
the worst credit score possible. I want to try and fix this! I would like to
buy a house someday. Up until this point repayment has been impossible
financially. I now could save an settle for some sort of lump sum if this is
possible... Approx. 40,000 owing between myself and my husband.   
What is the minimum I could settle for... Should we declare bankruptcy,
wait 7 years and begin again or is it better to settle.... I desperately need
advice. I am tired of being stressed constantly by this debt! My life is
frozen.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 06/July/2005 at 11:29am

Your best bet is to contact John Leblanc at CFWGroup and ask him to work out a settlement for you. Bankruptcy will cause great harm to your credit rating. 7 years it will come off, but you will have to rebuild your rating.

If you can pay some of the loan,that is much better than walking away from the debt.

Mark
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