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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youdontsay View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote youdontsay Quote  Post ReplyReply Direct Link To This Post Topic: old loan, new account
    Posted: 15/July/2005 at 11:29pm

like many of us on here, in my younger years i screwed up

in 1997 i went to school with help of a bc student loan, which i guess i cashed in through the royal bank. i dont even remember what bank i used. i only set up an acct to cash the loan.

so i just today set up an account with rbc, and she gave me this paper, and said i probably have nothing to worry about as my loan went to a collections agency many years ago, and that the bank no longer deals with collecting the money. but she said, just so i know, they *can* withdrawl for it , which she seriously doubts.

i may or may not have paid this loan. but im wondering if anyone else has had this happen, where after almost 10 years they decide to go into your bank acct and withdrawl?

i really have no way to know until it happens, and i am kind of worried about it, as i rely on the money i make to pay for bills. and rent.

unless, any of you know..

thanks!

*edit, what im talking about is a "right to offset" . she said that since it went elsewhere she doubted rbc would offset, but you never know. i have my doubts..



Edited by youdontsay
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administrator View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 16/July/2005 at 8:40am
Just to protect yourself, you should NOT have any accounts with Royal if your defaulted student loan was with royal

What the clerk told you is not official policy... just their thougths. From what I understand, the bank has the right to take the payments out of your account.

They could drain your bank account at any time without notice. Dont put yourself at risk of not being able to pay your rent and pay for food.

Even with the file in collections, RBC is still the owner of the debt. They can recover with whatever means they wish. They could reclaim the file from collections.

Go to another bank immediately - one that you dont have a student loan and close the RBC account.

Mark
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Murphy1 Quote  Post ReplyReply Direct Link To This Post Posted: 20/July/2005 at 10:53am
A recent Equifax report has shown an old Canada student loan I thought was included in my 98 bankruptcy. I have no documentation to go with this loan. I called the Royal but they said they wouldn't take my money without documentation. They also said they couldn't provide any documentation. The bank I initially dealt with is closed.

How can I pay these people and fix my credit?

pm
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scorpianrabbit View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote scorpianrabbit Quote  Post ReplyReply Direct Link To This Post Posted: 27/July/2005 at 8:47am
  One of my friends around 7 years ago was going to buy a car he had 5000 in his Royal bank account.  A few days before he was going to buy the car the rb took all his money and more putting him in the red against his student loans.  He was paying his loans and wasnt in defalt.  They stold his money and when he told them that they just got mad and defensive saying this way he had less to pay back....He never put any money into there account gain except for exact loan payments... Never use the RB if you have ever had a loan with them. You cant trust them
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 27/July/2005 at 12:37pm

Common occurence from what m,any others have also testified to.

Johnny

 

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susyq View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote susyq Quote  Post ReplyReply Direct Link To This Post Posted: 17/March/2006 at 7:49am
hi guys:

if you have an rbc bank account where you received your student loan money.... try to get it closed.  I tried to get mines closed and they told me they cannot close it because i owe them student loan money. 

Anyways , they took my money in my rbc account.. I didn't even have enought money to pay the full payment and they took the money and made my balance  -$263.55 in my account.  then the following month .. they took money out again even though there was no money in there and made it to a even bigger negative balance.

They sent me letters that i owe them money but i disregarded the letters.  I didn't give them any permission so why should i pay them?  Especially when i requested them to close it.

They eventually closed the account on their own stupidity.  How could they take money that doesn't even exist?, ........ I hate rbc.

if you don't want to get burned close all of your rbc accounts.


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