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 LockedDirect Debit Frustration

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yamnuska123456 View Drop Down
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Joined: 27/July/2005
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Post Options Post Options   Thanks (0) Thanks(0)   Quote yamnuska123456 Quote  Post ReplyReply Direct Link To This Post Topic: Direct Debit Frustration
    Posted: 27/July/2005 at 1:02pm

Hi,

 

   I deal with CIBC. I graduated uni in 2000 and have been paying off my loans since then and still have $25,000 left to pay back. My frustrations come from CIBC direct debit. I have a direct debit set up on my CIBC bank account and have told, written and filed official complaints for it to come out on the 28th of every month, it has yet to happen like that. It always comes out on the 27, or 30, or 1st of the next month. is this not illegal? Also, for the first two years all of my correspondance from CIBC was Ms. I am a Mr., I have a unisex given name and am wondering if I can nail CIBC on this as the Ms. of me does not exist. I even complained about it and they continued to call me Ms. until I wrote and talked to my local branch manager. I was on interest relief for 5 months, they did not give me my sixth month and the agreement was for 6 (I was unemplyed). I am in a low paying job and am very worried that they are trying to make me default by taking my direct debit out whenever they feel like it.

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kwelmm View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 28/July/2005 at 7:06am
Hmmm...it definitely shouldn't be coming out before the date you had agreed on with the bank...although, I have a payment for a loan amount (not a student loan) that is scheduled to come off on the 28th..and sometimes due to when the 28th falls during the week...the payment is taken out the next business day!  Not sure if that is what is going on here...but...just wanted to let you know that.


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HamishG4 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote HamishG4 Quote  Post ReplyReply Direct Link To This Post Posted: 28/July/2005 at 1:59pm
For me the payment always seems to go out a few days late (the longest
was 4 days later). I know the banks send the requests for payment five
days ahead, so the payment *should* go out on time.
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