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 LockedCan A Settlement Be Made On A Student Loa

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MarqA View Drop Down
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    Posted: 03/August/2005 at 6:05pm
Hi,
I read a book lately on getting out of debt and have also talked to a friend of mine who managed to settle a debt for a lot less than 25 Cents on the $ which is what this book says to start off asking for. I called up CBCL who i've been dealing with for the last two years since I've finally been able to make any sort of payment towards my defaulted student loan. I asked if this debt could be settled for another amount other than the $8000 and change that it is. I was told, something to the fact that student loans can not be settled? Is this correct?
All records of the debt have been wiped off my credit report, with only a couple of hard inquiries from CBCL left showing. Now... The reason this has happened is because, I hadn't made a payment since 97 until Two years ago. After I was able to start paying something, I noticed that nothing was showing on my credit report to show others I was paying this. I called CBCL and I can't remember what the excuse was at the time, but was told that in Dec 04 the whole thing would be removed from my file anyway because of the 7 year thing. OK..I keep paying my low monthly payments because if I don't, the debt will return to the file, that's what i'm told and I wait. So now the debt is gone from my credit file and has stayed off so far this year. Where is my money going? I just want to make a deal...$100 a month for what? 10 years?
Can someone help me here? Can you settle a Student Loan?
Thanks
Marc
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tewlz View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote tewlz Quote  Post ReplyReply Direct Link To This Post Posted: 10/August/2005 at 9:57am
I would also like to know - does anyone have any experience with this?
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Observer View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Observer Quote  Post ReplyReply Direct Link To This Post Posted: 14/August/2005 at 4:50am
Hey Johnny were are you? Get your tail in here and answer the question...LOL
Retired Collection and Credit Executive
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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 14/August/2005 at 8:30am

Student loans rarely settle for that amount (25 cents on the dollar). Some student loans have no provisions of compromise what so ever. For instance, the Guaranteed Canada Student Loans Program. They do not compromise from the third-party collection agency sector. The only way to have the government reduce your debt is to give them a really good darn reason.

From what you are describing, it appears that CBL has carriage of your guaranteed CSL (debt owed to the crown). If they have refused to look at a potential settlement, that would be the fist indication. However, there is no way for me to assist youwithout knowing what and who you owe. Some will settle, and others will not unless it is absolutely warranted.

Contact me if you would like and I will assess this matter for you.

Johnny

www.cfwgroup.ca

www.cfwgroup.ca/forum

Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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