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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kitty519 View Drop Down
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    Posted: 26/August/2005 at 9:04am
I am in a position now to make payments on the non-guaranteed portion of my student loan.  My Canada student loan was through Scotia Bank, and I have paid off the guaranteed portion in full.  When I called Scotia Bank to find out the amount of my debt, they told me I had to call the collection agency to find out the amount.  This seems strange to me.  I also have a high mistrust of collection agencies, and would rather have something in writing from the bank before I begin to make payments.  Is this possible?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 26/August/2005 at 2:30pm

The bank(s) do not get involved once they assign a loan out to a third-party. The bank feels that after they assign it out, they are no longer responsible to service you. This is their rule of thumb. They always refer people to any third-party(s) involved. The Federal Government handling student loans (CRA) is notorious for this. They always advise borrowers to deal with their third parties.

If a complaint is drawn as a result of malfeasance, miscarriage - or total disregard of any statutes that govern their industry, then it would be to the best interest of the bank to terminate it's third-party service provider. In most cases, they simply do whatever is possible to sweep this dirt under the carpet and continue as if it were business as usual.

What puzzles me is that banks actually use third-party collection agencies. Privacy and protection of your personal information is something that is paramount, and bound by legislation and statute pertaining to their industry. However, once they hire a third-party collection agency, the potential for your personal information to be spilled out to your neighbor(s), emloyer/fellow employees, other unrelated creditors, landlord/mortgage holder, parents, siblings, in-laws, local post office, community corner stores, gas stations, and relatives is VERY high.

Banks and credit-related organizations continue to live in the 18th century. They have absolutely no concept about how to truly solve their own problems regarding risk management, relations, and productivity. Because of this, they are destroying the lives of people and businesses across the entire country. It is not an isolated problem. It is a national one.

Johnny

www.cfwgroup.ca/forum

 

Johnny

 

 

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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