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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frustrated-guy View Drop Down
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    Posted: 28/June/2006 at 5:21am

Does Scotiabank operate their own student loan centre or is it contracted out to a 3rd party in the same way CIBC contracts out their student loan centre to edulinx?

If a service provider operates the scotiabank student loan centre, can you please tell me the name of this company?

thanks

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Buff View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Buff Quote  Post ReplyReply Direct Link To This Post Posted: 29/June/2006 at 4:49am

If there's a service provider, it's almost a guarantee that you won't get anything resembling service out of them.

Buff

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AggressiveFish View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote AggressiveFish Quote  Post ReplyReply Direct Link To This Post Posted: 19/March/2007 at 1:30pm
Try going to ScotiaBank and making a payment on the principal... I dare you! I've went about 12 times now and each time the amount I pay my monthly payment gets reduced by that same amount. They have tried everything to have that amount subtracted from my principal and still leave my monthly, automatic payment left alone. The only way I can have a payment come directly off my loan is through their call centre. I was told that if I tried to do it at the teller to not attempt it at the end of the month or at the start of the month. Preferably between the 10th and 20th. WHAT? I had made countless attempts at paying on the principal before actually accomplishing it. Not only are the banks making a ton of the interest but they appear to be dragging their feet to allow customers pay as well, or at least on the principal. My advice to all with loan problems... contact the feds and let them know. If they don't address it or respond then vote against them in the next election. It would then make it known this is an important topic.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mystery_Diva Quote  Post ReplyReply Direct Link To This Post Posted: 09/May/2011 at 3:35am
Reviving and old post, but I just learned today (after 11 years of dealing with the Scotiabank Government Student Loan Centre), that they do in fact outsource their student loan centre to a third party - Davis and Henderson. I'm shocked that for 11 years I have not been speaking to Scotiabank at all. I learned this after talking to a (very nice) woman at the Scotiabank Office of the President. For 11 years I've been speaking with Bibi, who I thought worked for Scotiabank, but who is just the manager for the Scotiabank student loan portfolio at D&H. In 11 years I have not been able to escalate my issues past Bibi, who has repeatedly refused to give me a higher manager's name or contact. She finally gave me a name last week, but still no phone number (only a fax number for the "customer care" section....I assume still at D&H). I've gone to the Office of the President because despite paying my loan early every month, and more than I have to, Bibi's people have decided I have defaulted.
 
So there you go. It took 11 years, but I finally found out who we've been speaking with.
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frustrated-guy View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote frustrated-guy Quote  Post ReplyReply Direct Link To This Post Posted: 09/May/2011 at 1:32pm
Hi,
The scotiabank student loan centre even if it is outsourced is required to give you the information to escalate your case.   By not doing this they broke the law.  The federal gov folks that enforce this are the Financial Consumer Agency of Canada.
 
Here is there contact information.
 
 
I would file a complaint with the Financial Consumer Agency of Canada.  This may lead to things getting better for other Students.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote knightseeker Quote  Post ReplyReply Direct Link To This Post Posted: 29/June/2012 at 6:44am
Just thought I would pass along this tidbit of information.

During the entire time I had my Student loans with Scotiabank [Collections] I never once received any tax documents from them so I could claim the interest paid as a tax deduction each year on my taxes.  The reason they gave was that they do not provide these until your loan is fully paid.  So.. 12 years later I have finally paid off my student loan and requested my tax forms.  Now they are saying they can only provide the tax documents for the last 5 years of payments. Anyone can verify this policy by calling the Scotiabank Student Loan Center if you are interested.

Looks like I have to take this up with Revenue Canada again, which has not exactly been very helpful in the past dealing with this matter.

To me it would be like an employer not providing me with a T4 until I left the company, and if I was with them for 12 years only giving me the last 5 years of T4's.  Not sure how Scotiabank gets away with this, or what to do about it if Revenue Canada will not assist.  Bad enough I have to pay stupid amounts of Interest on a $70,000.00 student loan, but to have 7 years of deductable interest payments disappear from my pocket as well, just adds insult to injury.

Also just another quick point for those who might not be aware.  If you have an outstanding student loan, any tax returns you have over the years are automatically taken by Revenue Canada and applied to your student loans.  This is despite what ever payment plan you might have arranged with them.  From my perspective it was a violation of the payment plan agreement I had setup with the 4 different places I had to pay my student loans to [Provincial + Federal, with both  bank and government].  If we agree to pay $500 a month, then that is all they should take, instead they seem to think of our tax returns as a "bonus" payment towards the loans.  My feeling is that if we are paying the amount agreed to, then they should leave the tax returns alone.  Just a pet peeve over the years.

Thanks for letting me rant a bit.  I am still very happy to be free of the crushing debt that has prevented me from getting a loan or credit of any kind for the last 12 years.  Time to start living like a normal person again.  

If anyone has any advice on tax law and how it applies to the situation above I would appreciate it.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 03/July/2012 at 6:36am
I have seen this happen wuite a bit in my years of intervention and mediation. What youa re citing here is certainly not new to me. Scotiabank GSLAC has all of what you are seeking. What you should do is write to the office of the president and file a fomral complaint. You can also communicate with the FCAC who is charged with over-seeing the banks in this regard. They are required to follow the law like everyone else in the world. FOr some reason though bank officials and agents alike seem to behave as if they are above any laws that actually govern them and their practice.
 
 
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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