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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OldGirl View Drop Down
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    Posted: 08/September/2006 at 3:54pm

Reading the posts, only one thing seems clear. RBC is clearly confused with regard to its student loan centre and their 'debt collection' practices.

My situation is a strange one as well. Because I forgot, accord. to RBC, to send them one 'schedule 2' in 2004, after I'd completed my PhD residency requirements and moved out of the city - RBC has given my account to 3 different collection agencies. Allied Consultants, NCO Financial Services, and Alliance One Ltd.

Each of these agencies quotes a different RBC student loan acct # associated with my SIN, and each quotes a different amount owing. The total amount of all 3 claims, however, is more than the total of my student loan. The amount owing according to all of my receipts for amts rec'd is in the $70K range. According to these agencies, the total amt is now in the $90K range.

The most amazing/outrageous thing about all of this is that I'm still a full-time, tuiton paying, PhD student at the uni and Manitoba Student Aid, Canada Student Loan, and Canada Revenue all acknowledge this. Only RBC refuses to (phone calls, faxes galore) do so.

My credit report is so bad thanks to RBC that I can't even rent a cheap apartment.

At this point I'm ready to suggest that we all participate in a legal challenge to the RBC.
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Points: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 09/September/2006 at 7:10am

"Because I forgot, accord. to RBC"

They say that everyone forgets. RBC would never admit that they made an error and caused a Canada student Loan borrower severe undue hardship as a result. 
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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Points: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 09/September/2006 at 7:11am

RBC preaches excellent customer service for student loan borrowers:

 "Hey, it is not our fault - and it is not our responsibility to call borrowers. Therefore, more than 25% of borrowers are forgetful and obviously do not care about their student loans. So, we have no choice but to default them and send them off to a third-party collecton agency. We know what we are doing and the only way to make examples out of these people is to send them off to collection and wreck their lives indefinitely."
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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Points: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 09/September/2006 at 7:11am

Remember this - when a bank or other loan provider tells you that YOU FORGOT to send something, it means that they either lost what you sent in, or they got it, and they FORGOT to file it.

If you need help, let me know.

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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Points: 3 		Post Options Post Options   Thanks (0) Thanks(0)   Quote OldGirl Quote  Post ReplyReply Direct Link To This Post Posted: 10/September/2006 at 3:27am
Originally posted by Johnny Johnny wrote:

Remember this - when a bank or other loan provider tells you that YOU FORGOT to send something, it means that they either lost what you sent in, or they got it, and they FORGOT to file it.

If you need help, let me know.

Johnny

Thanks Johnny, and yes I do. I spoke to a debt councillor on Friday and was told that there was 'absolutely nothing' that neither he nor a bankruptcy trustee could do to help me. As such my credit report will remain in this state until I pay RBC, it's third-party service providers and collection agencies whatever amount I'm told to. In very practical terms I can't live under those conditions. In more humanistic terms, I'm outraged that 'any' financial institution is allowed, under either federal educational funding regulations, or federally controlled banking practices, to resort to such tactics and poor service standards to recieve not only the monies issued plus interest, but in fact 'more' money than was originally lent plus interest!

If you have any suggestions, either for me as an individual, or for all of us a group with political clout - I'd be more than happy to hear them.

OldGirl
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Points: 1 		Post Options Post Options   Thanks (0) Thanks(0)   Quote piedsniper Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2007 at 3:56am
hi...I am initiating a lawsuit against RBC and I am looking for people to join in in the lawsuit.  I have had the same problem with "lost schedule 2's" for the last 4 years and I have had enough.  A letter will be going to the Royal bank from my lawyer today.  Spread the word...its on
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Points: 24 		Post Options Post Options   Thanks (0) Thanks(0)   Quote holygeez Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2007 at 1:28pm
good for you!!! right on!!  i hope you do well in your fight!
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I too have had the problem with RBC that I did not send in my schedule 2 form -- mind you I did. Even after I go all of my information in to them they said that it was too late and that they could not stop collection payments after they had started. In result my entire 4th year of university I was collected on - my bank account went in reares, they continued to collect on me after numerous phone calls and letters from my university that I was in school. The credit that I had worked SOOO hard to keep in good standing through out the years was distroyed, and they sent me to collections. I have now been out of university for 3 years - am unable to get a car loan, house loan, credit card - and have horrible credit.. RBC has ruined everything I worked so hard. I finally have a job, and I just had my first daughter, and can not get a car loan to make sure I have a reliable vechicle. 
 
I would love to get involved in ANY lawsuit against RBC.
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Points: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 26/November/2007 at 9:31am

What happens when you bring a bank into a program like the CSLP? Trouble. That is what happens. When a bank is facing a loss - they bail rather than try to prevent it.

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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