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.


  New Posts New Posts RSS Feed - Have no interest rate at all :)
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedHave no interest rate at all :)

 Post Reply Post Reply
Author
Staretz View Drop Down
Groupie
Groupie


Joined: 20/November/2004
Points: 120
Post Options Post Options   Thanks (0) Thanks(0)   Quote Staretz Quote  Post ReplyReply Direct Link To This Post Topic: Have no interest rate at all :)
    Posted: 18/October/2006 at 8:35am

1.  no interest rate on the loan, which i suppose would make it a grant rather than a loan

2.  tax deduction on the payments. maybe at the current 17% or whatever it is for interest payments on student loans.

Back to Top
Sponsored Links


Back to Top
Teri Smith View Drop Down
Newbie
Newbie


Joined: 23/February/2007
Points: 5
Post Options Post Options   Thanks (0) Thanks(0)   Quote Teri Smith Quote  Post ReplyReply Direct Link To This Post Posted: 23/February/2007 at 4:27pm
I agree with no interest rate. Have you ever noticed that the poorer you are the more people want to take from you? If you fall into hardship, the credit company will increase your interest rate, really not helpful is it? The government should be happy that the return they get on helping students get their education is a more productive and healthier population.
 
Teri
Back to Top
pogorelichfan View Drop Down
Groupie
Groupie


Joined: 24/February/2007
Location: Canada
Points: 87
Post Options Post Options   Thanks (0) Thanks(0)   Quote pogorelichfan Quote  Post ReplyReply Direct Link To This Post Posted: 24/February/2007 at 5:44am
It seems to me that making us pay back the cost of our education is enough; no need to hit us over the head with nearly 10 percent interest!
Back to Top
ChumbaWumba View Drop Down
Newbie
Newbie


Joined: 10/July/2007
Points: 2
Post Options Post Options   Thanks (0) Thanks(0)   Quote ChumbaWumba Quote  Post ReplyReply Direct Link To This Post Posted: 10/July/2007 at 3:40am
 I totally agree about the interest rate. I'm still paying my loan after 11 years, during which I have never defaulted. I have a mortgage, car and excellent credit.  I called today to see what the interest rate is and what I needed to do to get it lowered.  FRUITLESS.  She actually had the nerve to tell me I needed a GUARANTOR to move the interest rate down .5%!!!! 
I cannot believe the government is allowing the banks to financially rape students in this country. We need an educated population and yet they offer absolutely no decent programs to help students acheive.  Apparently, you should only have the opportunity of further education if you are wealthy. Isn't that special?
Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.