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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bandog View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bandog Quote  Post ReplyReply Direct Link To This Post Posted: 11/April/2008 at 3:10am
As per my previous message below - does anyone have any information about this?
 
Thanks!
 
hey Nego - the instructions for filing the debt reduction forms state that one must submit the completed document to the banking institution holding your loan ... if you've defaulted, and the loan has gone to collections ... where do you submit the forms?? Confused
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administrator View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 14/April/2008 at 2:40pm
If you are in default, you are apparently not eligble. A stupid program that doesnt help those who need it the most.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bandog Quote  Post ReplyReply Direct Link To This Post Posted: 14/April/2008 at 11:01pm
wow ... that's so hard to believe ...
what about things like illness - physical or mental - does anything like that make a difference to these people (using the term "people" loosely here)?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote nago Quote  Post ReplyReply Direct Link To This Post Posted: 12/June/2008 at 2:13pm
ye u got to bring it into good standing ...then do the dr

i did that and it worked....

always with everything...jot it down and follow up...

jobs, dr everything....

they all just like to pass the buck so they dont have to do any work....make em work for you...not the other way aroud
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Post Options Post Options   Thanks (0) Thanks(0)   Quote scortpus Quote  Post ReplyReply Direct Link To This Post Posted: 03/August/2008 at 4:51am
This is something I've been wondering for a while.    I have 2 student loans.  One is a Canada-Provincial loan with NSLSC and the other is a Canada loan with CIBC.
 
When I have applied for interest relief in the past, that application to the NSLSC was good for both loans.   If I apply for debt reduction is this application to the NSLSC also applicable to both loans?  Or would I need to apply separately to both NSLSC and CIBC?
 
Also, from what I gather the reduction could be up to $10,000.  Since I have two loans is this $10,000 overall for both loans (ie: $3500 off one and $6500 off the other) or is it up to $10,000 off each?
 
Thanks
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Post Options Post Options   Thanks (0) Thanks(0)   Quote nago Quote  Post ReplyReply Direct Link To This Post Posted: 24/December/2008 at 8:51pm
banddog

not sure...

you got to have them in good standing, exhaust ir, and revised terms...

like the other guys have said they try everything to screw you out of it.

here's the gameplan again

1)photocopy everything place it in a book. one section fed one for prov. Put everything in there.  in order. including the rules of Dr , rules of interest relief. Titles + cards of the person at the banks.

2) make sure you meet the reqs above good standing, -ir, and revised

3)follow up constantly. every time you hand it in ask if they received it. If it has been sent --so forth. Write down names + gets cards and tell them your recording this information. ie. I'm bloody writing this down. Can i have your name title etc.

4)never say never --you got to fight for everything in this process. Too revise the  terms of my loans i had to pretty much threaten them...course they didn't receive my papers, missed a form, i was allowed to revised since it isn't an option till i paid my loans in full, was sent to collections so they have it.....you get it the run around.

5) don't take no for an answer--took me 13 times just to get the dr...but i got 28k knocked off.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote nago Quote  Post ReplyReply Direct Link To This Post Posted: 24/December/2008 at 8:54pm
oh, you have to apply for fed and provincial seperately...for each loan--

you can get prov dr. I got my whole provincial knocked off --

fed is a pain the max is 10 but you got 3 tries.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote gigatron Quote  Post ReplyReply Direct Link To This Post Posted: 27/December/2008 at 7:11am
I'm frustrated and confused... i don't know where to start, your posts made me more confused.

If my wife is in school now but not taking loans she can not apply to debt reduction!?.......
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 28/December/2008 at 8:12am
You cannot apply for debt reduction until you have exhausted all of your interest relief time, and are entering repayment.
 
 
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote lemmy33 Quote  Post ReplyReply Direct Link To This Post Posted: 17/December/2009 at 3:16pm
Wow, I'm really surprised to hear of the problems people have had with the debt Reduction, maybe I was fortunate or just plain lucky to have requested the forms, filled them out along with the photocopies of a year's worth of paystubbs and received a letter a few weeks later stating I had $17, 000 chopped off my loans, it was really quite simple.  The new RAP program has worked equally well with no hitches as of yet.  I hope everyone else has a better outcome like I did.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Syne Quote  Post ReplyReply Direct Link To This Post Posted: 23/February/2010 at 3:14pm
Originally posted by nago nago wrote:


susan you cant get more loans until its paid in full --


Are you sure about this? I've been on consecutive terms of interest relief, and I was able to go back to school in order to stave off repayment. Why is debt reduction different? Is RAP also like this?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 24/February/2010 at 7:12am
If the loans are in default you cant get more funding.... Syne, if you are on IR you are not in default... hence you can get more funding...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote highland Quote  Post ReplyReply Direct Link To This Post Posted: 09/May/2011 at 12:55pm
Why did this program get axed?
Are there any exceptions or is the new best case scenario that the gov't pays  100% of your monthly payments once you get RAP granted?  This has to be reapplied for every 6 months for 15 years???

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Post Options Post Options   Thanks (0) Thanks(0)   Quote NasirJ Quote  Post ReplyReply Direct Link To This Post Posted: 06/August/2013 at 7:58am
Hi Nago, can you please post here if the Loan Reduction program is still intact. If yes, then can I apply for it even I am on interest relief program.

Thank you
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 06/August/2013 at 1:29pm
Debt Reduction in Repayment has been replaced by RAP, the new repayment assistance program. 
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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