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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Forum LockedMy bottom line so far

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Southpa View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Southpa Quote  Post ReplyReply Direct Link To This Post Topic: My bottom line so far
    Posted: 22/February/2007 at 8:50am
I've had this hanging over my head for quite some time now.  I decided to count my chips and have made a few conclusions.  Heres where things stand:
 

As of 2003 my oustanding CSL debt was $24,526.86 according to TCH International collection agency.  Over the years I have made various attempts at repayment as well as Income Tax returns and GST cheques being seized since 1999. 

 

Total Income Tax = $6594.41

Total GST = $1226.75

Total payments by personal cheque = $2458.00

 

This amounts to $10279.16 paid out towards erasing my CSL student loan debt.

 

The most recent monthly statement I have received from Social Development Canada states the outstanding balance at $29965.51

 

Hmmm.... somethings rotten in Denmark, don't ya think?  

 

Conclusion #1

If you can't afford their minimum monthly payment then don't bother, you are needlessly throwing money away.

 

Conclusion #2

Yes, it definitely IS a business.  They would prefer that you stay in debt so they can collect those little extras you are sending that YOU think are making a difference.
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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 22/February/2007 at 11:17am
The Canada Student Loans Program is a business and was re-built to create MASSIVE revenues for ther government. They do make MASSIVE returns but claim poverty as well. The government finance sector has adopted policy that is equivilent to bank and consumer lending protocol. They keep you tied up and in debt so they can continue to reap (see income tax and Canada Student Loans Acts). There is no alternative for the borrower because it is a situation controlled by force. Essentially, the government is doing to its people what it is actually supposed to be protecting its people from.

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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