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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MsCD View Drop Down
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    Posted: 28/February/2007 at 7:32am
I am currently an undergraduate psych. student in Toronto, and plan on continuing to obtain my PhD. I am getting the maximum amount of student loan which is $11,999 (although I receive a $3,000 bursary each year, which is deducted from my total loan amount). I am looking at another several years in education, and simply cannot afford to pursue my dream without getting the full loan amount each year. Needless to say, this will leave me with a large debt when I finally finish my education (Approx. $63,000).
 
I am posting because I was hoping someone else might offer some advice. Has anyone else accrued such a large debt? I won't spontaneously combust when I receive my first payment total, will I?
 
I will be earning approx $50,000 per year (before taxes) when I graduate... Being a clinical psychologist is my dream, and I have no alternative but to pursue my goals by going deeply into debt. Any positive insight would be most appreciated. As you can imagine (and as you all probably know all-too-well) this amount of debt can be a really frightening prospect.
 
Thanks in advance for your help!
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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: 28/February/2007 at 8:49am
For your graduate work you should apply for scholarships....visit your financial aid office and see what special bursaries etc...

There's a book out there on education grants in Canada. I'll try to track down the title.... Are your parents working? Check to see if there are any bursaries from their firm for their children.

Mark
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Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
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Post Options Post Options   Thanks (0) Thanks(0)   Quote frustrated-guy Quote  Post ReplyReply Direct Link To This Post Posted: 02/March/2007 at 5:45am
I am guessing your are female from the board name MsCD. 
 If you are female you can try applying for a Canada Study Grant for Females Pursuing Doctoral Studies
 
I understand that you have to be elgible for a Canada Student Loan to obtain the this grant and that an additional grant application is required.
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