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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Author
ozie View Drop Down
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Joined: 11/July/2007
Location: Canada
Points: 1
Post Options Post Options   Thanks (0) Thanks(0)   Quote ozie Quote  Post ReplyReply Direct Link To This Post Topic: student loan and credit report
    Posted: 11/July/2007 at 8:39am
i have not paid student loan for 3yrs and finally did one payment this year and also did my report (credit report check)
guess what: all the bank accounts were closed and paid) of course there were no details but i was very happy.
now my report says i have indeed a good credit. I am little skeptic. i do think banks are that forgiving.
anyhow, my last payment from this year was causing a lot of problems becasue nobody at the bank knew where my accounts were. is not this strange? and finally they told me it was written off!
but of course they kept the payment.
now what do i do?
should i wait two more years and declare bankrupcty? wait for them to chase me and make a payment plan with them?
my credit says i am good but what the f**k does that mean?
it says all teh accounts were closed and paid ...I am not sure how that got on there. I paid in full all the govt accounts but not this one.
has anyone ever had this sort of problem. i mean i could have buy a condo with this rating yet..i am not relaxing!
 
so what will happen. now that i made a payment are they gonna open the account and come after me and make me miserable or would they be happy i made a payment and wait for it?
 
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Dunker View Drop Down
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Joined: 18/June/2007
Location: Canada
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dunker Quote  Post ReplyReply Direct Link To This Post Posted: 11/July/2007 at 12:27pm
I think that one possibility is to call contact CRA National Collection Services @ 866-336-7565 as Johnny mentioned in an earlier post, and ask them if you have an outstanding balance owed to the Crown.  Playing cat and mouse with the debt collectors can ultimately backfire.  What you want to find out is who you owe money to.  You don't want to declare bankruptcy without knowing the real truth about your debts: exatly what you owe and to who.  The 10 year rule does not automatically entitle you to discharging the student debt if it is determined that you are financially able to pay up.   
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