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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db108108 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote db108108 Quote  Post ReplyReply Direct Link To This Post Topic: 33K, but manageable...
    Posted: 27/December/2007 at 6:04am
I'm in repayment and at a job that pays almost nothing. I've been quite depressed about the whole situation, but sat down the other night, opened up Excel and did some calculations. I ultimately came to the conclusion that it's not that bad, really.

I have 6 months of interest relief left (from the original 30), but instead of not making payments, I'm going to bank the regular payments then apply them to the principle in May. Just by doing that and continuing to make static payments, I can reduce my repayment term from 114 months to 90! It's really incredible what that compound interest does...

I'm starting a PhD in September 08 and figured that if I put away 2k a year (not unreasonable) then apply the 10k at the end, my debt is down to 20k and I'll save myself gobs on interest.

I really thought that I had painted myself into a corner, but it's really not that bad. Sure, I'll have to live frugally, but I know I can do it.
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paulaffleck View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote paulaffleck Quote  Post ReplyReply Direct Link To This Post Posted: 27/December/2007 at 8:59am
I agree that it is not unmanageable.  My debt load at graduation was about $63K, and I made no noticeable progress on decreasing it until three years after graduation.  However, once my income rose to a certain level (just this past year), I decreased it to $32K. 

My thinking changed from, "Oh my god, what have I gotten myself into", to a mindset where I now see the debt as an investment in my future.  Probably, you have already come to consider your debt in a similar fashion.  Besides, unless you come from a well-heeled family, there is no other way to pursue a higher education, than to accrue at least some student debt.  At least, for me and my ways, that held true. 

I would only stop to agree with you on another point you made.  Making yourself live below your means, including not getting married and having kids until you have become financially healthy, is critical to overcoming the debt.  It's simple, but hard.  I wasn't able to do it until I moved out of a very high cost of living city.

Good luck.
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