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 LockedNCO out of Alberta and other student loan problems

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thebear1979 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote thebear1979 Quote  Post ReplyReply Direct Link To This Post Topic: NCO out of Alberta and other student loan problems
    Posted: 17/September/2008 at 3:01pm
Hello all,
 
I was a student in 2003 and due to OSAP removal of funding I was forced to leave school without my degree.  That being said I found myself in deep about 60000 and the only way I could see the light of day was to file for bankruptcy.  I did that and was assured by my trustees that once I was disharged that the student loans people would contact me. well they did and I started to pay them back.  Only problem was that not all of them contacted me.  Nearly 4 years later NCO out of Alberta contacted me telling me that I owe the Federal Government 20000.  I told them no I don't I am paying cibc my federal loan.  They finally convinced me that I owed them that money, but I disputed the interest that had been charged to me in those 4 years.  I ended up having to get my MP involved and that was resulved now after that was settled I began payment now every 6 months they harrass me for more money because I can't make the minimum payment of 486 per month.  I currently owe 14800 and my wife was able to find $6000 to offer them as a settlement as we wouldn't be able to pay both the remainder of the loan and the $6000.  Here comes the question.  Is it true that the Federal Government will not accept any offer?  I am nearly at my wits and dealing with these people (using that term lightly).  THey actually told me they would take the $6000 and reduce my payment to $50 a month so that I could pay off the $6000 and then resume normal payments.  Do the math that doesn't even make sense.  Anyway Does the government take settlements and if so what is the percentage of total debt that I would have to come up with?  Also if I stopped paying all together anyone know how much of my pay check they would garnish.  And Final question.  Having your student loans with NCO as long as you make a regular payment how much damage does that do to you if you want to start building credit because I want to go to my bank and see if they will consulidate my loans for me and I make them one payment for 3 loans.
 
Desperately seeking answers in Windsor,Ontario
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