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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spookisgirl View Drop Down
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Joined: 20/October/2008
Location: Trenton, ON
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    Posted: 20/October/2008 at 5:54am

     I have been out of school since 2003, and in that time, trying to pay back my student loans I had to declare bankruptcy.  I am now much more steady on my feet financially and trying to pay back my loans, but I got caught in the changing programs when banks kept getting out and the advent of the NSLSC.  Now I have one loan in collections with Allied International from National Bank, One with HRDC, and one with the NSLSC, but with the New Brunswick returned to government division which is a separate entity.  I am making regular payments on all my loans, although very small ones that barely cover the interest, and stil owe approximately 45000.  I have gotten no debt relief and never qualified for interest relief.  My biggest problem is the division of the NSLSC  that I deal with  for my NB Provincial loan.  beside the fact that the loan collects 4.20 a day compounded daily in interest, in order to make a payment I have to mail a money order to the centre, and it takes about 3 months before it is posted to my account.

  I am wondering if anyone has been able to consolodate this amount of loans?  Paying 3 different lenders is killing me, and I would like to get one payment.  I don't have a house or anything (since I carry so much student debt I can't get a mortgage).  My credit has recovered somewhat from the bankruptcy (the 7 years is almost up now). 

Anyone have any suggestions?

 

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