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 LockedSo I did a detailed analysis in excel...

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Mad man View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mad man Quote  Post ReplyReply Direct Link To This Post Topic: So I did a detailed analysis in excel...
    Posted: 05/February/2009 at 5:08pm
So I've been paying off my student loan for the last 6 1/2 years. I just finished doing a detailed analysis in excel and came up with the following.
 
-My original loan was for $9865. TO date I have paid $6188 BUT I still owe $6711. This is because of the $6188 I paid, 49% went to interest and 51% went to principle.
 
-At the current interest rate/monthly payment I estimate I will have paid $5003.06 in interest on the $9865 over 11 years.
 
-I've had to go on interest relief a few times, and when I have been able to pay, it wasn't very much, which was all I could afford.
 
-Long story short, if it wasn't for the interest my debt would be paid off right now. Instead I get to pay for another 5 years.
 
* SO Why can't the government just give a student interest rate of 0%!? If I can get 0% financing on something stupid like a car or a new couch from the funiture store, WHY CAN'T I GET 0% FINANCING ON MY FUTURE!!!?!  I wanted to do more school but am scared to death to ever do so.
Grrrrrrr!
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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: 08/February/2009 at 3:44am
I think that whenever a government lends out a large amount of public funds, that decision, and the rate of interest received on those loans, needs to be defensible.  After all, these are dollars collected as taxes.  This would be defensible, as long as the decision is driven by some other justifier, such as a coherent policy with respect to student loans that recognizes the impact of interest payments on the ability of students to repay their loans.  Our government does not seem to be jumping to the quick to make any such policy change.  Of course, neither did our recent Liberal governments, either.
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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 09/February/2009 at 2:17am
The student loan system is a business. Just like CRA is a for-profit business. Their recipe for success is simple. Keep people in debt and make money from it.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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