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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maxspeed View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote maxspeed Quote  Post ReplyReply Direct Link To This Post Topic: Pulled report with equifax
    Posted: 26/January/2010 at 11:57am
I checked my equifax report, my student loan has been in default for more than 6 years, i was hoping it would come off this year.
My mastercard and visa are paid to date. But my student loan is on the report still. I dont want to do a consumer proposal. The last year which I received a loan was the year 2000. Any options?
 
CIBC STUDENT LOANS
Phone Number: Not Available High Credit/Credit Limit: $33,311.00
Account Number: XXXXXX Payment Amount: $304.00
Association to Account: Individual BalanceAmount: $29,597.00
Type of Account: Installment Past Due: Not Available
Date Opened: 2001-03 Date of Last Activity: 2008-01
Months Reviewed: Date Reported: 2009-11
Status: Bad debt, collection account or unable to locate
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Paid by government
Student loan
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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/January/2010 at 1:09am
No.

Because the information on your credit report is accurate, it will delete automatically, 6 years from the date of last activity. 

You must stick it out until January 1, 2014.

-P
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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: 27/January/2010 at 1:29am
This is a Canada student loan. You weill notice that in the comments section it states that it was paid by the government. The date of the last activity is showing as January of 08. This is no longer a property of CIBC. It looks as though the 2008 date is what comes into play here. 2014 may be the purge date.
  
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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maxspeed View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote maxspeed Quote  Post ReplyReply Direct Link To This Post Posted: 27/January/2010 at 6:10am
But I defaulted on the loan in jan 2003. CIBC pulled money from my account on jan 2008. My other credit has been in good standing since 2001. Its weird how sometimes im able to get credit, fido approved me for 5 phone numbers. I am unable to get a consolidation loan, its pretty rough out there.... 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 27/January/2010 at 2:44pm
"But I defaulted on the loan in jan 2003. CIBC pulled money from my account on jan 2008."
 
This would be the risk loan owed to CIBC. The one you posted as it shows on your report is a government guaranteed loan (CSL 1 or CSL 2).
 
Loans are more difficult to write simply because of the risk involved. Credit card accounts are easier to acquire for some people. Each case is unique though.
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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maxspeed View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote maxspeed Quote  Post ReplyReply Direct Link To This Post Posted: 28/January/2010 at 1:56pm

So if it is a government loan, why not call me up and say lets put you on an affordable repayment plan instead of having a collector bark instructions... that way, my family can move forward with our life and govt gets its money....

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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 28/January/2010 at 2:59pm
they get paid commission so if they can push you to pay the full amount, they get a bigger paycheque quickly.
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