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.


  New Posts New Posts RSS Feed - Paying my CIBC forever! How can I reduce?
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedPaying my CIBC forever! How can I reduce?

 Post Reply Post Reply
Author
skippingrock View Drop Down
Newbie
Newbie
Avatar

Joined: 08/March/2010
Location: BC
Points: 1
Post Options Post Options   Thanks (0) Thanks(0)   Quote skippingrock Quote  Post ReplyReply Direct Link To This Post Topic: Paying my CIBC forever! How can I reduce?
    Posted: 08/March/2010 at 7:49am
Hello, I've got a CIBC Student load from the early '90s and I seem to have been paying this loan forever.  The loan was for around $12,000 and I still owe around $5200.  It seems to be taking forever to pay this loan down.  Last year about $800 was applied to the principal and was paying $220 in interest.  This is a ridiculous amount of interest.  

I am thinking of just biting the bullet and using my Line of Credit to pay off the rest of the student loan.  Has anyone else had experiences with this and have any suggestions?  I have been paying my loan regularly and haven't defaulted.  I think I've used my total interest relief.

I am wondering if there are any programs that I can take advantage of to reduce my debit before I go and pay it off.  I would much rather reduce it and then pay it with my LOC.  I also have two smaller loans at NSLSC and BCSL with a total around ~$11,000.  I know, not much compared to some, but I'm at the point where I'm not sure if it is better to just pay one or all off with my LOC or continue to just pay it as I am.

But if there is some sort of Loan Forgiveness Program for CIBC, BC, or Fed loans or some way to reduce the interest on my CIBC loan I'd love to hear about them.

Cheers, Andrew.
Back to Top
Sponsored Links


Back to Top
administrator View Drop Down
Admin Group
Admin Group
Avatar

Joined: 25/January/2003
Points: 1798
Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 08/March/2010 at 9:34am
There is a new RAP program.  Check for info on the Canlearn.ca site... 
 
Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
Back to Top
Fed-Up View Drop Down
Newbie
Newbie


Joined: 17/February/2010
Location: Ontario, Canada
Points: 39
Post Options Post Options   Thanks (0) Thanks(0)   Quote Fed-Up Quote  Post ReplyReply Direct Link To This Post Posted: 09/March/2010 at 1:29am
I called the number on the web-site to enquire about the RAP program. I was told verbally that if you are in default you do not qualify.
 
I then asked why it doesn't state that on the web-site and I received an answer to the effect of "it's the government who puts the web-site up and the information on it, we have no control over what they write."
 
 
Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.