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 LockedConfused/Concerned, New Grad

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btemp View Drop Down
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Joined: 12/September/2011
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Post Options Post Options   Thanks (0) Thanks(0)   Quote btemp Quote  Post ReplyReply Direct Link To This Post Topic: Confused/Concerned, New Grad
    Posted: 12/September/2011 at 10:51am
Hello, I would first like to thank the people who run this site and post for the wealth of useful (and scary!) information on student loans.  Suffice to say, as a recent grad, I wished I'd known this years ago, and not naively assumed that student loans would be student friendly.  I could really use advice, so feel free to skip the next two paragraphs (just some background and venting).

So here's where I'm at (hopefully this is in the right place, if not admins feel free to move it).  I just graduated in April 2011.  I further was a full time student after I graduated over the summer semester (as an unclassified student, to ensure I'd filled the obligations for potential grad work) and during this period I applied for (and received) a student loan.

Now somehow the NSLC started calling me saying I owed money.  I told them I was in school and they said I needed to send in a form 2, for which I needed to speak to my education institution.  I did this, and they told me that that was garbage and having a student loan negates any form 2.  The long and short of it is, I receive a call from a company called Tricura and, having about $20 in my bank account at the time, find -$300 AND I had my credit rating hit - all while I was still in school.  I seem to have solved this problem by sending in a RAP form Tricura sent me (I faxed it given the trouble people have mentioned on this forum) but I haven't yet heard back.  

This isn't my biggest concern though.  This whole process caused me to much more heavily research my student loan and have left me with numerous questions.

1) There were some posts on this site about reducing the principal of student debt, but they are all outdated. Example: http://www.canadastudentdebt.ca/forum_posts.asp?TID=4070&title=debt-reduction

Having looked through this forum, google, and canlearn (and affiliated websites) I can't find the information on debt reduction.  I may simply be misunderstanding some of the terminology.

2) Prior to having money taken out of my account I had accumulated interest on my student loan about two years into my degree without every leaving school other than over the 4 month summer semester.  I spoke with the NLSC, without success, and don't know how to get this interest removed from my account.

3) Is contacting federal and provincial MPs any use?  Learning about how the student loans work now scares me, and even the updates listed on this site (circa 2009) don't seem to help at all.  What can we do?
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