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 LockedStatute of Limitations question

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AcadianMan View Drop Down
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    Posted: 26/December/2011 at 5:25am
My wife had a student loan from 2000 that she was unable to pay.  2010 she started working at CIBC and thought nothing of the loan because it had been so long.  She worked there for 2 months with no problems, then her account was suddenly frozen.  CIBC refused to release the funds unless she made payment arrangements with CBV.  She was forced to make the payments while she worked there.   She no longer works there, but is receiving calls from the collection agency. 

Does this restart the Statute of Limitations on this loan?  The way I see it is, they basically extorted the payments from her.  

Definition - "Extortion (also called shakedown, outwresting, and exaction) is a criminal offence which occurs when a person unlawfully obtains either money, property or services from a person(s), entity, or institution, through coercion."

Could someone please give some clarification on this.



Thanks.
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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/December/2011 at 2:22am
If tyour spouse made a voluntary payment that the student loan would survive any limitations that were previously in place. When the bank arbitrarily takes money that is not an acknowledgment and does not disrupt any limitations in place.
 
Extortion is not the case because there is a debt, and the bank had legal right to seize any money in a bank account in the name of the debtor. The best way to have handled this was to use the limitation issue as the argument. THat would have remedied the problem.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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