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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Olivia View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Olivia Quote  Post ReplyReply Direct Link To This Post Topic: Student Loan Not on Credit Reports
    Posted: 31/January/2012 at 10:27am
I have a student loan that has never showed up on either of my credit reports. It went into default last year and I still do not see it on my Equifax or Transunion reports. Is this normal and why would it not be reported? I want to apply for a line of credit but am I required to list it as one of my debts or should I just ignore it? I went to apply for a house a couple of years back and the bank said that my student loan was not on my report even though I had stated in the application that I owed it. Does just stating the fact that you have a loan even if it doesn't show up on your reports affect how much credit you will get when you apply?

Thanks!
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administrator View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 31/January/2012 at 1:52pm
The old what is legal, what is ethical question....

According to the documents you are signing, you must make a truthful statement....omitting information could be considered fraud.   Your call....
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Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
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Melanie21 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Melanie21 Quote  Post ReplyReply Direct Link To This Post Posted: 21/February/2012 at 5:48pm
I have the same situation. I am not complaining about it, but I would like to know why. Could it be because it passed the 10 year mark? I graduated in 2002.

I have only been paying the interest on it  - not the minimum payment because it is way higher than I can afford. Thanks to refinancing my mortgage, I now have some money to pay it back, but it would mean not being able to pay some other things that are showing up on my credit bureau. Do I need to pay it all or can I negotiate a settlement amount at this point?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 22/February/2012 at 11:12am

THe same rules apply to student loans when they are reported to the credit bureau. The reporting rule is that it can only be reported for a period of 6 years. There is no such 10-year rule, unless it is a judgement, and the reporting period of that item carries a 10-year reporting period.

Do you need to pay it all or can you negotiate a settlement? You can settle it, pay it, or do whatever you so choose.  Everyone should pay debt if they have the means. It should never have to come to a consensus. Do what you think is bestBig smile
 
Johnny 
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote footloose Quote  Post ReplyReply Direct Link To This Post Posted: 22/February/2012 at 3:21pm
All judgments shown on an Equifax Credit Report are purged 6 years from the date the judgment is filed.  This policy applies to all Provinces and Territories in Canada except PEI. 
In PEI, the judgment is purged 10 years from the date the judgment is filed.
 
All judgments shown on a TransUnion Credit Report are purged 7 years from the date the judgment is filed in ON, PQ, NB and NL.  In all other Provinces and Territories in Canada, except PEI, the judgments are purged 6 years from the date the judgment is filed. In PEI, the judgment is purged 10 years from the date the judgment is filed.
Educating one Consumer at a time
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