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 LockedIt is over, I think...

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    Posted: 05/May/2012 at 4:03pm
Hello, I posted here awhile ago about my student loan issues. I could possibly have gone the stats barred route or the bankruptcy route, my loans totalled almost $70,000, one of the collection agencies was threatening court against me and after a budget analysis realized there was no way out for me.
I chose bankruptcy because of the lack of transparency when it comes to stats barred and finding out for sure if I fall under that or not. I still some what wonder how that would have turned out, maybe I should have shelled out the few hundred or whatever to find out. I think things like that should be laid out for all to understand and have access to.
Anyhow, so far the bankruptcy has worked. My end of study period I verified prior to bankruptcy so I know it was 7+ years. I went back to school in 2005 and am still a part time student who has been paying course by course myself so no restart on the OSAP clock. I know that is a common question here so I'm posting after my discharge, and after my income tax return has finally been desposited in my bank account for the first time in forever.
Now I hope that the horror stories of years later being contacted by collections again or a tax return not showing up do not happen to me.
Bankruptcy is not fun, I do sorta wish I had contacted the CFW Group instead. When I first went to the trustees office they made it sound great, I was in hard times and needed a fresh start, there was nothing to feel bad about. Okay, then, after you sign they treat you like garbage. My tax return was prepared by them last year and wrong, so I called and they didn't believe me at first and were real snotty. Then they see the mistake and re-do it, send me a new copy, and guess what? ANOTHER simple mistake. I do my own taxes every year so good thing I can catch these things. THey were snotty again and finally did it right. When I had any question at all they repeated something about how my excess income and payments are calculated and they'll charge me an extra fee to do it different months 9+ even though I never mentioned that. They were so bloody defensive everytime I asked a question. Excuse me but I like knowing and understanding.
GAH. Horrible experience, so glad it is over. My credit is being repaired already, Capital One gave me a $1000 limit no deposit credit card a week after I was discharged.  I was expecting to pay towards a secure card but hey, whatever, this is better. I have RRSPs from before (only payments made 1  yr prior to bankruptcy are held against you) so my bank says transfer them to there then I have net worth already (which they can verify? Or they just want all my accounts) and can get an RRSP loan end of this year already. Thankfully this rebuilding credit part is easy going after putting up with the bankruptcy people (they did more than what I ranted about already, including lying about how much I was to pay overall by about $1400, grrr).

Okay, so summary is, yes end of study really means for when you got OSAP and not when you go back paying out of pocket. bankruptcy sucks, they will treat you like sh*t after getting you sucked in. :(  Call the Johnny guy who talks on these boards instead first.



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