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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clarks3 View Drop Down
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Location: ontario canada
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    Posted: 04/January/2014 at 12:00pm
Hi there'

I have 18450 in Ontario student loan debt from 2006. My issue is that I make okay money however I own my own house and those bills come firs, I never have enough left over to pay the principal amount the expect me to pay so they continually put me on interest only payments for years which gets me nowhere. They won't let me choose a monthly amount that I can afford to put towards a principal because they want it paid over a 15 year period, so lately I haven't paid them at all and have been fighting with them. Would they not rather me pay something than get nothing from me? Im stressed and unsure what to do? Any advice is greatly appreciates.

Thanks
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 04/January/2014 at 12:45pm
First of all, not making payments is a bad idea. You will be defaulted and reported to the credit bureau.  You will then have a hard time renewing your mortgage next time it's up for renewal.

Check to see whether you qualify for RAP  - if they are accepting interest only payments they may be trying to help you.... If you are on RAP, at certain intervals the government will reduce your principle for you.   The maximum amortization for student loans is 15 years, because if you can't pay it off in 15 years, they figure you should be on the RAP program.

Here's a link to the RAP program.
http://www.canlearn.ca/eng/loans_grants/repayment/help/repayment_assistance.shtml


Are you dealing with the NSLSC or a collection agency?
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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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clarks3 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote clarks3 Quote  Post ReplyReply Direct Link To This Post Posted: 04/January/2014 at 1:05pm
Hi mark, thanks for the quick reply. I've applied for rap but I dont think I will qualify, they don't take into consideration all of the other bills people have to deal with in life. They also want my husbands income which in refuse to provide because the loan is in my name and my deal, we keep separate accounts and make our own money so I told them i don't think its fair they take his money into account. So I should continue with interest only payments ten? But what happens when 60 months is up and I can no longer do IR payments? I believe it is nslsc I'm dealing with, says its TriCura?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Radagast Quote  Post ReplyReply Direct Link To This Post Posted: 05/January/2014 at 7:27am
I agree, definitely get caught up on any payments you have missed. You always have the option of making one-time payments. Even if they won't accept a low monthly principal repayment on a regular basis, you could always make an extra $100 above interest every month or so. I do it through my online banking.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 08/January/2014 at 3:35pm

Tricura is the collection agency within Davis and Henderson's NSLSC handling government products.  The system makes it so that both incomes determine the outcome, unfortunately.  On one hand you have privacy law that protects him, and you have the FAA and CSLA that say you are required (by these laws) to disclose all of the income in a household.  The law is designed to aid the government in recovering money from someone other than that borrower. 

The laws in Canada are warped beyond reason and lawyers for the financial and government communities manipulate these laws even further so as to restrict you.  Government and the financial community are both impervious to law so they make their own up. With their power and unlimited access to financial resources they succeed.

Lawyers and wealthy corporation rule the system, and Canadian politics.  Given this there's a whole lotta corruption going on. But not with Stephen Harper and his conies, no. They are the honest ones in Canada right.


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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