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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wrennard View Drop Down
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    Posted: 04/July/2014 at 4:39am

Hello All,

I'm seeking advice on paying down my LOC debts. Here's my situation.

Single living with girlfriend. We are currently renting in Toronto.

My Income: ~$130,000/yr gross

RRSP: currently at $34,000 contributing $1000/mth with the addition of employer maching of~$240/mth. I mainly do this to help with income tax and to get the employer contribution. Also to atleast get to $25,000 for first time homebuyers.

TFSA: Currently at $1000 just started contributing $500/mth

LOC: $80,000 ($50,000 line @prime +1%, 30,000 @ prime +2%) professional student LOC. Averaging about $1200-$1500/month in payments towards LOC.

Credit cards: currently at $3000, but will pay this off next pay check.

My portion of rent is $1100/month. No mortgage at all but looking into purchasing something. Essentially, I have been putting everything towards LOC that is left over. I find I am struggling sticking to a budget.

Is what I am paying towards LOC sufficient? Should I stop contributing to TFSA or RRSP? Should I increase or decrease these? Is there value in saving and trying to pay down debt at the same time or should I focus on debt?

I am 2.5 years out of school and feel so bogged down with the debt. I have no house so no equity building and in the GTA it is almost impossible to find an affordable house. Just don't know what to do or if I am approaching this correctly. I feel so far behind all my other friends and family.

Thanks for any help or comments.

Ren

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Benin View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Benin Quote  Post ReplyReply Direct Link To This Post Posted: 28/February/2017 at 3:14pm
I'm no expert, though when I was working for a bank I learned that paying off debt first is the way to go. 
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