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 LockedScotiabank Increased Payments after RAP approval

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Sunshineyday View Drop Down
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    Posted: 28/July/2014 at 7:53am
So applied for RAP, got approved by NSLC, payments reduced significantly. I have old government student loans outstanding with Scotiabank. They also approved my RAP application. Ontario student loan payments decreased by 50%, federal student loan payment increased by $30?!
I called and spoke to a supervisor and they had no explanation other than that it was based on my income. No explanation for why my ONT payment went down. Best they could do was cancel my RAP for the fed portion to return to my original payment.
Seems like something has gone awry here but no one at Scotiabank will help me!
Has this happened to anyone else? Advice?
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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: 29/July/2014 at 9:04am
There are three heads on this beast you are dealing with. Each one has it's own mind with it's own agenda.  Things NEVER go as planned when you have this sort of set up.  The only thing they all have in common is that they want your money and to make a huge return on interest that you pay in.

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 Sunshineyday Quote  Post ReplyReply Direct Link To This Post Posted: 29/July/2014 at 9:59am
Well I've made a formal complaint to the office of the President at Scotiabank. Unfortunately I've had issues with the Government Student Loan division of Scotiabank before and the office of the President was very helpful. I'm hoping they will be able to help this time as well (not holding my breath though). ...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 30/July/2014 at 3:47am
Yes. Going to the bank's head will serve you better, unless they tell you to contact their ombudsman. In that case they will simply investigate themself and we all know how that works out,.
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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