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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    Posted: 05/December/2014 at 7:44pm
I graduated in the fall of 2003 and accumulated students loans. Due to some bad luck and financial difficulties, I was not able to pay back my OSAP student loans. About a year ago, after filing a tax return, my refund was taken and applied to a student loan but I am not sure which student loan (provincial or federal).  Again this year, my refund was applied to the student loan, so I decided to call the telephone number on my notice of assessment and I got a collection agency (EOS NCN). I am currently not in a best financial situation, I am currently unemployed and my EI has ended. After talking to one of the agents, they kept mentioning taking care of my federal portion after I pay of the one they have. I acknowledge having any federal loan on the phone or gave anything in writing about having a federal loan. However, I make and arrangement and got it in writing to pay back a small amount of $50 per month over the next 6 months. The amount owed on the loan with the arrangement is $3969 approx., I want to know if I can make an offer of lump-sum on this amount if I am able to at some point in the future?

What I can't seem to figure out is where and how do I find out more about the other portions of the student loan without resetting any kind of limitations?

I know there is the federal portion, and I know at one point RBC had some of the loans. It has been a long time and I don't have any documentation that would explain who has them and how much is owed. What I do have is a credit report from Jan. 2012, that shows that the loans held by RBC were closed  and last reported on 03/31/2004 or 07/29/2005 with the note "Account Closed/Rating Non Derogatory" on each one for RBC. I have read on this forum about limitations with certain types of student loans, would any of these loans fall under any limitation rules?

In my current situation, I know there is no way I could pay back any of these loans.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 06/December/2014 at 1:27pm
Be very careful with your federal loan as it may be statute barred. Do not write anything otherwise you might lose your statute barred status.

There is more information on this sub forum...
http://canadastudentdebt.ca/forum_topics.asp?FID=90&title=collection-of-old-stats-barred-loans
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https://LaughSingWrite.com - http://bit.ly/heal2024
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