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 LockedDefault Osap and credit rating?

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airshow1234 View Drop Down
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    Posted: 25/February/2015 at 8:46am
I was just wondering how long a OSAP default stays on your credit report? I defaulted back in 2008 and paid the the loan off in full in 2010. Just looking for some information since I'll been black balled from getting loan since, and would like to get a mortgage one day. 
Also is it from the date you got the loan or the date you defaulted?

Thanks
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angel44 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote angel44 Quote  Post ReplyReply Direct Link To This Post Posted: 30/March/2015 at 6:33pm
Hello,

You would have been receiving negative remarks on your credit up until the time you defaulted on your loan.

The negative remarks from student loans will stay on your credit report for 7 years after you have made your final payment. 


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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: 08/April/2015 at 7:32am
With Equifax it is 6 years from the date of last activity. Your last payment, to pay it out, would be the last activity date,
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 SFA Quote  Post ReplyReply Direct Link To This Post Posted: 11/April/2015 at 10:38am
Consumer credit reporting of negative information(SOL) varies from province to province.
6 years = BC, Alberta, Sask, Manitoba, Que, NFLD, NS, Yukon, NW Territories, Nunavut
7 years = Ontario, PEI

Most Provinces observe 7 year reporting limitations(TU) for judgements even though they only allow 6 years for bad trades and collections. PEI 10 years for judgments
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 13/April/2015 at 8:11am

Equifax sets their own policy on this though and it is 6 years across the board. Even though Ontario Credit Reporting Law states 7 years, that is the "allowable" period. Equifax dumps after the 6-year mark.

Judgments vary but in order for the judgment to report after it's prescribed limitation period it must be renewed and then reported accordingly.  

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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