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 LockedRepaying Statute Barred Debt

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    Posted: 19/September/2015 at 2:51am
Has anybody reading these forums been through the process of willfully reactivating and rehabilitating a statute barred Canada Student Loan?  I accumulated this debt between 2002 and 2005

In the next few months I will be in a position to at the very least pay off the interest plus two months of payments on a Canada Student Loan debt that has ballooned to $42,000 thanks to interest.  Now, I still feel like I was screwed by the system and I'm tempted to just forget this debt and walk away, but ....  it doesn't feel right now that I am in a position to deal with it.  Also, watching this debt balloon thanks to the interest is worrying.  Better to deal with it now rather than 10 years from now.

I cleared - payed in full - the ontario portion a few months ago.

What is the process?  Any "gotcha's" I should be aware of?

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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 19/September/2015 at 10:20am
You will start a process of being harassed by collection agencies.  What ever you offer, they will want more.  It's not a pretty picture.  You will get unending phone calls from abusive collection agency.  It may ruin your credit rating as well.

The system is broken, you have stats barred protection.  While it is admirable that you want to deal with it, the system will bully you.  

If you have enough  money to pay all the accumulated interest and two months payment, then talk to John Leblanc at CFWGroup about working on a 'settlement offer'  to completely close off the loan rather than being stuck with payments, or at least talk to him about the stats barred situation. 

He charges fees but might be able to help you navigate something better.   His website is http://cfwgroup.ca

Let us know how things go....

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