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 Gov Student Loan Lied to Collections

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jeephead View Drop Down
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Joined: 18/April/2016
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    Posted: 18/April/2016 at 6:51am
I have had student loans both Federal and Provincial since I graduated 2001. I have always had interest relief and have been approved for Repayment Assistance during times I couldn't make regular payments. I have no issues all these year until Scotiabank outsourced in 2014.
My Scotiabank Federal Loan was approved for RAP June 2014. They failed to take the month amounts out of my account which were about 20 dollars. I didn't notice as amounts were so small until I went to reply again for RAP in Aug 2014 and they told me this.  I paid the amounts and I then sent via my bank my banking information as they magically lost this. Even though I'm a Scotiabank customer since I was 18. I sent banking information numerous times. They still failed to take the RAP out of my account.
Then they said I owed all this interest to bring it up to date $904.I couldn't afford it but I wanted to work with them to pay this interest back.  They went into my account and started taking large sums of money out of time out hundreds. Said I owed hundreds more and I said give me some time. They then said once you get approved for RAP thru NSLC call us and we can help. I was approved called them and they sent my SL to collections ARO. I was shocked. They told ARO I didn't make a payment in a year. That's a lie. They have been going into my account taking different amounts of 300 one time 200 another 250. Its in collections and they went in again a few weeks ago and took 250 out. I feel bullied and lied too..
 
My Scotiabank SL went from 9k to 15k
My Provincial Loan NFLD was 4100 and was just denied RAP due to the Scotiabank Federal Loan being sent to collections.
 
Need you help ASAP.
 
Thanks
K
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Royal-NCO View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 20/April/2016 at 1:16am
I'll let Johnny advise you on your best move for dealing with this loan, however I will say this:

If it has already gone to collections, Scotiabank is exercising their "right of set-off".  If you owe them money, and you are in default, they have the right to yank the money out of your bank account when they see you have money.  This right exists whether or not their is a judgement against you.

Therefore, go to a completely separate bank and open a new account.  Make all of your deposits to that new account going forward.  So long as you have student loan problems with Scotiabank do NOT do your regular banking with them!
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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: 20/April/2016 at 6:08am
You already wrote to me privately already. I explained what I could to you. You are not going to get the system to account for it's errors. Their political make-up and relationships with these banks and government allow them to get away with a lot of stuff.  It's Davis and Henderson Ltd that is the actual "National Student Loan Service Center" and Scotiabank student loan portfolio is managed by them as well. If you are want to hold them accountable then your best bet is to file an action against them for any wrong-doing and damages that you suffered. They are a private company.  The governments and banks contract his organization. They were also just awarded the contract by the government for Canada student loans a week ago. I find it very odd that the media is asleep on this issue. Perhaps it's time to wake them up. 






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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