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 LockedStudent Loan Vanished?

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Sugarcat View Drop Down
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Joined: 01/March/2017
Location: Canada
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    Posted: 01/March/2017 at 10:53am
UPDATE AT BOTTOM!!

I know that Im gonna get alot of heat from this but understand that I want to get things right and in order, have a baby on the way in 6 months and it's time to take care of business!

8 years ago, I was in college and racked up about 12k in student loans. My last payment or acknowledgement on these loans (CSL and NSSL) was on 2/2009. I stopped hearing from them about 2 years after that date. Fast forward to today. I want to take care of past errors in my life. I had gotten credit reports before and they had shown both the provincial and the federal loan on there. Today I got a report from Equifax... The federal loan is GONE, like vanished off the page and the provincial one says: "paid as agreed and up to date", "account paid". What concerns me is the "high credit/credit limit" section, it says $1344.00. None of the sections of my loans were for this amount. What IS this. Balance and past due are both $0.00.

I've logged into Resolve (which is Nova Scotias loan site) there's no active loan. On the NSLSC ( federal) it also says nothing. Its blank. Logging into the original CRA application site for the loan has the loans there but just says "active" and NSSL restricted (which I assume means I cannot get another student loan).

Sorry for being long winded, I just would like to know what to do, as I know I'm now outside the 6 year statue limit AND over the 7 year bankruptcy/proposal if needed. I don't want to take any chances and bugger this up! I do not make alot of money but could probably afford $100 a month. Should I contact CRA, NSSL, Resolve, an insolvency trustee?

Thanks for your help!

UPDATE:
Student Loan Vanished?

Ok, I got both the Equifax and TransUnion reports, and here's the breakdown.

Equifax - lists ONLY Nova Scotia loan but lists it as "account paid, paid as agreed"

TransUnion - lists both NSSL and Federal loan but both as $0 balance.

Resolve and CRA don't list me as having any loan. The NSSL hasy original applications listed and NSSL restricted. Which I assume means I can never get another student loan.

I called CRA to find out if the tax lien was still on my account as it has been since 2008. To my surprise he said there wasn't any lien he could see...

I'm very confused, where has my debt gone. I mean I'm not complaining but $10k in debt just up poof and vanishing concerns me. I'm going to try to file my income tax tomorrow. Maybe the agent lied to me.... Lol

Thanks everyone for the advice!
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