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: 23/May/2017 at 4:28am
Hi all,

Thanks for clicking. I'll try and keep it brief. Here's some info:

- I'm 2 years post-bankruptcy discharge
- I owe 40k to NSLSC and 5k to CIBC student loans
- I haven't made a NSLSC or CIBC payment since filing bankruptcy
- I'm back to work full time and I'm also a full-time student.
- I called the NSLSC today to ask how I can start paying my loan back.  They told me once my trustee submits the notice of discharge to them that they will contact me requesting I pay the 5k in interest payments that I'm behind.  If I don't pay that in 30 days it will go to CRA.
- I told them I didn't have 5k but I'd like to find some sort of repayment plan that works for both of us. I asked if they could add the 5k in interest that I'm behind on the total amount I owe and let me start making monthly payments.  I was told no.
- My CIBC loan was sent to collections. I have been avoiding their call until I gather info on what my options are (if any).
- The NSLSC isn't coming after me (yet) because they haven't received the notice of discharge from my trustee.  I'm trying to come up with a plan.

Questions
- Is there any way to get back on a repayment plan with the NSLSC that doesn't involve paying the 5k in back interest back as a lump sum? Can they not add it to my total amount owing and let me make a monthly payment on the total loan?  I'm a full-time student but I'm also making a decent income and I'd like to figure something out. Should I ask for a supervisor? Speak to an MP?
- For the CIBC student loan, should I leave it in the hands of the collection agency? I figure they *may* have more leeway with coming up with a repayment plan.

Thank you. 
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Post Options Post Options   Thanks (1) Thanks(1)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 23/May/2017 at 5:26am
You can ask DH Ltd to capitalize the arrears and interest. It will become part of your loan and increase the amount you be paying interest on though. 

If you are gainfully employed and CIBC sends it off to an agency then there is risk to you there. They may seize the opportunity to sue as an effort to push you to pay more than what you are offering. It happens, unfortunately. 

The problem with post bankruptcy is that the system cannot accept repayment until the trustee discharges him or herself. That could take years. In the meantime, the student loans collect dust and interest. Then, when they are clear to proceed, they recognize you as a prior bankrupt, and the treatment you will likely receive is not going to be welcoming. 

So, document everything you do, and who you spoke with, and what was said. You are demonstrating your willingness to pay, and wanting to remedy it.  

CIBC and Scotiabank are on the bottom of the most desired banks list in Canada. There is a reason for that.  I suspect it is because they are not the most consumer friendly people in town. So, it is important to understand who you are going to be negotiating with. 

If you feel overwhelmed and want help The CFW Group can give you tools and pointers but that is a more specialized and tailored client service that is case specific. 

Hope this helps!  
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 gobbles Quote  Post ReplyReply Direct Link To This Post Posted: 23/May/2017 at 5:30am
Hi John,

Can we touch base?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote gobbles Quote  Post ReplyReply Direct Link To This Post Posted: 23/May/2017 at 5:34am
Originally posted by Johnny Johnny wrote:

You can ask DH Ltd to capitalize the arrears and interest. It will become part of your loan and increase the amount you be paying interest on though. 

If you are gainfully employed and CIBC sends it off to an agency then there is risk to you there. They may seize the opportunity to sue as an effort to push you to pay more than what you are offering. It happens, unfortunately. 

The problem with post bankruptcy is that the system cannot accept repayment until the trustee discharges him or herself. That could take years. In the meantime, the student loans collect dust and interest. Then, when they are clear to proceed, they recognize you as a prior bankrupt, and the treatment you will likely receive is not going to be welcoming. 

So, document everything you do, and who you spoke with, and what was said. You are demonstrating your willingness to pay, and wanting to remedy it.  

CIBC and Scotiabank are on the bottom of the most desired banks list in Canada. There is a reason for that.  I suspect it is because they are not the most consumer friendly people in town. So, it is important to understand who you are going to be negotiating with. 

If you feel overwhelmed and want help The CFW Group can give you tools and pointers but that is a more specialized and tailored client service that is case specific. 

Hope this helps!  

Hi John,

How can we touch base?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 23/May/2017 at 11:45am
You can email me @ www.cfwgroup,ca using the contact page. 
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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