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: 06/January/2018 at 9:12am
I have an original debt of around 500 on a royal bank student visa from 2002. I have made no payments and spoke with a bank employee on the phone in 2009 who basically said the debt was now around 1500, however was out of collections and any payment would be voluntary. I made no payment, and have never been contacted and no reports on my credit. Is there a way to enquire about the total of the debt now without restarting the statute of limitations? Ultimately I would like to settle this debt without affecting my good credit, and worry about accumulating interest and if the debt somehow becomes collectable in the future. Any advice on how to proceed?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 06/January/2018 at 12:54pm
The visa card would likely be statute barred.  If you make contact with them and pay it, it will likely result in your credit rating being ruined. If you paid it, it would show paid in full, but an R9 rating and a last date of activity as the date you pay it, which will be on your report for 7 years. That's how the system works.   Crazy, but best to let the sleeping dogs lie, although it is honorable that you want to pay it.  If any knows that any of the above is incorrect, please post corrections below... 

Even though it is statute barred, if you do any banking with Royal Bank, they would have a right of offset.... and could take the amount owing out of your account without warning... so best not to bank with them for the rest of your life. 

If anyone else has any suggestions on how to pay it off without ruining the posters credit rating by all means post!

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Post Options Post Options   Thanks (0) Thanks(0)   Quote CJB Quote  Post ReplyReply Direct Link To This Post Posted: 07/January/2018 at 10:42am
Thanks for the reply, does anyone have any experience or knowledge of how interest would work? Would it continue to compound into astronomical numbers over the years, or would it stop and the debt remain at the amount it was at when the account was closed/defaulted? Thanks for any advice or experience.
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