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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etruscan View Drop Down
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    Posted: 26/January/2018 at 3:13am
I have a government student loan dating back many years. Total amount is about $20,000 and with ARO collections. The item shows up on my credit with a last activity date of March 2012, almost 6 years ago. I've spoken with the agency and they have agreed to settle for the principle amount of about $15,000. However, they tell me, the date of last activity will be updated when I settle and I would need to wait an additional 6 years... unless I pay the full amount of $20,000 - in which case, they will expunge it from my credit record and return my points.

Is this legitimate, factual information - or is the agency just trying hard to get the full amount back from me as opposed to the offered settlement? 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 26/January/2018 at 1:51pm
If you can pay it then you should do so. if you can't, but are to settle it, then you should do so. Credit and it's reporting is the government's leverage over you in that cruel and unusual way. The agency is simply laying out your options.

It's the government wanting you to pay the full amount back. The agency benefits, sure - but they are not the ones who make the rules. If you want assurance that what you are being told is true then you have to call the Ontario government's collection management unit and ask for some written confirmation, or a commitment from them indicating they will do whatever they are claiming to do. 

The government's rules that apply to the way third-party agency conduct with borrowers now are very strict. In any event, you have the two good options in front of you and if you are in a position to do either one then you should. Otherwise, set up a monthly payment plan if you cannot, or seek relief fron recoveries in you are not able to pay and can demonstrate that. 

 


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