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.


  New Posts New Posts RSS Feed - Help Deciding How to Proceed
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedHelp Deciding How to Proceed

 Post Reply Post Reply
Author
Aphrael View Drop Down
Newbie
Newbie


Joined: 26/August/2018
Points: 4
Post Options Post Options   Thanks (0) Thanks(0)   Quote Aphrael Quote  Post ReplyReply Direct Link To This Post Topic: Help Deciding How to Proceed
    Posted: 26/August/2018 at 3:02pm
Hi, all :) 

I need assistance figuring out how to approach my student loans from 2004. From the best of my knowledge I have 2 - one for just over $7,000 and one for just over $8,000.

Let me explain some backstory to give some context...

At the time I went to school I had severe mental health issues (C-PTSD/trauma issues) and had just aged out of care completely on my own. Me being interested in design, I saw an ad for MacTech Distance Education somewhere...they made it sound fantastic. Like I would graduate out ready to work even though it was a home study program, which was perfect for me because of my issues.

For anyone who recognizes that name, it's the school in Cape Breton, NS, that was literally closed and apparently "had the worst rate of student loan repayment in the country." Well, there was a good reason for that: the course was basic to the point that it would probably qualify to be on Udemy for $14.99 if listed today. It was a bad choice, but I was completely alone at the time and didn't really know any better.

(https://www.cbc.ca/news/canada/nova-scotia/mactech-distance-education-closing-1.3338651)

Fast forward to 2004. I graduated and within a year, my MH issues had become so severe that I was not only not working, I was completely unable to leave my house at points. I was initially in Interest Relief.

That was fine until around six months after the last time I sent in my files by fax...they told me that they had no record of my files being recieved, and thus, I had been in default for six months. I never got a call, a letter, nothing. Because I was in default, I couldn't even get OUT of default and back on Interest Relief.

The problem at the time was I was making $450 a month on disability boarding with someone. They tried to push me to pay $50, but I would have literally starved....so I just let it go. To be completely honest, I ignored it because there was nothing I could do and I was too sick to even handle it anyway.

Over the years, my mental health became worse and I began suffering from physical health issues, too. I remained on disability until just this year, mostly on welfare and/or under the care of my partner.

--

Make no mistake, I am still sick...my mental health issues have vastly recovered to the point where I would consider myself rather "well," but I continue to struggle with protracted physical health issues that limit my ability to work outside of the home.

However, I HAVE been able to find work and make a go of working inside my home.

Over the course 2018, I have successfully been able to use one of my god-given talents (writing) to launch a career as a freelance writer/copywriter. I have been relatively successful; in fact, I'm making more now than I ever did, even when I did work B&M jobs.

---

Which brings me to the next question...

I'm now at a point where I need to decide what the heck to do about my defaulted student loans. I do recieve letters about at least one of them; they want me to pay $500 a month which is absolutely out of the question. Any research I've done seems to suggest that they determine 20 or 30 percent of your income to be "affordable" which is...my god, there is just no way to afford that much.

I did some digging and it seems I have a few options...

1. Offer to start making payments for the $500, risk losing my mortgage (hey, it's a trailer, and it's in my wife's name, but it's actually cheaper than renting here in NS) and starving.
2. Continue to ignore the loans and hope they magically disappear (please note sarcasm)
3. ??????

---

As of next year, it will officially be 15 years since I graduated and I have never made a single payment in my life. I am in no way saying I *don't* want to pay my loans; in fact, I am actively trying to improve my credit with a few snafus along the way.

I'm at CK score of 623 now with a couple of actual credit cards and no more collections on record...except for this student loan. I would love to pay it off but $500 is just astronomical to me.

However, I'm not sure if it is even in my interest to try and seek out information or make payments at this time. I'm in NS, so there is no limitation...but they say you're never supposed to have to take more than 15 years to pay it off. Does that mean it would drop off next year? That seems wrong. 

I am extremely sorry for how long this went. I guess, the TL;DR is I need advice on how to proceed and step up to be a responsible financial citizen now that I am able....without trashing my life in the process ;)

TIA <3


Back to Top
Sponsored Links


Back to Top
administrator View Drop Down
Admin Group
Admin Group
Avatar

Joined: 25/January/2003
Points: 1798
Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 27/August/2018 at 2:16pm
Depending what province your loans were from, your loans may be statute barred... DO NOT WRITE OR CONTACT any lenders until you get professional advice. Writing to them may be considered acknowledgement of the debt.


Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
Back to Top
Aphrael View Drop Down
Newbie
Newbie


Joined: 26/August/2018
Points: 4
Post Options Post Options   Thanks (0) Thanks(0)   Quote Aphrael Quote  Post ReplyReply Direct Link To This Post Posted: 28/August/2018 at 6:19am
Hi. Mark!

Thanks, I'll take a look. Unfortunately, I live in Nova Scotia, and I believe we're one of the few provinces that do not have statute barred student loans :( I would love to find out I'm wrong, though!
Back to Top
administrator View Drop Down
Admin Group
Admin Group
Avatar

Joined: 25/January/2003
Points: 1798
Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 29/August/2018 at 7:54am
I would suggest talking to John at Solvestudentdebt.com   He would be knowledgable in this area.  He charges fees but they are reasonable and he has the knowledge...

Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
Back to Top
Aphrael View Drop Down
Newbie
Newbie


Joined: 26/August/2018
Points: 4
Post Options Post Options   Thanks (0) Thanks(0)   Quote Aphrael Quote  Post ReplyReply Direct Link To This Post Posted: 05/September/2018 at 7:20am
So sorry I missed your post. Great idea, I'll reach out :)
Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.