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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macaronicaesar View Drop Down
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    Posted: 15/August/2019 at 8:38am
Hi All, 

I have recently received a mortgage from one of the big 5 banks and I opened a joint bank account to make payments for the mortgage.  The payment was due this morning and we noticed a sizable withdrawal from the account, we called the bank to get more details and apparently this is from a student loan from the 90's.

Do I have any recourse since this institution holds my mortgage and the student loan was not in my name.  If I close the account or remove the joint owner from the account, then what?  Will they put a lien on my mortgage?  

Should we agree to pay it, this is infuriating.  I would think a loan from the 90's would be statute barred, but what do I know.  
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macaronicaesar View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote macaronicaesar Quote  Post ReplyReply Direct Link To This Post Posted: 15/August/2019 at 10:20am
Follow-up.  The Girlfriend went into the bank today and they said they exercised their "Right to Off-set"  

Transaction Read as IBB Client Withdrawal.  
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Post Options Post Options   Thanks (0) Thanks(0)   Quote macaronicaesar Quote  Post ReplyReply Direct Link To This Post Posted: 15/August/2019 at 12:08pm
Turns out this is a provincial student loan from 1997.  
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 26/August/2019 at 11:38pm
Yes, they have the right to do that if the bank your mortgage payment is with is the same bank that your student loan was with. 

What you need to do is change banks... not branches, Change to another  BANK... otherwise this will happen to your next payment deposited into that account as well. 

If the student loan was yours, have your spouse open an account - not a joint account)  is to make deposits and payments.  It the loan was your spouse's open an account only in your name to make toe deposits and payments.  But the safest thing to do is to go to another bank that neither of you had student loans with.

Until then, make some sort of arrangement to pay your mortgage directly to the lender.  Do not do it by depositing it into your account.

You might consider talking to John Leblanc at Solvestudentdebt.ca
 

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Mark OMeara
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Post Options Post Options   Thanks (0) Thanks(0)   Quote macaronicaesar Quote  Post ReplyReply Direct Link To This Post Posted: 27/August/2019 at 6:48am
Hey Mark,

Thanks for the reply.  Just a follow-up.  The bank gave me the run around for several days after taking my money, so I got in contact with SolveStudentDebt(SSD)this was on a Friday, the team worked for me over the weekend preparing documentation for me to give them consent to represent me with discussions with CIBC.  Prior to this the bank couldn't tell me who authorized the withdrawal, where it went, or even prove there was a debt owing.

The following Wednesday my argument was submitted by the team at SSD arguing a limitation issue as it had been determined the loan was "Statute Barred".  This was submitted at about 15:45, and sometime between then and 18:00 my full amount was deposited back into my account.  

The team over there did a fantastic job for me.  I never thought I would have my money stolen from me, but once it was, I thought for sure I would never get it back, they made it happen.  Without SSD, I'm sure I would still be spinning in circles with no additional information.  


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