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 - $100,000.00
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum Locked$100,000.00

 Post Reply Post Reply
Author
techy View Drop Down
Newbie
Newbie


Joined: 10/February/2004
Location: Canada
Points: 2
Post Options Post Options   Thanks (0) Thanks(0)   Quote techy Quote  Post ReplyReply Direct Link To This Post Topic: $100,000.00
    Posted: 10/February/2004 at 6:26pm
I received a loan in 96 and made payments starting 6 months after I completed my course. I think I owe 7K NB Provincial and 2K Federal. I didn't make them for long maybe 6 months int total. I ran into financial difficulty and went on interest relief until I exhausted it 5 years later. I have NCO after me every month now every week and they want me to pay in 48 hours or they will put a lean on my house (which isn't much) and garnish my wages. My case has gone through many hands and I want to pay but just can't swing it right now. I am a single mother of three (the oldest has just got a job but living at home). I am hoping that when I get my kids through school that I can clear theis mess up and possibly get my credit back but that is another 6 years. Should I try and swing $25 every other week. Would this stop them putting a lean on my old home and not garnish my wages (embarising?). I am sorry I just can make the payments right now. Do/should I have to tell them where I work, what I make, my SIN # what my bills are and if I don't does this just get them more mad? Can I record their nasty calls? I haven't signed anything with them but I have tell them on the phone bi-weekly I am sorry but I just could not pay this week I will try again next week. Like many others how do we live. I now borrow money from  kids that their grandparents have given them and pay them back when I get paid. Now I just tell them don't tell me when you are givin money and when you want to do something just say I have money. I ams so tired of this. Please give me some advice. I must agree with others that read this site it does help you feel a bit better. I am made to think I am the only one out there and always walk with my head down.
Back to Top
Sponsored Links


Back to Top
newf View Drop Down
Newbie
Newbie


Joined: 09/March/2004
Location: Canada
Points: 3
Post Options Post Options   Thanks (0) Thanks(0)   Quote newf Quote  Post ReplyReply Direct Link To This Post Posted: 09/March/2004 at 5:21am

Yes, it is true.  My wife and I left university about 6 years ago.  I have completed my bachelors degree in Econ.  My wife never did finish her degree.  We both have almost equal student debt.  On top of the 100 Grand there is about 10 in consumer debt.  We have been fighting a loosing battle for the 6 years since we left university.  At the point where we turned to the Canadian Financial Wellness Group were receiving up to 4 to 5 calls from Collection Agencies on our home line per day.  Add to that the 2 to 6 calls a week at our places of employment.  We did from time to time make headway on this loan or that loan.  The totality of it wore on us and we were never able to make headway without effecting our bottom line. 

Now we have a handle on all of it and we are slowing rebuilding our credit rating and are starting to get on top of it.  Heck in 2 to 3 years with our current plan we will own a house. 

There is help out there and it does not involve bankruptcy and/or leaving the country.  Ask and yee shall receive.

 

Ed Russell

 

 

Back to Top
kevmetric View Drop Down
Groupie
Groupie


Joined: 31/December/2003
Location: Canada
Points: 70
Post Options Post Options   Thanks (0) Thanks(0)   Quote kevmetric Quote  Post ReplyReply Direct Link To This Post Posted: 14/March/2004 at 12:47pm
Give me a break.... $100,000 ??? And
10k on top of that ?

I don't believe you can cope with that
kind of debt, unless we're talking about
a mortgage on a home.
Back to Top
BigFatherA View Drop Down
Groupie
Groupie
Avatar

Joined: 21/September/2003
Location: Canada
Points: 253
Post Options Post Options   Thanks (0) Thanks(0)   Quote BigFatherA Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2004 at 5:02pm
Yeah, but on a mortgage you have typically a 15 - 25 year amortization period with reasonable interest rates!
BigFatherA
Priest & Teacher
non carborundum illegitemi est
Back to Top
Bambam View Drop Down
Newbie
Newbie


Joined: 01/April/2004
Points: 1
Post Options Post Options   Thanks (0) Thanks(0)   Quote Bambam Quote  Post ReplyReply Direct Link To This Post Posted: 01/April/2004 at 12:57pm
$100,000 isn't unheard of.  My wife and I had that much student debt after we finished school, $80,000 in student loans and another $20,000 on a student line of credit.
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.