CiBC and Edulinx Horror Stories - What really happened at CIBC?

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What really happened at CIBC?

Printed From: CanadaStudentDebt.ca
Category: Dealing with the Banks!
Forum Name: CiBC and Edulinx Horror Stories
Forum Description: Problems with CIBC and Edulinx!
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=4008
Printed Date: 27/March/2026 at 4:21am
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com

Topic: What really happened at CIBC?

Posted By: administrator
Subject: What really happened at CIBC?
Date Posted: 29/December/2006 at 10:36am

From what I've heard....

The banks involved in student loans abandoned the program when they realized how serious the losses were from participating in the program.

At CIBC, accounting procedures for student loans resulted in losses being applied to individual branches.

As a result, managers and employees performance bonuses were reduced by the effect of the student loan cost accounting practices. If a borrower defaulted, the loan was removed from the branch books and sent to collections, thus eliminating the loss and increasing the performance bonus at the branch.

Keeping borrowers out of default or restoring an incorrectly defaulted loan meant reduced performance bonuses for bank staff.

So what do you think happened?

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Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024

Replies:

Posted By: Roymar
Date Posted: 17/October/2007 at 9:46am

That sounds interesting...would love to know if this is fact or fiction because of troubles I have had with CIBC Student Loans and Interest Relief