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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Coco View Drop Down
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Joined: 02/February/2006
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    Posted: 13/March/2006 at 5:07am

I'm not sure if this is the right place to post this.  But I was reading recently that if a person files for bankruptcy that a bank can not refuse to open or cancel and existing account. Is this true?

 I had an account with Scotia bank which i used to pay my student loan as well. When i filled for bankruptcy it took them about 2 weeks to close my account and all i got was a letter stating they no longer had my account open. My student loan was not included in my bankruptcy. I was just wondering how a bank can just close an account that had about $2.00 in it if activity was still taken place???

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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 26/March/2006 at 11:37am

Banks can do whatever they want. With money, comes power. So, let's also say the banks in this world can do whatever they want simply because they have the power to do what they want.

Johnny

www.cfwgroup.ca

 

Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote peewee Quote  Post ReplyReply Direct Link To This Post Posted: 27/March/2006 at 7:36am

so apparently, banks can't do whatever they want.  they have to follow a few rules too!

http://laws.justice.gc.ca/en/B-1.01/SOR-2003-184/17979.html

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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 27/March/2006 at 10:46am

Yes, they have rules and acts to follow. So do collection agencies, HRDC, and even Justice Canada. Power can be used to bend the rules. Banks get away with lots regardless of how fluffy an act reads.

There are people here who have been victimized by banks and they are testimony to the statement.

Johnny

 

 

Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote frustrated-guy Quote  Post ReplyReply Direct Link To This Post Posted: 02/July/2006 at 8:15am

coco,

Scotia closing your bank account appears to be against the rules.  File a complaint with the financial consumer agency of canada.

http://www.fcac-acfc.gc.ca/

it is the part of the federal gov that regulates banks.  Unfortunately, they often seem reluctant to act against banks.  However, you have a clear example where the bank has gone against the rules here and they may fine the bank.

Please keep us updated

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