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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Sidney View Drop Down
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    Posted: 20/October/2008 at 4:11am
This is my question: what do you think will happen if I make payments on my shared-risk Scotiabank loans (1996-2001) while I am on Interest Relieft with the NSLSC (loans 2001-2005)?
 
Will I automatically be disqualified from interest relief and debt reduction?
 
How long do you think it will take for them to find out?
 
I wasn't planning on making full, regular payments, just maybe throwing a GST at it here and there to bring down the principal before the interest kicks in. I wonder if I will be allowed to do this?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote LMZ Quote  Post ReplyReply Direct Link To This Post Posted: 28/November/2008 at 12:36am
You're allowed to make payments while on IR. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 28/November/2008 at 7:34am
Can you imagine the system telling you that you cannot make payments while you are on interest relief? LOL 
 
"Well Mr. Down n'out, it looks like you are on IR, therefore, your money is no longer accepted here.  The reason being if you make payments that will bring down the principle of your loan thus reducing the amount of interest you have to pay. Can't have that, now, no Sir."
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 Sidney Quote  Post ReplyReply Direct Link To This Post Posted: 28/November/2008 at 8:03am
Actually, I was concerned that they would take me off the Interest Relief program if they saw that I had a bit of money to spend.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 28/November/2008 at 2:00pm
It is based on what you earn for an income. If you receive a gift of money from a family member and wish to apply it toward your loan, then you are entitled to do that without incident.
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 administrator Quote  Post ReplyReply Direct Link To This Post Posted: 28/November/2008 at 4:18pm
I would not trust the NSLSC to deal with this correctly.  I doubt their computer system could handle a change in principle while on interest relief.  Making a payment while on interest relief will cause them no end of confusion and set up red flags all over the place.    Maybe put the money in a high daily interest account and if you end up qualifying for debt reduction at the end of interest relief, pay off your balance afterwards with the interest you've earned.   Make sure you have a couple of months of loan payments in your bank account - just in case they tell you you're on interest releif and then tell you they made a mistake and your not, or in your next round, take way too long to process your request and you have to pony up some back interest to stay in good standing! 
 
If you qualify for interest its because you need it.  I've heard of a few people making extra payments and their whole file got screwed up - payments reset to higher leveles  etc.  Keep in mind you have a provincial and federal loan.... and they could screw up just one and mess everything up for you...
 
If it aint broke, dont fix it:)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sidney Quote  Post ReplyReply Direct Link To This Post Posted: 29/November/2008 at 5:59am
Excellent advice, thanks. Cheers!
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