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 - 20 year old student loans...
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum Locked20 year old student loans...

 Post Reply Post Reply
Author
StinkinJoe View Drop Down
Newbie
Newbie


Joined: 13/May/2016
Location: Canada
Points: 6
Post Options Post Options   Thanks (0) Thanks(0)   Quote StinkinJoe Quote  Post ReplyReply Direct Link To This Post Topic: 20 year old student loans...
    Posted: 13/May/2016 at 5:30am
Very new here so not sure about protocol - hopefully I'm not making any errors here.

Anyway,

I have some very old student loans and I'm curious about their status. I have a disability and it forced me out of school a couple of years after starting. And, since that time, I have never been in a position to repay them. Needless to say, the loans went into default shortly after I left school, and the collection attempts started. 

That was a long time ago. I haven't heard from any collection agencies in about 16 or so years. I am currently on disability assistance and thus remain in a position that prevents repayment. I called Student Aid BC to find out if the loans still exist and who holds them but the only information they could give me was what I already knew: that RBC was the initial lender. 

If I wanted to find out more about them without triggering an acknowledgement (re: limitations), what should I do?


Back to Top
Sponsored Links


Back to Top
StinkinJoe View Drop Down
Newbie
Newbie


Joined: 13/May/2016
Location: Canada
Points: 6
Post Options Post Options   Thanks (0) Thanks(0)   Quote StinkinJoe Quote  Post ReplyReply Direct Link To This Post Posted: 13/May/2016 at 3:52pm
addendum: I looked at my equifax report and my credit rating is over 700, I'm characterized as debt free and all loans with RBC are listed as paid. The reported date is in 1998 and status is listed as "Too New to Rate". 

This seems very odd to me. I suspect, given that all the loans were guaranteed by the government that, upon default, the government paid RBC off and are now, themselves (the govt), statute barred. But why this would produce a functionally debt free credit rating, I have no idea. 

I think I need to find out if I can access the NSLSC site without somehow triggering an acknowledgement. 
Back to Top
administrator View Drop Down
Admin Group
Admin Group
Avatar

Joined: 25/January/2003
Points: 1798
Post Options Post Options   Thanks (1) Thanks(1)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 13/May/2016 at 7:41pm
The loans are likely statute barred.  I would recommend not looking into these as you will waken sleeping dogs  and stir up a hornet's nest.

There is a forum here on this topic...
http://canadastudentdebt.ca/forum_topics.asp?FID=90&title=collection-of-old-stats-barred-loans
Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
Back to Top
StinkinJoe View Drop Down
Newbie
Newbie


Joined: 13/May/2016
Location: Canada
Points: 6
Post Options Post Options   Thanks (0) Thanks(0)   Quote StinkinJoe Quote  Post ReplyReply Direct Link To This Post Posted: 14/May/2016 at 12:45am
That's been my suspicion. Thanks for the input, it's definitely appreciated.


Oh, one last question: How likely is it that after having foolishly spoken to StudentAid BC that I may have already inadvertently done so (kicked the hive, so to speak)?
Back to Top
Royal-NCO View Drop Down
Groupie
Groupie


Joined: 17/March/2010
Points: 244
Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 14/May/2016 at 1:20am
OP,  I also have old student loans with RBC as the original lender borrowed at about the same time as you.  As I understand it, not only are these loans statute barred, but they are also legally extinguished.  However, because I returned to school in 2001, they were in good status till about 2004, so I am not 100% confident on their real status. 

You may get a random collector calling on behalf of RBC.  Ignore them!!
Back to Top
SolveStudentDebt View Drop Down
Moderator Group
Moderator Group
Avatar

Joined: 05/November/2003
Location: Canada
Points: 5996
Post Options Post Options   Thanks (1) Thanks(1)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 14/May/2016 at 2:22pm
If your loan originated in Ontario then there is no requirement for a student loan provider to extinguish.  Only two provincial laws carry the requirement to extinguish (loss of legal right to recover). 

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

solvestudentdebt.com
Back to Top
StinkinJoe View Drop Down
Newbie
Newbie


Joined: 13/May/2016
Location: Canada
Points: 6
Post Options Post Options   Thanks (0) Thanks(0)   Quote StinkinJoe Quote  Post ReplyReply Direct Link To This Post Posted: 14/May/2016 at 4:45pm
Thanks for the input. I'll take your advice.
Back to Top
StinkinJoe View Drop Down
Newbie
Newbie


Joined: 13/May/2016
Location: Canada
Points: 6
Post Options Post Options   Thanks (0) Thanks(0)   Quote StinkinJoe Quote  Post ReplyReply Direct Link To This Post Posted: 14/May/2016 at 4:46pm
No, BC. Will that change things?
Back to Top
SolveStudentDebt View Drop Down
Moderator Group
Moderator Group
Avatar

Joined: 05/November/2003
Location: Canada
Points: 5996
Post Options Post Options   Thanks (1) Thanks(1)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 15/May/2016 at 4:23am
BC law states that the creditor loses all rights to recover the debt after barring. However, the onus is on the debtor to prove that it "is" barred". The BC government takes a very unique position on the limitation chess board, and they make it very difficult for people. They, in the province of BC, consider some activity an admission of liability that differs from what other provinces and federal government constitute as admission (acknowledgment). The BC government has this uncanny way, with the aid of the provincial justice system to call a brown cow a white cow and because they "say" it is so - then it is so.  

If you are communicating with the BC government and they say there is a loan still visible, and it shouldn't be, then you are walking in a very dangerous jungle. The only way to know if your loan is statute barred for certain, and that it can not be revived, is to call them out and force their hand without undermining your own case. This is a professional's work unless you are well versed and knowledgeable about how to go about doing it. 

If you really want to know what loans are barred, you can do what a lot of people do - assume it, or go uncover it to make sure, and of course, bury the bodies of the dead, so to speak. 
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
Back to Top
Royal-NCO View Drop Down
Groupie
Groupie


Joined: 17/March/2010
Points: 244
Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 15/May/2016 at 12:13pm
Originally posted by Johnny Johnny wrote:

If your loan originated in Ontario then there is no requirement for a student loan provider to extinguish.  Only two provincial laws carry the requirement to extinguish (loss of legal right to recover). 


Sorry, I wasn't clear in my last post.  I too had RBC student loans in BC issued at about the same time.  As I understand it, they're extinguished.  However, I was never fully clear on whether or not they were extinguished given that I returned to school and kept them in good standing until 2004.  They are at least statute barred.  However in your case, OP, I would bet strongly that they are extinguished.
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.