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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hellothere View Drop Down
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    Posted: 03/January/2005 at 10:19am

Hello,

I have been reading the posts on this website for awhile and so I decided to call CFW for help. My story is one that is told often on site. In 1993, I lost my job as a Medical Technologist. Since there was no more work in my field, I tried to find any job just to pay the bills. This resulted in the lost of all my savings due to a minimum wage jobs and constant layoffs. So as an adult I had to return to school to try to get ahead. So now at the 42 I have a large student loan as well as consumer debt.

I didn't qualify for interest relief anymore and so I am paying my debt but I knew this wouldn't last very long. So I called Johnny and asked for some suggestions. He suggested that I extend the loan repayment to 15 yrs which of course drop my payments. Now, I hope I can secure a loan with a co-signer to pay off a credit card and a student line of credit with TD. 

I would suggest ot anyone not to wait till you are in trouble to ask for help. My monthly income isn't much either but I want to pay my debts and move on with my life. For me I was very embarrased to call CFW because I have never been in debt like this but Johnny's advice helped me to get a hold of my situation and to begin the rebuilding of my own financial house.

Thanks Johnny,

DonnaMarie

 

 

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kwelmm View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 03/January/2005 at 11:48am

DonnaMarie, That is great that you are rebuilding your financial house!!

I think it is very hard for people to ask for help...so, thanks for the post.  Swallowing pride can be hard for some...but better to gulp and be empowered than to stay stuck in a situation where you feel powerless!!

Way to go!!!!!

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