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 - Student Loans Are Going To Bankrupt Me
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedStudent Loans Are Going To Bankrupt Me

 Post Reply Post Reply
Author
chriswtburke View Drop Down
Newbie
Newbie
Avatar

Joined: 05/November/2009
Location: Ontario
Points: 5
Post Options Post Options   Thanks (0) Thanks(0)   Quote chriswtburke Quote  Post ReplyReply Direct Link To This Post Topic: Student Loans Are Going To Bankrupt Me
    Posted: 05/November/2009 at 9:21am
I did college in New Brunswick, I trained to be a youth pastor.. due to the financial status of my family at that time, the only way I could go to college was to get student loans.

I got my loans, which I was very thankful for at the time, but, if I had of known the burden they would be on my family and I 4.5 years later, I would have tried to find some other way to go to school.

By the end of my 3 years of college, my student loan debt was $22,486.52 I was very lucky, and was into a job when I graduated, so, I was able to start paying back right away.  Initially, when student loans asked for repayment, they want around $550/month for repayment.. as a youth pastor, I make around $2200/month.. this amount covers rent/car and all those other bills that you get, once you are out on your own.

I had them reassess my replayment, and they dropped it down to around the $200/month mark.  To this day, I always make my payments of approx $200/month and, when added up, I've paid student loans canada approximately $10,000.. however, when I look at my loan online, I still owe them $19,457.29

When I do the math on that, according to what I currently owe, I have only paid student loans just over $3000 meanwhile, I've paid them OVER $10,000 which means I've paid $7000 in interest.. thats more than double what I have paid towards the principle.

My understanding is that student loans were suppose to be a good thing, not a thorn in your side, and not something that is going to make people say "no" when you try to buy a house, try to get a credit card, try to buy a bed.. but, my experience has been that, because of these damn student loans, I have to continue wasting my money by renting a house, and continuing to get further in debt as a result.

Oh, and to add to it all.. during my last year of college, I got married.. my wife also having student loans. Her initial amount was $28,318.15 we have paid at least $250/month for the past 4.5 years, and yet she still owes $25,515.70 so while she has paid $13,500 towards her loan, she has only taken $2700 off of the principle, which means she has paid $10,800 in interest..

EXPLAIN THIS TO ME.. and please, if you have any advice.. DO TELL
Back to Top
Sponsored Links


Back to Top
administrator View Drop Down
Admin Group
Admin Group
Avatar

Joined: 25/January/2003
Points: 1798
Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 05/November/2009 at 6:49pm

A very good post with very real points.  This is one of the reasons why this site is here and why we want the government to drop the interest rate on student loans...  its the interest that keeps people paying and paying.... hopefully the new RAP program will help.... they've put a limit of 15 years of payments but thats still a long time....

Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
Back to Top
chriswtburke View Drop Down
Newbie
Newbie
Avatar

Joined: 05/November/2009
Location: Ontario
Points: 5
Post Options Post Options   Thanks (0) Thanks(0)   Quote chriswtburke Quote  Post ReplyReply Direct Link To This Post Posted: 06/November/2009 at 12:51am
Thanks for your reply.. I didn't know about this RAP program.. so are you saying that, while I look at this as taking the rest of my life to pay off.. they are only allowed to charge me for 15 years?

I sent a letter to my MP yesterday, to see what type of advice he can offer.. I don't expect anything useful back.. but, you never know.

Back to Top
chriswtburke View Drop Down
Newbie
Newbie
Avatar

Joined: 05/November/2009
Location: Ontario
Points: 5
Post Options Post Options   Thanks (0) Thanks(0)   Quote chriswtburke Quote  Post ReplyReply Direct Link To This Post Posted: 06/November/2009 at 1:11am
and does that time frame start from when I started repaying my loans (4.5 years ago) or, did it just start this year?
Back to Top
polyhymnia61 View Drop Down
Member
Member
Avatar

Joined: 10/January/2003
Location: Netherlands
Points: 915
Post Options Post Options   Thanks (0) Thanks(0)   Quote polyhymnia61 Quote  Post ReplyReply Direct Link To This Post Posted: 06/November/2009 at 5:35am
This system works totally against older students with responsibilities trying to retrain. And whenever changes to the system and new programs are discussed, it's always in the context of "young" graduates...(not that they don't have their own problems, but the number of people posting here who went back to school or have families is really disproportionate)

It seems to be assumed that mature students, because they have been in the workforce, don't need to be taken into consideration when developing policies or programs. Unfortunately, how many have gone back to school specifically because they need to build a better life for their families?

Home is where you are allowed to prosper.
Back to Top
Dingo View Drop Down
Newbie
Newbie


Joined: 01/August/2006
Points: 37
Post Options Post Options   Thanks (0) Thanks(0)   Quote Dingo Quote  Post ReplyReply Direct Link To This Post Posted: 06/November/2009 at 5:45am
Wait, so if you make payments for 15 years any remaining balance is excused?  
Back to Top
administrator View Drop Down
Admin Group
Admin Group
Avatar

Joined: 25/January/2003
Points: 1798
Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 06/November/2009 at 5:48am
You need to check the Rap program info at Canlearn.ca  for this info.  And of course only applies if your loans are not in default.
Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
Back to Top
chriswtburke View Drop Down
Newbie
Newbie
Avatar

Joined: 05/November/2009
Location: Ontario
Points: 5
Post Options Post Options   Thanks (0) Thanks(0)   Quote chriswtburke Quote  Post ReplyReply Direct Link To This Post Posted: 06/November/2009 at 6:18am
my loan isnt in default, as I've always made my payments.. its just that making those payments means I cannot pay other bills..

it sounds to me like you're saying I wouldn't qualify for this, as I have been graduated for almost 5 years.

I'll have to give them a call.
Back to Top
administrator View Drop Down
Admin Group
Admin Group
Avatar

Joined: 25/January/2003
Points: 1798
Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 06/November/2009 at 11:53am
actually, if your loans are NOT in default you may qualify, but it is income based.... give them a call and see or go to canlearn.ca they have a payment calculator there...
Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
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.