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 - Feds worst debt masters
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedFeds worst debt masters

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

Joined: 27/February/2019
Location: Victoria
Points: 4
Post Options Post Options   Thanks (0) Thanks(0)   Quote Faramir Quote  Post ReplyReply Direct Link To This Post Topic: Feds worst debt masters
    Posted: 27/February/2019 at 12:34pm
Not sure how active this forum, is but here goes.  I was stunned when my wife's student loan repayment process begun.  Wow, they give you a grace period, but capitalize the interest into your principle.  The provincial portion I guess is invisible and the Feds do all the collecting?  They ask for $600 a month right off the bat!  I have no choice as they already have our bank accounts so it just starts.  They don't even ask for permission to debit are accounts.  We got 6 months of assistance but on our second six months are told we make too much money.  With 4 kids and the cost of living on the West coast we hardly get by as it is.  So my wife is going to ask for reconsideration.  We were told by so many people the feds will just sometime forgive big swaths of the loans but that has never happened.  We also thought hell, that we could be in repayment essentially forever, extending our repayments over decades, but no, they demand it all back in 10 years.  Have the feds always been this unreasonable with student loan repayments? No wonder so many default.
Student loan survivor
Back to Top
Sponsored Links


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 (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 28/February/2019 at 12:20pm
There are serious cracks in the program and Procurement Canada who lets foreign organizations and take away from Canada. The "institution and those who profit from your miseries find everything they do to reasonable. Robert Smith, who is in control of the Canada Student Loans Service Contract, is an American (With Vista Equity Partners). He is the one who took over the private one who sits in the National Student Loan Service Center (formerly known as DH Limited, NOW DH Corp allegedly). Now, the interesting twist is that a company named "Finastra" is the actual National Student Loan Service Center "filler", which is a British company owned by Finastra. Finastra is owned by Vista Equity Partners. The government of Canada has made NO ANNOUNCEMENT of this at all. They take the position that DH CORP is the private firm that is in the National Student Loan Service Center. But, Finastra is the one who is doing business as the NSLSC. Media is oblivious - and well pretty much asleep (more like in a coma), probably for reasons that we could only speculate. 

Robert Smith, the guy who you should be paying attention to, just bought a more than $50 MILLION dollar apartment in New York. How much of the Canadian tax payer dollars contributed to that? The Canada student loans service and admin contract is worth hundreds of millions - and more perhaps. 

People are oblivious to the ones who are causation for the financial struggles student loan borrowers face, and who is profiting from your struggles without ANY OVERSIGHT by the federal government on it's Procurement Office and program that allows this to happen. No media, no oversight, no public announcement or transparency by the federal institution (of which is required); means free money to foreign companies and the give away of Canadian tax payer money (and opportunity). 

Let's engage in a discussion about this. It is an important piece of the puzzle that will answer all of your questions and shw the student loan borrower population (and concerned tax payers) what is really going on here. 

Your thoughts? 
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
 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.