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Feds worst debt masters

Printed From: CanadaStudentDebt.ca
Category: Other Topics
Forum Name: Describe your Debt Load!
Forum Description: Post stories of your debt and how it affects you and your family
URL: http://www.canadastudentdebt.ca/forum_posts.asp?TID=7379
Printed Date: 20/November/2019 at 11:55am
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Topic: Feds worst debt masters
Posted By: Faramir
Subject: Feds worst debt masters
Date 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.

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Student loan survivor



Replies:
Posted By: Johnny
Date 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? 


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

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