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 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 have been forced to cancel programs and layoff hundreds if not thousands of full-time and contract instructors.

Again, the Liberal government has messed up the education environment.


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Forum LockedCan't lower the monthly payment with lower rate?

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Tong.TL View Drop Down
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Joined: 11/February/2013
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    Posted: 11/February/2013 at 10:58am

I'm just wondering if anyone has done this before.

I consolidated my RBC student loan back in 2007 when the interest was very high, at that time my interest rate was like 8%.  Back then, I didn't have a good job, so I selected the 14 years term.    Since then, the interest rate has been lowered to 5.5%, but my payment amount stayed the same every month, which is fine, I have no issues paying the amount.

Recently, I did a calculation, realized that with the amount I have left and the amount I’m paying, I will be finishing paying off the loan within 5 years, which is about 10 years.  I will have some large expense coming up, I was thinking lower the monthly payment due to the lower interest rate.  When I called them, they said regardless the interest rate, my term is 14 years, and my amount can’t be lowered, because they have to extend the term longer than 14 years?   

I’m not a financial expert, but if the rate is lower and I’m staying with the same term, would that means my monthly payment can be lowered?

I haven’t made up my mind that I would go through this even there is an option, but without checking the option, they just out right said no. 

Anyone done something like this before or am I missing something?

Thank you.

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