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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    Posted: 12/September/2012 at 4:16am
Hi everyone,

I have student loans (National and from Nova Scotia) from 10+ years ago. To make a long story short, I defaulted, went through bankruptcy, and they sat with the government collection agencies until I was discharged from bankruptcy and so was my trustee.

I've been paying off the Nova Scotia loan for a few years now and it is currently at about $7500. I've been paying off the National loan for a year or so, and it's at $18000.  I have no other debt and am wanting to build credit so I have been using and keeping up to date with a secured credit card as well as paying these off. 

Now, I am making better money and have some saving. I'd like to make a bigger dent (I pay $175 on the NS loan and $225 on the national loan). The agent that I deal with on the NS loan offered me a deal: pay $5000 in the next two weeks and I'm done. I'm seriously considering this, but I'm also considering not settling and just paying $2000 now and upping the payments to $300 so I get this paid off in full in 19 months without settling. 

I keep searching for informaiton online about whether this would be a good idea and I don't know who to ask about this. Mostly I want to know:

- Is settling bad on my credit report, or will it be no different than paying off this loan in full since I have defaulted on it in the past?
- If I didn't settle and just made bigger payments, does it make sense to wipe out the smaller loan first or be more agressive on the bigger loan?
- Essentially, I don't want to be paying loans for 10 years more. What should I do that will be best to build my credit and get these gone fastest?

Thanks for any advice or direction to somewhere that I can get advice. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 12/September/2012 at 6:06am
The Nova Scotia Government collection unit at Service NS and Municiple Relations, or the Bank of Nova Scotia?
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote linus2012 Quote  Post ReplyReply Direct Link To This Post Posted: 12/September/2012 at 7:07am
Service NS
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Post Options Post Options   Thanks (0) Thanks(0)   Quote linus2012 Quote  Post ReplyReply Direct Link To This Post Posted: 12/September/2012 at 3:09pm
Another thing to note is that I just got my Equifax report and neither loan is included on it - as an open account or in collections.

Is this because I defaulted over 6 years ago? Will it show up if I pay or settle? If so, will this lower my score or raise it? If it will never show up does paying it (or not paying it) have no affect on my credit rating? If it has no affect and will never show up, am I only paying it so they don't take my wages because they are the government?

Sorry for all the questions. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 14/September/2012 at 4:23am
Is $5000 the principle of the NS Loan at Service Nova Scotia?
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote linus2012 Quote  Post ReplyReply Direct Link To This Post Posted: 14/September/2012 at 5:06am
Yes, I believe they are willing to do that because it's what I owe from the original principle. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote linus2012 Quote  Post ReplyReply Direct Link To This Post Posted: 14/September/2012 at 8:46am
I just asked them to clarify: they said that this is the guaranteed portion of my NS student loan, the portion that the Service NS collections agency paid to the bank at the time that I defaulted. 

He says, upon me making the settlement payment of $5,000 my file will be closed. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 16/September/2012 at 7:46am

Is it Mike or Chad Sullivan you are dealing with? If so, get them to email you a letter with conditions.

 
Have you actually seen your credit report to this point?
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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