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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smokedog View Drop Down
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    Posted: 17/February/2005 at 8:55am

I am new user to this site and would like some info on what I should do now. I have had a defaulted student loan for $5,000. I was out of school and paying off my other SLs thought the bank. I got a call one day, a year after starting payment of SLs, from my mom asking if I was paying back my loans. I said yes and she said she recivied a letter from the Federal Collections Agency regarding a 5,000 loan I wasn;t paying. I then decided to try and hunt the loan down. My first call was to my bank theat had the other SL loans. They said I was in excellent sandings with them. So I evently tracte dthe 5,000 SL loan and strated to pay it off. My question is is it nessary to pay the full 5,000 off before I try to get a mortage, or can I get alway with my girlfriend excellent credit and my good credit with this one outsanding SL? Also, even if I was to pay this off, would it show out on Credit Report as payed?

 

Thanks
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Blue. View Drop Down
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It will show on your credit report for 6 years from the last date of activity.

Whether you can get a mortgage or not depends on who you apply to. And your general credit score. It might help if you get a letter from the collection agency saying that you're in good standing and have been making regular payments.

What you are obsessing about is a debt. It's a loan. It's business. It's money. It contains no moral baggage. You are a decent, kind, loving and moral human being.
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Thanks for the response. Would I have a chance without a co-signer with my G/Fs credit?
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It depends on the rest of your credit and your bank/mortgage lender.

I'm neither, so I don't know. I can tell you that there are other people on the board who have loans in default, who have made regular payments, who have been approved for a mortgage.

What you are obsessing about is a debt. It's a loan. It's business. It's money. It contains no moral baggage. You are a decent, kind, loving and moral human being.
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Well I am getting my credit report thru the mail, so we will sone see whats up...
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This is pasted from the login at NSLC website of my contact info. They are saying that I was given three notices of defult but I never recieved anything until HRDC contacted the perment address to tell me it was in defut. Can I fight the NSLC regarding this?

Your Contact Information

Please take a moment to review the personal information on file for you at the NSLC. If any information is incorrect, you can update it by clicking the appropriate link on the right.

Personal Information Update Personal Information
We use this record to contact you for important information about your loan.
Address:

xxxxxxxxxx
xxxxxxxxxx

 

Home Telephone: (xxxxxxxxx
Alternate Telephone: (xxxxxxxxx
International Telephone:
Best Time to Call: between 8:00AM and 11:00PM,
At Home Number
Language Preference: English
E-mail Address:

Permanent Address
Update Permanent Address
We use this record if we are unable to contact you using your Personal Information on file.
Contact Person: xxxxxxxxxx
Address: xxxxxxx
xxxxxx
xxxxxx
Home Telephone: (xxxxxxxxxx
Alternate Telephone: (xxxxxxxxxx
Best Time to Call: between 6:00PM and 11:00PM,
At Home Number

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might be a good idea to obtain a copy of your file from NSLC.  it should include copies of those supposed default letters

 
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That's because NSLC doesn't ever bother to send anyone notification that their loans are going into default. I never got anything, either.
What you are obsessing about is a debt. It's a loan. It's business. It's money. It contains no moral baggage. You are a decent, kind, loving and moral human being.
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So can't I somehow use this to my advantage

"We use this record if we are unable to contact you using your Personal Information on file."

ALL B.S. Gov't
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Originally posted by Blue. Blue. wrote:

 It might help if you get a letter from the collection agency saying that you're in good standing and have been making regular payments.

I tryed, they said they will only send me a copy of "Statement of account"
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Well, I guess it depends on your lender. If the rest of your credit is good, and your girlfriend's credit is good, and you take in the statement of account showing that you're paying the defaulted loan on a regular basis, then you might be okay. Really, it's all dependent on your lender.
What you are obsessing about is a debt. It's a loan. It's business. It's money. It contains no moral baggage. You are a decent, kind, loving and moral human being.
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If the lender you are trying it is only concerned with Credit Ratings, Statements of Accounts and all that balance sheet accounting stuff then you don't want to deal with them at the best of times. Those lenders are most likely to scr*w you to make an extra buck. Also, if all their decisions are made in a far off land, like Toronto (I'm in BC), give them a pass.

Of course this is pie in the sky advice.
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smokedog,

[QUOTE=smokedog]

. My question is is it nessary to pay the full 5,000 off before I try to get a mortage, or can I get alway with my girlfriend excellent credit and my good credit with this one outsanding SL? Also, even if I was to pay this off, would it show out on Credit Report as payed?

the answer to that,

Mortgage lender's will see past a s/l in collection's 99.99% of the time if all of your other credit is in good standing and you have a minimum of 6 mos repayment history on the defaulted loan. They will expect the repayment amount to be a minimum of 3% of balance

The additional applicant with positive credit will add strength to the mortgage proposal making the approval that much easier, A good finance officer will structure the deal in a fashion that can make the deal very favourable to the underwriter, an example would be putting your g/f first on the application.. there are lots of things brokers/lenders can do to structure a strong deal

once paid it it will reflect on your credit bureau for 6yrs as account paid/ settlement made, depending on your repayment agreement.

hope this helps

Troy

 

  
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Bank staements can be used to show consistant repayment to the defaulted loan if the collection company is being difficult, you cannot use cash withdrawls as proof, it must be set up as a pap ( pre authorized payment)

Troy
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Thanks alot everybody! You have made our future a little brighter.
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Originally posted by smokedog smokedog wrote:

I am new user to this site and would like some info on what I should do now. I have had a defaulted student loan for $5,000. I was out of school and paying off my other SLs thought the bank. I got a call one day, a year after starting payment of SLs, from my mom asking if I was paying back my loans. I said yes and she said she recivied a letter from the Federal Collections Agency regarding a 5,000 loan I wasn;t paying. I then decided to try and hunt the loan down. My first call was to my bank theat had the other SL loans. They said I was in excellent sandings with them. So I evently tracte dthe 5,000 SL loan and strated to pay it off. My question is is it nessary to pay the full 5,000 off before I try to get a mortage, or can I get alway with my girlfriend excellent credit and my good credit with this one outsanding SL? Also, even if I was to pay this off, would it show out on Credit Report as payed?

 

Thanks
              ����The best way to forget your troubles is to wear tight shoes.
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sorry people, I have no idea what is going on with the post above this one, I never re-quoted .. oh well maybe I did on accident ???

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If it is a federal direct loan I've heard that sometimes they will take it back into good standing anyway if no contact had been made with the debtor.  Its worth a shot.
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I'm pretty sure I tryed that, they said it was my fault for not giving them an updated address.
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