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 LockedHere’s an interesting IR problem.
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Kristian View Drop Down
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Joined: 18/February/2004
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Points: 43 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Kristian Quote  Post ReplyReply Direct Link To This Post Topic: Here’s an interesting IR problem.
    Posted: 15/March/2004 at 10:24am
Okay...I'm back.  Ya'll probably didn't know I was gone, huh?

Well, I just off the phone with Canada Student Loans and CIBC Student Loans.  I qualify for interest relief (IR) on the CIBC end, however my CSL loan has been sent to HRDC.

So, the policy-logic goes like this:  I have to be approved for IR on the CSL end before being fully approved on the CIBC end.  Since HRDC collections has my CSL loan, I cannot be approved for IR at CIBC.

Guh.

I have been in contact with HRDC a few weeks ago and was asked to submit details about my financial situation.  I sent that document away early March.

So far, there's no noise coming from HRDC, CIBC or CSL.

Now...what do I do next?  Talk to CIBC and explain the situation?  Talk to HRDC and confirm that I'm impoverished...again? 

It seems I've been caught in a policy black hole between the three agencies.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2004 at 5:29pm

If your loan has been sent back to HRDC as a 'claimed loan', you are no longer eligible for IR.

Your only option would be to see if HRDC will send your loan back to CIBC if you pay the interest to the date IR would be approved from.

amynic
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missboo View Drop Down
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Points: 7 		Post Options Post Options   Thanks (0) Thanks(0)   Quote missboo Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2004 at 5:47pm
I sent my financials to HRDC in early January, along with a "good faith" payment and followed up with another payment in February but still haven't heard back with a balance or payment schedule yet. Oh yeah, they also get to keep my tax refund! I actually had faith this was being dealt with until I started reading here - now I'm just scared they'll just keep taking my refunds forever!
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Kristian View Drop Down
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Points: 43 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Kristian Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2004 at 5:48pm
Well, the loan that went to HRDC didn't originate from CIBC, but rather CSL -- Canada Student Loans.

There was that change that happened when CIBC stopped handling student loans and CSL took over.  I think that was in 1999 or 2000?  Soemthing like that.

The lion's share of my debt is with CIBC and is in reasonable standing.  The CSL portion is only $2300.00 or so and it is now the property of HRDC collections.

So..if HRDC can't send it back to CSL it still means CIBC won't approve me for IR.

And that's the rub.

And it's kinda like crap, only it's policy.  It stinks worse than crap.

Sorry my previous post was unclear.
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Kristian View Drop Down
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Points: 43 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Kristian Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2004 at 5:53pm
Originally posted by missboo missboo wrote:

I sent my financials to HRDC in early January, along with a "good faith" payment and followed up with another payment in February but still haven't heard back with a balance or payment schedule yet. Oh yeah, they also get to keep my tax refund! I actually had faith this was being dealt with until I started reading here - now I'm just scared they'll just keep taking my refunds forever!


Sorry, missboo...I didn't see your post before I wrote my clarification above.

This is the same point where I'm at with CSL.  I'm not sure if they are evaluating my financials or are running them through the shredder.  I don't expect to see my tax return this year, either.

Have you filed your tax return yet?
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missboo View Drop Down
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Points: 7 		Post Options Post Options   Thanks (0) Thanks(0)   Quote missboo Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2004 at 6:02pm
:) That's Okay, I'm just learning to navigate this site and I'm not really a wealth of info at all, lol.

I netfiled yesterday and CSL will get whatever's leftover after Homebuyers takes their bit. I'm in the process of digging out after being discharged from bankruptcy in 2001 and it's all uphill from here,baby! Want to know the kicker? After Royal Bank handed back all the student loans in 1999, they LOST mine! I have (noted in my little diary) a log of 14 calls over six months to 4 different federal departments trying to track down the loan myself - I was even told by HRDC at one point last July I didn't HAVE an outstanding loan but me trying to be the bigger person kept calling, then in December I get a nasty collection letter calling the entire balance! Sheesh, you try to be honest, eh?
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Kristian View Drop Down
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Points: 43 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Kristian Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2004 at 6:12pm
Yep, it's a long, slow climb.  From the sound of it, I'm glad I never applied for a student loan with the Royal Bank.  A lot of people got lost in the shuffle only to be "found" with a vengeance.

Also, from the sound of it, it pays to be up front with these agencies.  You can see better from the moral high ground.

Sorry I'm not very helpful.  Looks like we're in the same, crowded boat.
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missboo View Drop Down
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Points: 7 		Post Options Post Options   Thanks (0) Thanks(0)   Quote missboo Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2004 at 6:21pm
I hope there's a buffet, at least, lol! I'm not holding my breath on the letter, though, I half expect to be served with court papers. I figure at least then I'd have a court ordered repayment schedule with a clear beginning and END. I hope....
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Points: 18 		Post Options Post Options   Thanks (0) Thanks(0)   Quote leavingcan Quote  Post ReplyReply Direct Link To This Post Posted: 23/May/2004 at 1:53pm

Missboo

You might have a point.  I once had a chat with a federal lawyer who said if he had student loan problems he would want them to go to judgment, then the post-judgment interest would be better (2 1/2 at the time we had that chat).  My loans are 10 3/4.

Court clerks are much nicer than collections agents.

This assumes, though, that one has a realistic shot at paying one's loans, and does not need interest relief (or have used it all up), and that bankruptcy will not return as an option.

At least for fun we could start telling collections agents to sue us... please...we beg you... we prefer court to you...it's polite...the interest rates are reasonable...my address for service is...let me know when the process server is coming and I will bake a cake...

OK am leaving this site for at least 24hrs.

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