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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johnmcintyre View Drop Down
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Joined: 13/April/2004
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    Posted: 13/April/2004 at 12:26pm

I have a CSL with the Royal Bank. I applied for interest relief back in Jan. 2004 and I had to make a few changes to it in early March 2004. I have now sent everything that I need to get interest relief back in Mid-March 2004. I have received no indication that I have even been accepted yet and RB wants answers now. RB has already given me an R5 on my credit rating and they say that I must pay my loan payments by April 27 or my account will be sent to a collection agency and my credit ultimately destroyed. I am wondering what I should do once I get interest relief to restore my credit rating that Royal Bank has decided to  with? Should I pay my loan payments that have gone into arrears? Wait for interest relief? Shoot someone from RB, CSL, and/or N whatever? Or just take it up the ?

Thanks for any help that you may have.

john
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: 14/April/2004 at 6:54pm

Are you applying for IR through the Royal Bank or through the National Student Loan Centre?

If you are applying through the NSLC, you should make your payments until such time that your IR has been approved. Royal Bank then returns any excess payments to you.

If you are applying through Royal Bank, you may need to submit a new application and pay interest up to the start of the IR period you are approved for.

If your R5 rating is because NSLC is taking too long to process your IR, once your loan is on IR or in good standing, you can ask Royal Bank to amend your Credit Bureau.

amynic

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Post Options Post Options   Thanks (0) Thanks(0)   Quote canadian Quote  Post ReplyReply Direct Link To This Post Posted: 30/April/2004 at 8:04pm

You're supposed to apply for interest relief with National and they are supposed to notify the other institutions you have loans with.  If you have one with National, you can not just apply to RBC (so they told me when I looked into it). Once National approves you it's like an automatic approval with RBC...  but who knows if that's a line of crap she's given me from RBC!

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