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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Leafs View Drop Down
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Joined: 21/April/2004
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Leafs Quote  Post ReplyReply Direct Link To This Post Topic: Loan revision
    Posted: 23/June/2004 at 11:14am

Man glad I found this website out before my OSL went to collection agent.  My federal SL went to collection agent 3 years after I graduated despite making numerous $1000 monthly payments instead of $150 monthly payments required of me.

Short summary of my situation.Went on 3 month vacation (working as computer contractor) and returned to find out my division been chopped and out of job. Got job compensation for over 2 years with the company.  Subsequently couldn't find computer jobs and missed 3 consecutive payments and request 1 extra month to pay off which was approved. went into collection agency anyways.  Didn't know Interest relief existed how stupid of me... Scotiabank could have at least told me anyways.

Now for the good news.  Because of this website I found out about loan revision.  I had my Ontario SL revised from $150/month to $19/month since I made heavy payments on them too while I was working. 

Now I'm going back to school this fall and through my parents and some money I saved up (or hid from collection agents) I have paid off the tuition though completely broke. Got to figure how I can afford books let alone transportation and food. Forget entertainment, no money for that.

In conclusion if you find your loan about to go into collection ask for a loan revision.  It may increase you repayment terms but it will help you financially in the short term.

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Joined: 20/June/2004
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Habs Fan Quote  Post ReplyReply Direct Link To This Post Posted: 24/June/2004 at 9:06pm

Good point and I think it makes sense from the bank/collection agency viewpoint as well.  When it comes to money, these guys will take what they can when it's all said and done.

They'll get their money in the end, it just miight take longer.  I find the key to dealing with banks/companies that you are indebted to is to assure them that money is on the way ..... and then sending the money.

Even in university, if I had $100 phone/internet bill and didn't have the money that month I would call and tell them what I will send, and when they will get the rest.  They always accepted it.

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