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 LockedUnderstanding a defaulted loan.

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escapist View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote escapist Quote  Post ReplyReply Direct Link To This Post Topic: Understanding a defaulted loan.
    Posted: 10/August/2004 at 5:36am

Hi There,

My loan has been in default since mid 2000. I have been living in Europe since it defaulted.  For a myriad of reasons I have not paid anything on my loan since it defaulted.

I am wondering what happens to a defaulted loan.  Does it never go away - unless you claim bankrupcy?  I was told long ago if you live abroad for more than 5 years your loan gets written off but after reading some messages posted on this site I realise that was probably a myth.  What really happens?

Wondering how I should handle this situation especially since I might return to Canada in the next year or two.

Any insight into this is much appreciated.

the escapist

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eshelton View Drop Down
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Joined: 19/January/2004
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Post Options Post Options   Thanks (0) Thanks(0)   Quote eshelton Quote  Post ReplyReply Direct Link To This Post Posted: 04/November/2004 at 5:40pm
Have you touched this loan in any way since 2000?  If you are looking to return in 2006, the loan is uncollectable (unless you acknowledge it).  After 6 years, this information will disappear off your credit report.  So I'd hold out for at least 2 years before returning.  Don't ever acknowledge it, or you reset the clock.  
"A proof is a proof. What kind of a proof? It's a proof. A proof is a proof. And when you have a good proof, it's because it's proven." - Jean Chretien
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