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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colly View Drop Down
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Joined: 21/June/2004
Points: 15 		Post Options Post Options   Thanks (0) Thanks(0)   Quote colly Quote  Post ReplyReply Direct Link To This Post Topic: debt reduction-any news?
    Posted: 21/June/2004 at 5:18am

This site is an incredible source of info and support, thanks so much to the administrators.

Of course, just when the time comes that I am eligible to apply for debt reduction, guess what - the RBC tells me that the program is on hold  arrgh!!!  I am gathering from some of the info I have read here that there have been changes stemming from the 2003 budget which are finally being implemented (I'll believe it when I see it).  Anyway RBC tells me it is out of their hands, they are not sure what is going on and that I need to call the gov.  I call the gov. and they tell me that the new forms have been sent to all of  the financial institutions and that I should "demand one" from my banking representative, Ha Ha. 

Another phone call to RBC, another rep tells me that indeed the bank has the forms but they are not authorized to release them yet and in fact do not know when this will happen.  However, I will need to make my payments until such time or else I will not be eligible to even apply.

Question: has anyone heard anymore about what is happening with the program, what the changes are, and when applications will be available?

 
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whydidibother View Drop Down
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Points: 36 		Post Options Post Options   Thanks (0) Thanks(0)   Quote whydidibother Quote  Post ReplyReply Direct Link To This Post Posted: 22/June/2004 at 4:46am

RBC told me(see post below)that they hadn't received the "operating guidelines" for the new changes and didn't know when they would be put into place. I

'm assuming that nothing has changed from before with regards to the loan having to be in good standing in order to qualify so that leaves me(and a lot of others) out in the cold if their loan is in default. Also, does debt reduction only apply to your CSL? My prov. loan is in good standing, but do they even apply debt reduction to prov. loans or is it only CSL?

 
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colly View Drop Down
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Points: 15 		Post Options Post Options   Thanks (0) Thanks(0)   Quote colly Quote  Post ReplyReply Direct Link To This Post Posted: 22/June/2004 at 6:52am

whydidibother,

I read your previous post, seems we're in a similiar situation.  It's funny to me that the bank AND the gov tell me "It is out of our hands", My response "Well if it is out of your hands and it is out of the banks hands, then just whose hands is it in, cause it sure as hell ain't mine!!" feeling the frustration too. 

My understanding is that debt reduction only applies to CSL's, I was told by RBC that it would not apply to my ontario loan.

For now I'll just keep smiling  Cheers!

 
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Points: 36 		Post Options Post Options   Thanks (0) Thanks(0)   Quote whydidibother Quote  Post ReplyReply Direct Link To This Post Posted: 22/June/2004 at 10:23am

Colly,

Thanks for the reply...I kinda figured that debt reduction applied to CSL only(the one for me that I've defaulted on). *sigh*

The kicker is if the 2003 budget had been implemented last yr. and the banks had it in place this time last yr., I prob. would've qualified as my loan just went into default last August ...oh, well....Last yr, our income level was too high(so says the gov't)and this yr. I think we qualify income wise but loan is now in default....it's always something....

My frustration is that if I could keep my loan in good standing then I wouldn't be needing debt reduction as my loan would be paid. Seems stupid that a program designed to help those who need isn't helping anyone at all....

Though I do know people who are making interest only payments(that's the only way their loan is in good standing, I couldn't even afford the interest only payments on my CSL) in hopes that these guidelines will be in place soon so they can apply for debt reduction. I hope somebody can benefit from these changes if they ever come to be!
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tenji1973 View Drop Down
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Points: 2 		Post Options Post Options   Thanks (0) Thanks(0)   Quote tenji1973 Quote  Post ReplyReply Direct Link To This Post Posted: 30/June/2004 at 6:50pm

Hi, I recently received the RBC letter and was notified that financial institutions is processing changes resulting from the recent regularoty changes, and they are not able to send an application when originally requested, however, they have sent me an application form (old form) to fill in and ask me to date May 2004 which is when I applied for debt reduction.  In this way, my application will be processed according to the date submitted.  I suggest you call royal bank and request this form, hope the above help!
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Points: 2 		Post Options Post Options   Thanks (0) Thanks(0)   Quote tenji1973 Quote  Post ReplyReply Direct Link To This Post Posted: 30/June/2004 at 6:54pm
hi, I have recently received a letter from RBC stating that due to recently changes on the regulatory of the financial institution, they are unable to send me the application form.  However, they have attached an old application form for me to fill in and suggested I date the application form May 2004 which is the month I submit my application, so I suggest you should call RBC to request this form right away, hope this help.
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colly View Drop Down
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Points: 15 		Post Options Post Options   Thanks (0) Thanks(0)   Quote colly Quote  Post ReplyReply Direct Link To This Post Posted: 01/July/2004 at 5:21am

This is interesting because I too received a debt reduction application from RBC this week and was told it is the new application form.  I was instructed to fill it out and submit it, however when I asked questions about the criteria that would be used to determine my eligibility the person was not able to give me any answers.  She said that as of yet they the bank has not been informed (by the gov.) of all of the guidelines.  When I asked her how they would go about processing applications without the required info, she replied "oh, just send it in and then we will have it when we get the guidelines" which she seemed to think they would get very soon.  The organization and efficiency of this program never ceases to amaze me!!!

Cheers
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SolveStudentDebt View Drop Down
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Points: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 01/July/2004 at 6:35am

 

 Colly,

 Fill out the DR request and send it to them by mail. Then, fax it to them. This way they cannot say that they didn't receive it any time. Keep the fax report showing that it was sent.

 Now, include a letter - with a signature witness to this effect:

 "As discussed, here is my application for the debt reduction. I had contacted the RBC student loan service center and asked what the process is in determining eligibility and the service representatative had stated, "that the RBC had not yet been informed by the government(s) on these directives. I then aksed the customer service representative how they will process this application without having the directives regarding procedure and assessment. The representative replied, "oh, just send them so we will have it when we recieve the guideliness and directives."

 This raises concerns because the service representative did not seem to know very much about procedure in this case. My main concern is that the RBC will lose or misplace my application, and claim to have not received it. To reinforce this, I have included a signature witness in the event that such errors may occur.

 Please contact me once these directives are in place so that my student loan and future are not compromised. Your immediate attention is greatly appreciated.

 

Respectfully - "Colly"

 

 

 

  

 
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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colly View Drop Down
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Points: 15 		Post Options Post Options   Thanks (0) Thanks(0)   Quote colly Quote  Post ReplyReply Direct Link To This Post Posted: 01/July/2004 at 9:17am

Johnny,

Thanks so much for your suggestions, any advice about how to navigate this maze of madness is much appreciated. I will be sure to proceed as you advised.  Should I fax the supporting documents as well, or is the application alone sufficient? Also, is there anyone specific I should "attention" the documents to?

Thanks again, it is so helpful to have an expert who offers support.

Colly

 

 
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Points: 14 		Post Options Post Options   Thanks (0) Thanks(0)   Quote teacherwannabe Quote  Post ReplyReply Direct Link To This Post Posted: 18/August/2004 at 1:09pm
Hi everyone, I am new here, but just wanted to pass on some information I received.  This came at the expense of many frustrating phone calls and eventually I went through my M.P.  He told me that existing loans would not be grandfathered into the new debt reduction policies.  Has anyone else heard this? 
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