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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debtmonkey View Drop Down
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    Posted: 09/July/2004 at 2:44am
My understanding is that if I'm granted debt reduction
and still can't afford to pay I'll have to pay $25/month.
My question is what if this $25 doesn't cover the
interest on the loan? Does the government take care
of the rest of the interest or will the unpaid interest
start accumulating on my reduced debt and eat away
at the $10,000 that my debts been cut by?
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colly View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote colly Quote  Post ReplyReply Direct Link To This Post Posted: 09/July/2004 at 4:46am

I am wondering the same thing debtmonkey, we both know what would be logical but knowing the program we are dealing with I am afraid of the actual answer.  Considering the interest the gov. has paid over the last number of years that I have been on interest relief, it would already have covered the debt reduction relief I may now be eligible for-makes such brilliant fiscal sense doesn't it?  

  I am also wondering and have not yet found anyone who will/can answer this question (have talked to RBC and the Feds numerous times) What is the max allowable income threshold upon which they base whether or not they deem you eligible to pay?  Seems it is some magical, mysterious, complicated formula which could not be explained to me over the phone, a rep with the Federal gov. said he would send me the info last week - have not yet received it.  I just simply want to know what they base their decisions on. If anyone has any insight or info about these questions, I would appreciate hearing from you.

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debtmonkey View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote debtmonkey Quote  Post ReplyReply Direct Link To This Post Posted: 09/July/2004 at 12:51pm
I called Scotiabank today and they told me that $25
was the minimum that I might be asked to pay but
that the actual monthly figure depends on my loan. It
could be $100/month or $200/month. What if I
couldn't afford that, I asked. Then I could negotiate
different terms (ie a longer paying period) which of
course would end up meaning interest will eat up
the "reduced" $10,000 in short order.
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danny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote danny Quote  Post ReplyReply Direct Link To This Post Posted: 10/July/2004 at 12:14am
i think they are bsing you

if u dont have it dont pay "it is my understanding that if you dont acknolwedge your debt in writing or payment for 6 years" --that your account may be stats barred ?

not sure if stats barred means you have to consolidate your loans or leave the country and come back?
Johnny save me!!!!!!!!!!!!!
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debtmonkey View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote debtmonkey Quote  Post ReplyReply Direct Link To This Post Posted: 10/July/2004 at 2:21am
I think I probably have acknowledged my loan in
writing since the loan was in default (due to a bank
error) and I had to send letters etc to get the default
reversed. I believe I had to sign a consolidation
agreement at some point as well. It's only been five
years in any case since I was last in school full time
so I think I'd have to wait another year. Is there any
way I can find out if my loan is "stats barred" or how
long it would be before it comes under the Statute of
Limitations?
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