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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pogorelichfan View Drop Down
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    Posted: 01/March/2007 at 12:25pm
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Hi everyone,
 
After reading the many interesting posts on this site, I think there is a lot more we can be doing to change the system.
 
I wonder if there is anyone on this site who has experience building websites, and is willing to help create a special petition website with me. 
 
My Plan:
 
Politics is all about the message, and if we really want to change things we have to create a simple and clear message that both the public and the politicians will hear.  Thus I suggest we create a list of ten demands we believe are needed to modernize the student loan programme.  These demands would be written out in clear language and posted on a dedicated website where people could sign our electronic petition.  Once we have enough signatures, we can forward a copy to the media and the politicians. 
 
From reviewing this site, I would suggest the following improvements encompass the ten points--feel free to add your own ideas here, too.
 
1/ The interest rate charged on student loans is linked to the rate of inflation, based on the Retail Prices Index.
 
2/ Minimum Income requirements before repayment -- perhaps a base minimum income of 25,000.00 should be required before payments are required. 
 
3/ Interest relief should be based on your NET not GROSS income figures.
 
4/ Interest relief should not be reported on your credit bureau--doing so will increase the interest former students pay on other loans because they are perceived as a higher risk.
 
5/ Disability
Disability relief is only available if the disability occurred within the first 6 months after graduating. This is an absurd rule that needs to change. Disabled people’s mental health is worn down by dealing with HRDC, the NSLC, and collection agencies.
.....
 
 
 
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administrator View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 01/March/2007 at 2:33pm
Some good suggestions. I can look into hosting a petition, but also concerned about privacy as email addresses and names should not be displayed as they are then 'harvested' for spam. There needs to be some security in place, as well as an ability to block people from signing twice etc... so its a complex prospect.

Re a couple of your points...

I would suggest that Interest rate should be a low fixed rate... not tied to inflation.

A minimum base income would fold into the interest relief program, but as many have suggested there should be "Payment relief" instead of interest relief as interest relief only defers the problem, unless debt reduction can be addressed.

Net income vs gross income is a good idea... there might also be regional adjustments as there are when taking out the loans...

Interest relief is not reported on credit bureau. but arrears are...

With a deeper understanding we need some global statements such as penalties to the service provider for incompetence, an ombudsman...

Restricting it to 10 points will mean some key issues wont be addressed.

Lets discuss this more here!

Mark
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pogorelichfan Quote  Post ReplyReply Direct Link To This Post Posted: 02/March/2007 at 3:57am
Hi Mark,
 
I'm just wondering who has said that your credit rating isn't affected by interest relief--the truth is in between:
While there is no specific impact on your credit score--the number that is usually used to decide loans--the fact that you are on relief is noted on your file.  Thus, any loan officier reviewing your credit file for, for example, a car loan, will immediately think that you already can't handle the debts you have outstanding.  In other words, your credit rating IS impacted, but in a way that is more obscure. 
 
Again, if students could elect to pay a smaller monthly payment instead of being locked into a 10 year plan (sounds sort of Stalinist, eh) they wouldn't be forced to take interest relief in the first place.
 
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Re the Petition

I think there are sites that will host online petitions (not sure if some hosting sites are better - more privacy controls?)
eg
 
Perhaps we could set something up without email addresses.
For example the recent petition on the state funeral for ww1 vets listed names and cities
 
It would be great if we could get the 1.2 million signatures that Rick Mercer got with his petition to have Stockwell day change his name to Dorris Day
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote frustrated-guy Quote  Post ReplyReply Direct Link To This Post Posted: 02/March/2007 at 5:13am
before and if petition is setup I think there should be agreement among that is what we want to do, the mechanics of how it would work, and agreement on the wording. 
 
It would be good to discuss it and thrash it out before going public with it so we have a united public front
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 02/March/2007 at 4:15pm
The problem with petitiononline is that it is loaded with advertising... I tried google ads on this site but quickly removed them because what ended up was a whole bunch of loan sharks and quasi debt counselling agencies. I actually made $5 in one day, but I felt it was unethical to have these ads on this site as it reduced the credibility..

Petition online has a subscription version...I'll check into the prices... that removes the ads and we have more control over the petition. I have to ensure confidentiality...so Name and City would be good...

For the interest rate, how about dropping it to half of what it is as the US government, but it needs to be not just for new loans after 2007...otherwise it wont help us at all - ie it needs to be applied to ALL outstanding loans whether through the NSLC or banks. All of these small points need to be considered otherwise we'll get what we specifically asked for without it helping us...

In the meantime, I'll work on condensing the "what needs to change into 10 or 12 specific points" and see where we can go from there..
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