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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real_poopypants View Drop Down
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    Posted: 24/June/2008 at 9:31am
Hello
I had a $5700 ontario student loan recently sent to Accounts recovery corporation. I sent them a letter explaining that I could only afford to pay approx. $1200. Along with the letter, I sent 4 postdated cheques for $300 each. I mentioned in the letter that if they cashed the cheques that meant they agreed to my terms and that my debt would be settled. I really can't afford to pay anymore even though I am working full time. You know how it is.
Anyway, I got a call from the agent today. She said I needed to send more cheques. I said I had nothing to give them. She informed me that if I don't do something within a week, my loan will be sent back to the government and they will track down my employer and take 20% of my earnings. I told her I would call in a week.
Am I totally screwed or what??
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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 24/June/2008 at 3:11pm
If you owe a creditor $1000, and you send them a check for $500.00 with a note that says you are only able to repay that amount, and that by cashing it they agree to accept it as payment in full  That creditor is going to take your $500.00 and apply it to the account - and come looking or the other $500, including interest.
 
The only way they are bound to it is if they agree to this in writing. If you send them a letter telling them "how it is", they will tell you how it is.
 
 
 
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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