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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    Posted: 09/November/2010 at 6:00am

The government of Canada has a very lucrative relationship with the banks involving purchasing of risk loans for a very low percentage. The bank should be responsible to notify all borrowers in this case but they just don't. They give you no opportunity to make an offer.  I suspect this is because they do not want the controvery behind having to tell you that they just sold you out for a dime. Yet, you could call them and offer them a quarter or even more and they would refuse! They would much rather give the account to the government practically for free and make you suffer for a long time to come. The government enjoys it's free money at the expense of the tax payer and student as you can tell.

It is important to stay on top of bank risk loans. For those of you who borrowed from Scotiabank it is most important because of the way they seem to view the student loan borrower population. If you are a Scotiabank student loan borrower and have had this happen, it must be addressed immediately in order to get any sort of results. Banks can be very difficult, even more than the governments.
 
Johnny  
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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