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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kristienna View Drop Down
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    Posted: 10/October/2011 at 7:50pm
Hello, so I've been reading posts in this forum here for a while trying to figure out what it is I need to do in order to get my situation straightened out, but everyone's situation is just so different I'm having a bit of trouble piecing it all together, so I'm really hoping someone can help me out or give me some advice on this.

I owe about 50 thousand in student loans, between Canada and provincial loans. They are all defaulted, because I just can't afford to pay them. I can't apply for repayment assistance or anything unless I pay them the outstanding interest, which there is really no hope of me doing. Right now I have an agreement to pay 150 a month to the provincial loan, and 20 to the Canada loan. Neither of them are very happy about this arrangement. I'm not either because I feel like it's a waste of my already low income since it doesn't even make a dent in what I owe. I'm trying to pay off the smaller one, the provincial loan, because there is actually a small chance that I'll be able to do so in about ten years going at this rate. The bigger loan, the interest alone is about 180 a month, and I'm paying them 20 a month. Even if I gave them all that I could afford to give, it would just pay off the interest each month and I just can't see the point in doing that for the rest of my life. It's just never going to be paid off. I have no hope of doing so.

I finished school in 2007, declared bankruptcy in 2009 and was discharged that same year. I hear a lot about applying for hardship but I have no idea how to go about doing that. I will be out of school 5  years this coming May and was told I could do that then. I can't even afford to pay for any kind of help in doing that, so I'm completely lost. I feel like this is destroying my life. The worst part is, the degree I got actually seems to hinder rather than help me in getting a job. I had to take it off my resume because I wasn't even getting interviews. Now I am able to get jobs that require a high school education, paying very little.

This whole situation feels very hopeless and I can't even go back to school now to get something that might actually benefit me, because of these loans. I hope there is something that can be done, because I can't go my whole life like this, it is depressing :(

Is hardship the only thing I can do? I'm afraid that they won't be cleared, and I wasn't exactly responsible with paying back my loans when I first finished school, which is why they are defaulted now but I'm trying to fix it, will that impact things, that I didn't do everything I could at first? Someone also told me something about writing to my MP ... what is the point in that, what can they do?

What can I do?
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kristienna View Drop Down
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Also, I am in Nova Scotia, if that helps or makes a difference.
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Anyone? :(
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Points: 1798 		Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 26/October/2011 at 1:08pm
Sorry no one has answered.  It seems that he best avenue would be to sit things out till may, when you could apply for hardship.  In the meantime try not to focus too much on the debt, and focus on the small things that are going well.  I know it sounds a bit trite, but thats what got me through,

You are fortunate that you do have this option available.  Just a few years ago it was 10 years.

Research what ou need to demonstrate hardship.  Start keeping track of receipts bills etc to show your monthly income and expenses.  Get organized now so that in the coming months you bee ready,

Mark
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Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
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