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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Forum Lockedgot half of my letter of assement

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Leafs View Drop Down
Groupie
Groupie


Joined: 21/April/2004
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    Posted: 24/December/2012 at 5:53pm
Graduated January, 2001. CSL loan is risk shared with Bank of Nova Scotia.

Received a collection call for first time. Immediately disputed the amount with the collector and asked to be sent a letter of assessment with exactly how much principal and interest I owed. Haven't heard from them for 2 weeks so I write a formal letter requesting a notice of assessment with all payment history made and exact principal and interest owed.

3 weeks later I received a package with all my monthly statements dating back to latest Dec, 2004.

Here's a quick summary.

Graduated with just over $15,000 owed. Monthly payment plan was $150/mth with interest rate at 8.5%. So basically I'm paying about $125/mth in interest and $25/mth on the principal.

Fast forward to my latest monthly statement of Dec.2004. I owe just under $11000 in principal. So I payed $4000 off the principal last 3 years out of my monthly committment of $150/mth which translate in 3 years to making $4800 total payment.

Remember $25/mth goes to principal so paying off $4000 of principal is not too shabby but why did they send my files to collection than?

They say I owe $6900 in principal and $5700 in interest.

Now my monthly statement doesn't show interest accrued so I had to manually add up all the monthly statements to get my total interest from Dec. 2004 to currently now which comes out to $4700. So all the payments I've been making from 2004 to now has all been applied to principal which explains why I never get an interest receipt for tax purposes.

I went through tough times during mid 2000's that I would have definitely qualified for interest relief if they had not defaulted me. Clearly I made more than the minimum payments when I was in a stable job until I lost it than whamo they defaulted me. I don't owe provincial loan just this CSL.

Should I ask for the rest of my monthly statements from when I graduated to Dec. 2004? And the bank is asking for the principal back only but the collection agency wants the total principal + interest.  Don't know what to do but would definitely like to get rid of this loan that was originally amortized to January 2016.
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