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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aswin View Drop Down
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    Posted: 17/April/2013 at 2:08am
Please help I am very confused..I have been looking on this site and it has been very useful. However, I am still very confused. My student loan is 15 years old now and a portion of it is with HRSDC where I make minimal payments. The other half was royal bank. I havent heard anything of this portion for years. It does not show on my credit report. I had been screwed by scotia bank a few months ago when i applied for something and realized they were reporting that I had a mortgage that i never had! I have had it cleared up but I get my credit reports online and get a notification if something changes. I got an email from equifax stating that there had been a hit on my record. It was from CBV collection Servivces. It is for the Royal Bank portion. I dont know how much as someone else called to see why.
Im not sure what to do.....I am a single mom of 4 kids and I stay home.
Can you please shed some insight to what I should do or if there is anythingh or shoudn't do?
Greatly appreciated. Thanks
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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: 17/April/2013 at 7:35am
Your RBC portion may be statute barred.   We have a subforum on that topic.  That doesn't stop  CBV from trying to collect though.    Under no circumstances should you write anything to CBV or to RBC about the loan as that will acknowledge the debt and reset the statute of limitations.  

Here's a link to our stats barred forum.
http://www.canadastudentdebt.ca/forum_topics.asp?FID=90&SID=87382097197ece542e8z6z718f4e95218055556&title=collection-of-old-stats-barred-loans

Sometimes telling them the loan is stats barred will stop the calls.... but only for a while....
Don't try to argue with the collection agents as they are in no way willing to help and they will be manipulative.  Just say "This loan is stats barred. Stop calling"   and hang up.

You might consider getting a properly written 'cease and desist' letter but it has to be properly written so you don't acknowledge the debt.

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aswin View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote aswin Quote  Post ReplyReply Direct Link To This Post Posted: 17/April/2013 at 8:15am
Thanks. I actually checked my transunion report and rbc show up there. They all say account closed, paid.... I am really confused now...
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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: 17/April/2013 at 8:47am
That is a CSL1 (Federal guaranteed from the old program)  or CSL4 (federal direct). THey read "0 balance, paid (by government guarantor).  THat is not a bank risk loan that you are seeing.
 
A RBC risk-shared loan would show as a RBC loan in status default, if it is actually in default.
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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aswin View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote aswin Quote  Post ReplyReply Direct Link To This Post Posted: 17/April/2013 at 8:57am
The 3 that show all show the same thing. So what does that mean for me?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 17/April/2013 at 9:40am
I don't know because I cannot see what you are looking at. THat is why I mentioned to you that this requires a pretty good assessment and analysis when you contacted me privately earlier today.
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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