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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pattypooh View Drop Down
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Joined: 02/April/2004
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pattypooh Quote  Post ReplyReply Direct Link To This Post Topic: IR cut off criteria
    Posted: 02/April/2004 at 2:22pm

Hi,

I'm a new member and have qualified for interest relief once before and was recently told I prequalify again.  I was just wondering what is the cut off with the gross monthly income.   I make anywhere between $1200 and $1600 a month depending on my hours.  So, what is the upper limit?  Thanks.

Patty
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Guests View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: 02/April/2004 at 5:51pm

Interest Relief is based on your gross monthly income, the number of people in your family and the amount of your student loan payment.

If you are married, you must also include your spouse's gross income.

You should be able to call the centre that holds your student loans and find out what the maximum earnings are for your situation.

amynic

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Phoenix View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Phoenix Quote  Post ReplyReply Direct Link To This Post Posted: 03/April/2004 at 4:08pm
Patty, I am not sure where you live, but here is the information for Ontario.

http://osap.gov.on.ca/eng/not_secure/IR.htm

At the bottom of this page, you can find a table which lists the income.
You need to know the total monthly payments for you loans and the number of dependents you have.

If you do not know your monthly payments, you can call and ask the lenders or calculate it using a payment calculator found on bank sites or with a spreadsheet, i.e. MS excel.

Truth Endures...
Phoenix
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diana View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote diana Quote  Post ReplyReply Direct Link To This Post Posted: 08/April/2004 at 5:13am

It does not matter what the criteria is for interest relief. The CIBC and the NSLC are unable to process interest relief applications correctly. Any policy or procedure is useless if there are idiots processing the applications.

diana
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pattypooh View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pattypooh Quote  Post ReplyReply Direct Link To This Post Posted: 08/April/2004 at 6:08pm

I just wanted to say thanks to everyone who replied.  I am in Ontario so that website helped out a lot and as for the people at CIBC, I can't say a whole lot since I am part of the company.  But screw ups definitely do happen, we can only correct them and move on.  So good luck to everyone, hopefully my interest relief goes through without any hassels, please keep your fingers crossed for me.

Thanks again!

Patty
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torontoboy26 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote torontoboy26 Quote  Post ReplyReply Direct Link To This Post Posted: 19/April/2004 at 7:57pm
diana, you are correct dear, marry me and we can be poor together?
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diana View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote diana Quote  Post ReplyReply Direct Link To This Post Posted: 21/April/2004 at 1:37pm

I don't want to be poor forever. Circumstances are making me poor now. It is because of these circumstances that interest relief is going to be allowed on my loans. Even if it kills me....which eliminates any prospect for marriage. I don't even have life insurance so you couldn't gain anything there.

diana
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