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 Lockedmissed CIBC loan from 1999

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ohno View Drop Down
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    Posted: 27/March/2010 at 1:55pm
I started university in 1999 and graduated in 2004. I thought I hadn't taken out a student loan until after the new system was in place, and have been making payments on my Canada Student Loan and my BC student Loan (combined, $24,000). Both are in perfect standing. However, I recently ordered my credit report, and one of the security questions asked me to identify my CIBC student loan account number. I didn't have this number, and therefore the report was not sent to me. I went through all my paperwork and realized that yes, I am missing a loan for ONE semester in 1999. I was 17 at that point, and do not have a clear memory of where I cashed the loan (I had an account with CIBC but closed it that year).

So over ten years later, I have NEVER been contacted about that loan. Even more, I applied for an additional student loan in 2007 and was approved. I did not cash it as I decided to work at paying off my current loan before returning to school. Now I am ready to return to school, but I am afraid I will not be approved for funding. How was it possible to be approved for the 2007 loan if I had a defaulted loan on my record? I am afraid to inquire in case the loan has entered SOL and admitting that I owe anything will just wake up the monster. The loan couldn't have been for more than $2500, but 10+ of interest could have inflated that drastically.

Any advice on how I should proceed? Should I just apply for a new BC student loan and play dumb? If they didn't care in 2007, would anything have changed to make them deny me in 2010?


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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 28/March/2010 at 7:32am
The loan might be statute barred.  Best to talk to johnny at cfwgroup.ca
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