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 LockedRevision of Terms Questions

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mia_wallace View Drop Down
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    Posted: 21/June/2009 at 10:59am
Hi everyone, 

I'm new to this forum and am really happy to have come across it. I have a Canada and Ontario Student Loan through Scotiabank from before 2000. I have exhausted my interest relief period and all but 4 months of my extended interest relief (please don't ask me how there's a 4 month period left hanging there that isn't even a full period of interest relief). 

So, I thought I might be eligible for debt reduction and called to find out, but because I graduated in 2006, I still have two more years to go before I will reach the five years to qualify for debt reduction. I asked what other options were available to me, and apparently I am making a couple hundred dollars more than the ridiculously low maximum monthly income for Scotiabank's Interest Relief program. I actually spoke with the National Student Loan Centre, and their maximum monthly income amount for interest relief is several hundred dollars more than Scotiabank's, which makes me FURIOUS. I'm so angry that if I had gone to school two years later, I would have had my loan processed through the NSLC and not had to deal with this abomination of a financial institution.

Anyway, I digress. So I was told my only option is to apply for a Revision of Terms for my student loan, where they make the length of repayment longer, and thereby reduce your monthly payment (but also, like the absolute bloodsuckers that they are) increase the total amount of interest you will pay over the years. Has anyone done this? I was told to just write a letter to the  Scotiabank Student Loan Centre explaining why I would like to do a Revision of Terms and explain my current financial difficulties. 

If anyone has done this or knows how much it reduces your payments, I would love really appreciate your advice or information. I was also told there is an option where you only pay the interest, but the smug and rude customer service person on the phone who was telling me abot it wouldn't go into details. 

Thanks so much!!
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