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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bogi View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bogi Quote  Post ReplyReply Direct Link To This Post Topic: Need Advice
    Posted: 08/July/2007 at 9:36am
Hi
 
I hope to see if anyone can give me some advise on my student loans.  I've around 23k of debit with student loan.  For the first few years, I've been paying on time.  However, 2 years ago, I was unemployed and I was unable to pay so I applied for interest relief.  But after the interest relief period, I was still unable to paid (around $350 /per month) as my salary was only $1100 (has some other expense like rent, gas etc).  So I've been stopped paying for 2 years and of course I always recived those collection agency phone calls.  Now, my financial situation is better (not much but better) and is around $1500 per month, so I think I can afford to repay again.  Can anyone tell me if I should contact CIBC again?  Will they be willing to accept my payments since I've been stopped paying for 2 years?  I want to rebuild my credit and for future housing or car loan. If I am willing to repay again, when could my credit be builded up again?  Many Thanks  
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Dunker View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dunker Quote  Post ReplyReply Direct Link To This Post Posted: 10/July/2007 at 8:21am
I believe that they can't refuse your payments, despite whatever they say.  They are afterall a collection agency.  Given that they have a strong tendency to lie to and manipulate people, I do my best to only communicate with them through the regular payments that I make.  In fact the only thing that will make them happy are the words paid in full.  Anything less and they will continue to harrass you on a consistent basis.
 
You say that your loan was with CIBC, however you are currently in collections.  Therefore you probably need to deal with the collection agency instead.  Has the collection agency been sending you correspondance?  You obviously would need to figure out who to pay, and then get receipts of your payments.  Collectcorp sends those in the mail every time I make a payment.  Usually takes about one week for that receipt to arrive after making a payment.
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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: 11/July/2007 at 3:10am
Dunker is correct. They cannot refuse a payment. They can refuse arrangements to pay. If you ned help, let me know.
 
Johnny
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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bogi View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bogi Quote  Post ReplyReply Direct Link To This Post Posted: 12/July/2007 at 7:07am
Thank you for all the advise.  I will contact Collectcorp , but I deal with them before and it's a nightmare. Anyhow, I think Johnny should be the first one I should contact.  You will hear from me soon  Johnny, many thanks.
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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: 12/July/2007 at 9:26am
YW
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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