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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canucky View Drop Down
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Joined: 13/April/2004
Location: Canada
Points: 6 		Post Options Post Options   Thanks (0) Thanks(0)   Quote canucky Quote  Post ReplyReply Direct Link To This Post Topic: Hope this helps someone out there...
    Posted: 05/July/2004 at 12:24pm
I have been looking at this site for the last couple of months now and thought maybe someone out there might benefit from hearing what I have experienced with the student loan system and with this website in particular…

I attended university between 1991-96 and, when I graduated, I was left with a very hefty debt (in the range of $40K with Scotiabank). As most people have experienced (judging from what I've read on this website), I did not get a well paying job right away and when the interest free period came to an end and the bank tried to collect from me, I had no other choice but to go into default with the loans. I desperately tried negotiating with the bank to reduce the monthly payments but to no avail. Very frustrating to say the least…and stressful.

At the time, I was given an opportunity to leave the country and work abroad…I took it without thinking that I was going to be avoiding the student debt - but if I did, I was willing to take that chance. While I was away from Canada, my family was harassed for a couple of years by the collection agencies but they were very supportive and simply told them I no longer lived there.

All in all, I was out of Canada for 5 years and I have since returned home and - to be honest - was dreading what would happen when I tried to work in Canada again. After 6 months of working and shortly after I applied for a credit card, I started to get phone calls from one collection agency. As I was out of the province for a month, I never got any of the phone calls myself, but it put lots of stress on me while I was away. I panicked and everything went through my mind - I even considered leaving the country again.

But my saving grace - and luck - I found canadastudentdebt.ca and I have to say it was a HUGE relief to find others who were in similar situations…I also found out about John LeBlanc and the Canadian Financial Wellness group. Thinking this was the best option, I contacted John and gave him a rundown of my situation and asked - or rather begged him - to help me. I found he was more than willing to offer any advice and more importantly - to offer lots of comfort. I couldn't have made a better decision. It took little over a month for me to get it all sorted out and now I know that since I was away for the last 6+ years without any activity towards my student debt, the loan has been successfully barred and I don't have to pay anything! John put in more time and energy into my case than was expected and I cannot thank him enough…he made the experience easy and stress-free.

Don't get me wrong: I'm not trying to advocate travelling to avoid student loans. What I am hoping to do is communicate to everyone that there is help and ways to get through this headache…I found it through the canadastudentdebt website and the CFW group. If you are in anyway stressing out about your student debt or trying to find ways to avoid them - your best bet is to stay informed.

If I had known what I now know through the advice/help from John and canadastudentdebt, I wouldn't have been so reluctant to return to Canada and face what turned out to be not such a bad thing after all. I hope your experience will be as easy as mine was and that I was able to help anybody in a similar situation. Good luck to you all.


(This has been posted in other branches of the website as well)
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khsu View Drop Down
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Joined: 18/July/2004
Points: 15 		Post Options Post Options   Thanks (0) Thanks(0)   Quote khsu Quote  Post ReplyReply Direct Link To This Post Posted: 18/July/2004 at 3:38am
Hi canucky:

Do you mind elaborating a bit more about why you don't have to pay back when you were away for 6+ years?

I am similar situation.  I borrow a Student Loan in 93/94, and was told that I didn't have to pay the full amount back, so I didn't when I graduated in 94.  After I graduated, I worked abroad but I did made occasional visits (a couple of weeks every couple of years) back to Canada.  I moved back to Toronto in Dec. 2001. 

Recently I received a phone call from a collection agent, he said that  Ontario Government decided they have made "overpayment" when they gave me the loan and they want their 3000+ dollars back.  To me it's quite a shock since I thought I have settled that problem long ago and I don't really have any money now.

I am just wondering if that 6-year-examption applies to me? Do you mind sharing your experience?

Thank you.
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