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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deepindebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote deepindebt Quote  Post ReplyReply Direct Link To This Post Topic: Income tax changes?
    Posted: 27/May/2008 at 2:51am
I was just told that if you defaulted on student loans in the past, you are no longer able to declare the interest paid as a tax deduction. Since I paid over 5,000.00 in interest last year, this is very distressing. So first, is this true? And second, can this change be made retroactively? Third, the reason for the default was an error -- I was eligible for interest-free status, someone misplaced a decimal and showed my income as 120,000.00 instead of 12,000.00. The government took money from my bank account and I was forced to declare bankrupcy. Really, really upset right now!

Any suggestions?

Thanks,
DD
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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: 27/May/2008 at 12:31pm
Whoever told you that is incorrect. However, if there is a judgment anchored, you lose your right to claim the interest. If there is no judgment, then you can claim all of the interest that had accrued. If you can prove that you were defaulted in error, why not make the argument with the loan provider? Demonstrate their error and if it is theirs, they have to correct it.
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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thundercat View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote thundercat Quote  Post ReplyReply Direct Link To This Post Posted: 28/May/2008 at 10:24am
He is probably in the similar situation as most of us are, how can you prove you defaulted with no evidence? 
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Madmorrigan View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Madmorrigan Quote  Post ReplyReply Direct Link To This Post Posted: 28/May/2008 at 12:19pm
DD...just to let you know--I've been 'defaulted' on my loans for many many MANY years and I have always been able to declare my interest as a deduction. :o)
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Madmorrigan View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Madmorrigan Quote  Post ReplyReply Direct Link To This Post Posted: 28/May/2008 at 12:20pm
OH.....and I declared bankruptcy during this time--still able to claim, no probs.
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deepindebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote deepindebt Quote  Post ReplyReply Direct Link To This Post Posted: 30/May/2008 at 6:34am
The Ontario portion -- does anyone know how to get the receipt? I called 5 different numbers and nothing.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 03/June/2008 at 1:08am

Call 800-387-5604 and file a complaint about that. Then, ask them the tele # for the MTCU's accounting group and CMU (Collection Management Unit).

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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