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 LockedRBC risk portion of federal loan in Ontario

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rfandkp View Drop Down
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    Posted: 02/February/2011 at 7:11am
I've recently been contacted by Partners in Credit for the risk portion of my student loan from my first year in university- 1999/2000.  I had been paying my loans to Revenue Canada and had no idea that I owed any money. I called Revenue Canada and the Ontario student loans who all confirmed that I had paid in full. 
 
Then I called Royal Bank who said that this was the risk portion of my federal loan.  I have a Visa with this bank in good standing (nothing owing) and I asked why if I owed money I had not been contacted in so many years- they clearly had all my contact information and actually sent me a statement last month offering to increase my limit on my credit card.  They s aid I had to speak with the collection agency because they had a contract with them.
 
The collection agency has called me on average 3 times a week AT WORK, leaving threatening messages that the next call would be to my payroll department.  I have not answered any of them and do not want to deal with them at all.  I have requested Royal Bank to send me some sort of proof that I even owe this money, which they agreed to do, but stated that I had to contact the collection agency for any additional info.  I really don't want to deal with them when they are being so harassing. 
 
My questions:
1.  Is there any obligation for the bank to have contacted me if in fact I owe this money, which has now accumulated over 1000 in interest (loan is for approx 3800 including interest), especially given that they have always had my updated contact information through my Visa account with them?
2.  What is the statute of limitations on this loan? The laws are confusing.   The date of last activity is 2005 according to my credit report- does that mean a 2 year limitation based on Ontario, or a 6 year based on the federal student loan policy, or no limitation? I guess what I'm asking is whether the bank risk portion is equivalent to a regular Ontario debt or if it is also classified as a "student loan"?
3.  Will I be sued for 3800 dollars as the collection agency is telling me? And how do they prove the last activity on the loan? (I am doubtful that it was 2005 as I didn't know this loan existed). 
I am not trying to avoid paying my debts but I am VERY frustrated about accumulating interest and being harassed when I had no knowledge of owing this money for so long.
 
Help and advice is greatly appreciated!
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