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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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What should I do? am I too late?
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. We have been on interest relief since we graduated in 1999. We were sent a letter early this spring asking for a void check to be sent to them so they could take payments. They did not send us any other information, such as the totals for each of our loans, or the monthly payments for them. I have talked to them on the phone several times. They told me that my payment is $900/month and my wifes is around the same. $1,800/month total. They have still not sent me any documentation telling me exactly what I owe and what my payments are supposed to be, or where I can pay them at. I applied for debt reduction but got rejected because our "total family income exceeds the allowable limit". I made $36,000 and my wife made $9,000 totalling around $45,000. We made a payment of our interest for one month so that we could apply for debt reduction, we took that $900 off of our line of credit but, they told me that they couldn't process it because I was not current with my payments. And today I receive this letter saying that my family income was too high. We have 4 children, 2 of which are in diapers and we own our own house. We owe $43,000 on our house (tax assesment is $55,000), $5,000 on one line of credit and $9,000 on another line of credit. We have only one credit card with a near zero balance. What can they do to us? Should we maybe try to sell our house and use the little bit of equity that is there to pay them? Should I move to some other part of canada or to the US so that I/we can make enough to pay this payment? Should I just wait it out another 5 years and then go bankrupt? What would happen to my house? I have a van that I pay $300/month for another 3 years. Am I living above my means? should I just sell everything I have and try to start all over again??? I received a letter from national bank that I have 21 days to let them come up with an agreement satisfactory to them. I really would like to just pay them, but I don't seem to have the money. As it is I seem to owe more money every day. Someone please point me in the right direction.
