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 LockedStudent Debt/Collection Question

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R_J View Drop Down
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    Posted: 14/June/2013 at 7:22am
Hello, I had a osap loan that i was unable to pay back, thus help ruining my credit.  Im in the process of trying to fix my credit, I owe accounts recovery corp around $5,000 for MTCU Student Support.  I was about to send them a letter hoping to negotiate a settlement offer but it just occured to me how student loans are handled differently.  So I thought i would just ask here, are these type of loans that have been sent to agencies, able to be settled for cheaper or no? 

Thanks in advance.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 14/June/2013 at 1:41pm
ARC is only able to accept the principle amount - or 90% of the balance, whichever works out to be the lesser. That is not ARC's decision though. It is the settlement rule handed down by the Ontario CMU and MTCU. If you are offering less than what the government will accept then you have to give them a reason to settle for less with a convincing argument that will stick.
 
Hope this helps!
 
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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