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 LockedWhat really happened at CIBC?

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    Posted: 29/December/2006 at 10:36am
From what I've heard....

The banks involved in student loans abandoned the program when they realized how serious the losses were from participating in the program.

At CIBC, accounting procedures for student loans resulted in losses being applied to individual branches.

As a result, managers and employees performance bonuses were reduced by the effect of the student loan cost accounting practices. If a borrower defaulted, the loan was removed from the branch books and sent to collections, thus eliminating the loss and increasing the performance bonus at the branch.

Keeping borrowers out of default or restoring an incorrectly defaulted loan meant reduced performance bonuses for bank staff.

So what do you think happened?
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Mark OMeara
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Roymar Quote  Post ReplyReply Direct Link To This Post Posted: 17/October/2007 at 9:46am
That sounds interesting...would love to know if this is fact or fiction because of troubles I have had with CIBC Student Loans and Interest Relief
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