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 LockedSeverely confused about collectors

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pamlewis2004 View Drop Down
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    Posted: 02/November/2004 at 1:51am

Hi there,

I had been paying to CBCL for almost two years before they stopped taking my payments only to find out that my account had closed. I was not aware until yesterday when I was called by CBCL that my loans were divided and now I'm responsible for paying this portion in full. I have had no contact with the bank who gave me the student loans (prov. & fed). Should I be contacting the bank to pay them or continue paying the collector?

I've been reading the forum and see that many are advising not to go to another bank to ask for financial help to pay off the collectors, but what do I do now? Will I be left to continue being harassed by collectors and paying them for the rest of my?

I'd really appreciate any help!!

 

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momof2 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote momof2 Quote  Post ReplyReply Direct Link To This Post Posted: 02/November/2004 at 3:46am

before doing anything try to get a statement of account from CBCL showing your balance and a record of your payments.  request a copy of everything in your file just to make sure there's nothing fishy in there.  i find it odd they would stop taking your money without telling you what is going on, and telling you your loans are divided sounds like there is a bank risk portion and a guaranteed protion but i am no expert here.

get all your information, sift through it and then see where you stand and what action you think you should take.  no one recommends getting a loan to pay off a loan unless 1.  you are in a good financial situation to make your payments and 2. you are getting a settlement to make it worth your while.  remember, if your loans are in default it is that much more difficult to get a loan from a bank.

if you are unsure of what is going on and have some cash, i recommend geting johnny involved.  he can sort out the mess for you and tie it all up with a pretty bow.

good luck

professionals built the titanic but amateurs built the ark...
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