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 LockedSenate Bill S227 to reduce the 10 years to 2 years

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Blue_Thunder View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Blue_Thunder Quote  Post ReplyReply Direct Link To This Post Topic: Senate Bill S227 to reduce the 10 years to 2 years
    Posted: 18/June/2007 at 2:42pm
I came across the following information as I was perusing through information posted on the Coalition for Student Loan Fairness ...

BILL S-227: A Senate Bill to reduce the 10 year period of non-dischargablity of student loans to two years.

The student loan program is undeniably complex and has indeed helped
millions of people obtain a post secondary education since 1964. The core
problem has been this paradigm shift of attitudes and thinking with respect
to debt and public policy and the practice of off-loading many of the rising
costs and tuition fees by way of ‘lending’ more and more for longer and longer periods of time. Moreover, this notion of equality and justice for all should apply to the casualties of the student loan program too.

Finally on May 29th 2007 the Honourable Yoine Goldstein introduced into
the Senate a bill to correct this injustice. As announced in their May 30th
2007 press release “Anyone who invests in post secondary education takes a risk, because there is no guarantee that this investment will yield the expected return ….By reducing the period during which student debt may not be discharged from ten to two years, this Bill will give young Canadians a fairer treatment given rising tuition fees and student debt”.

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This is good news as it would give those who are the most unfortunate to have a shot at a fresh financial start and return the spirit back into what the Bankruptcy and Insolvency Act seeks out to represent. I am part of the percentage of those who are the most in dire straits.

This is all the information I could find about this attempted legislation. I would be curious to see if a majority of the senators would support this senate bill. If so, can the "Lower House" of Liberals and Conservatives interfere with this legislation?

Does anyone else out there know how long it may take for this legislation to pass in the senate? All I know is that the second reading took place in the Senate on May 30th.

However, I must reiterate that I have never been out to get rid of my debts in an unfair way. I still want to pay back my student loans, but that is impossible because I would need to make a salary of over $40.00 per hour just to make the minimum payments and get my loans back in good standing. So until that happens, or if I win the lottery LOL, I will go the bankruptcy route if this legislation gets passed before these miracles ever do happen.
The greater access to higher education, as a result of student loans, has flooded the job market. Therefore, supply exceeds demand. Thus our credentials are not as valuable as, say, 30 years ago.
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polyhymnia61 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote polyhymnia61 Quote  Post ReplyReply Direct Link To This Post Posted: 18/June/2007 at 9:36pm
It's just not "young" Canadians, it's all the single parents and those with family responsibilities who bought into the myth that the only way to financial security is through a university degree or retraining. Because they weren't just supporting themselves, and had extra responsibilities, they've had to borrow more, perhaps go to school longer (I could only handle four courses a year instead of five a couple of times, on top of raising my son and working two jobs), and face limited job prospects (and daycare costs!) after graduation. I know I couldn't afford to move 1,200 km for a job while my son was young -- no money to move and no family supports!
 
So as a result we face loan payments of at least $600 a month for HOW many years??
 
The law as it stands now helps ensure that middle-aged people NEVER get back on their feet and NEVER save for retirement or their own children's education.
 
Got my fingers crossed about this Blue Thunder, but it seems to me to be a bandaid solution. The entire system needs an overhaul. I would also like employers to reconsider their attitude that it's ONLY the post-secondary system that is responsible for training. Whatever happened to on-the-job training?? Invest in your own damned employees to help avoid collection agencies hassling them (and you) at work!!
Home is where you are allowed to prosper.
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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 19/June/2007 at 1:16am
Hi Poly,
 
I agree. You see things beyond the system and it is important to bring that out.
 
Johnny
 
 
 
 
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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