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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FizzDarwin View Drop Down
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    Posted: 19/March/2013 at 11:18pm

Hello, my ‘repayment grace period’ ends in a few days (01/04/. I either need to reapply for a payment delay (6 mo) or start paying.

 

Problem is I am overseas. I have just started a new job, but the pay is quite low. I can manage *very* small payments.

 

However, student loans recommended monthly payment is $340 (!!)

 

Should I try and get a friend to fax a repayment assistance form in?

Should I transfer money into a Canadian account and ask a friend to send the ‘payment adjustment form in’ and try to pay a smaller amount from a Canadian account?

My main question is: if student loans finds out I am overseas, will they assume I am wealthy and only accept their recommended payment of 340 – which I cannot do.

 

I need advice, anything would be great, thank you
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mcjupto View Drop Down
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Points: 52 		Post Options Post Options   Thanks (0) Thanks(0)   Quote mcjupto Quote  Post ReplyReply Direct Link To This Post Posted: 20/March/2013 at 12:23pm
once you use up all your payment delays, apply for interest relief. then use up all the interest relief period. after that then apply for a reduction(loan forgiveness) in your loan if your still experiencing financial difficulties.
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Points: 1 		Post Options Post Options   Thanks (0) Thanks(0)   Quote dtulett Quote  Post ReplyReply Direct Link To This Post Posted: 05/June/2013 at 12:00pm
can that be done even though you are overseas?
 
on the CRA website is says 'resident in canada'
 
we are in a similar position, having paid my huge student loans for 14 years, there is still about $15k outstanding, we now have a young family and a new business and not many pennies left to send back to Canada.  We are out of interest relief options and rapidly running out of options.  i don't really want to go down the route of bankruptcy (although we don't really have anything to loose), is there room for negotiation along the lines of take x or get nothing perhaps?
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If you get a friend to send in the form and claim you are a resident of Canada, that would be fraud. 

It is unfortunate that the government does not recognize that we have a global economy and many graduates may work outside of the country.  RAP should be available whether you are a resident of Canada or not. 
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Points: 44 		Post Options Post Options   Thanks (0) Thanks(0)   Quote mupto Quote  Post ReplyReply Direct Link To This Post Posted: 05/June/2013 at 6:32pm
call them and ask.

I would just argue that you were a resident in Canada when you took out the loans.  Unless you have given up your residency somehow, that kind of things stays with you I would assume.

As far as I'm concerned if you don't have the money to pay or cant pay, or if they(student loans) argue that you don't "qualify" for something(Interest Relief) for some absurd reason, declare bankruptcy or consumer proposal.  Thats what those things are there for.

Im so frustrated by the system, and so sick and tired of of people who make over a $100 000 grand a year (mike duffy, among COUNTLESS OTHERS and banks/companies) getting bail outs and or free money giveaways....Its such b.s  I could careless about credit, I just want these debt-sucking leaches off my back for good.
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I have been living in Australia for the last 8 years and have always made my student loan repayments.I returned to University while in Australia (did not take any loan for this) and had my loan repayments   frozen during this time. Now that I'm finished with my studies they have reset my loan to be paid off in 10 years. I still have 27,000 of debt and I graduated almost 10 years ago. I have a young family now and I'm finding it difficult to make the repayments and it depresses to think I have to send $300/month back to Canada for the next ten years and also with the Australian dollar going down and international transfer fees it can get expensive (add an extra $100/MONTH).

I have made a life out here and have no intention of moving back to Canada. I have always had good credit and hate the idea of having bad credit. However, I see no way in how I can pay back the loan. They have offered for me to go on interest only repayments and the will reduce my monthly payment to $250 but it will only take longer to pay it back.

I'm starting to think the best option is to stop paying my loan and any money I do have save it for my children so they won't have to take out student loans.

My question is is anyone else in a similar situation and what legal action can student loan take on people living overseas. Can they garnish my wages from overseas, impact on my Australian credit rating? Also, they have my number and know where I live!!!   
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Points: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 26/June/2013 at 5:37am
There are MANY in the same sinking ship you are describing. Interest only will do nothing other than keep you in debt. Youa re correct. It should only be used as a short-term remedy and not a long-term action. The system loves it when people do this for the longer term because it is guarateed revenue for them. That is why they push it. If your interest only payment is $250 then that is quite scary.
If they pursue you in Australia then the Aussie laws are in effect in respect of recoveries and it's management, not Canadian laws.  They would have to secure judgment in Oz. Usually what they do is take action over here to secure the judgment in Canada.
 
If you want a comprehensive analysis of this then it would be a good investment on your part to know the ins and outs. We can do that if you want but there is a fee ($99.00). You can call us or go to www.cfwgroup.ca and click on the contact us page to schedule an appointent by skype, telephone, or our online classroom.
 
 
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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