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.


  New Posts New Posts RSS Feed - Why does ir run out 5 yrs after grad?
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedWhy does ir run out 5 yrs after grad?

 Post Reply Post Reply
Author
whydidibother View Drop Down
Newbie
Newbie


Joined: 26/January/2004
Location: Canada
Points: 36
Post Options Post Options   Thanks (0) Thanks(0)   Quote whydidibother Quote  Post ReplyReply Direct Link To This Post Topic: Why does ir run out 5 yrs after grad?
    Posted: 02/February/2004 at 5:22am

I've been told different things every time I called RBC re. interest relief on my CSL. I called last spring and they told me I didn't have any left. I called in Dec. and they told me I had only used 16 months or so and had some left and as long as I paid $340 on my CSL(I was behind in payments)that they could reinstate it. I just called them back in Jan. and then they told me I didn't have any left as I had ended my full time studies 5 years ago and was no longer eligable for ir. I wish I could get one answer when I call. I don't think these people have any clue what they're talking about...go figure.

Why the stupid rule on you can't use ir 5 yrs. after you graduate even if you have some left? If I had known there was a time limit, I would've used it all up sooner. Silly me for saving it for when I really needed it which is more thant 5 years after graduation.

 

Back to Top
Sponsored Links


Back to Top
Guests View Drop Down
Guest
Guest
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: 13/February/2004 at 7:00pm

My mom works at a student loan centre,and she says IR works like this.

You are entitled to 30 months of Interest Relief on your student loan. This can be used at any time during the life of the loan.

If you use the whole 30 months before you have been out of school for 5 years, you can apply for Interest Relief bridging. If you qualify for the bridging, you can use that for 24 months or until you reach the 5 year anniversary date of finishing school.

After all of the interest relief has been used, you can see if you would qualify for Debt Reduction, which is a program where the government will pay off 50% of your loan up to $10,000. She says this is very hard to qualify for.

You should contact RB and ask them to investigate how many months of Interest Relief you have used, as you feel you are still entitled to some more. If they say you have used it all, see if they will send you a letter telling what the approval periods were. You will then be able to figure out how many months you have used.

If they are anything like Edulinx, they could very well be mistaken.

Back to Top
danny View Drop Down
Senior Member
Senior Member
Avatar

Joined: 12/January/2004
Location: United Kingdom
Points: 176
Post Options Post Options   Thanks (0) Thanks(0)   Quote danny Quote  Post ReplyReply Direct Link To This Post Posted: 12/May/2004 at 9:27pm
how do u qualify for debt reduction ?
Johnny save me!!!!!!!!!!!!!
Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.