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 LockedHelp! NSLSC "Processing Time" Screwed me over!

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    Posted: 02/November/2012 at 6:29pm
Hey guys,

Do you guys know if I can appeal to waive the interest accrued to my existing NSLSC loans?
They screwed me over by saying I can fax in a Schedule 2 as long as the fax datestamp was before the due date (which it was).

But when I called again today, they said that there's also a "processing time" (which is apparently up to 48 hours after the fax), not the date it was faxed in. So now I'm stuck with an extra 6 months of interest on my account. I have read the master agreement and their letter carefully and no where does it mention that there was a 48 hour processing time. They told me that I could call in on Monday 8AM-3:30PM to try to appeal the interest, which I'm planning to do.


Have any of you experienced a similar problem? Or know what I should do? Should I go see an ombudsman first? The interest accrued will take me about a month to earn back in my part time job, which is utterly not something I can afford to do at the moment. Cry


Thank you so much!
Sincerely,
Rob
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Post Options Post Options   Thanks (0) Thanks(0)   Quote footloose Quote  Post ReplyReply Direct Link To This Post Posted: 03/November/2012 at 8:37am
There is no ombudsman who oversees student loans.
 
And, I have never heard of a "48 hour processing time". 
 
When you are speaking to NSLSC on Monday, ask them to show you where this "48 hour processing time" appears in your master agreement. 
 
The NSLSC just can't make up the rules as they go along.  Either it is provided for in an agreement or it is not.
 
If the informstion that you have provided is correct, don't back down.  Be persistent and ride this one out.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 03/November/2012 at 9:00am
Ask to have your case escalated.  The lower level minions have no decision making in this.  There is an case escalation team that should be looking at this...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote scscc3 Quote  Post ReplyReply Direct Link To This Post Posted: 06/November/2012 at 3:15am
Thank you for the reply guys!

I'm going to call them today to have the case escalated. Do you think there's anything I should say such as I talked to a lawyer about this?

And also it was the school that faxed in the letter with the datestamp already on it but they said that they don't have access to the processing room to check if I am right. I think that's such a lie!

Thank you so much for helping me on this, I greatly appreciate it. I hope they don't screw anyone else over with the same BS they gave me!


Best,
Rob
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Post Options Post Options   Thanks (0) Thanks(0)   Quote scscc3 Quote  Post ReplyReply Direct Link To This Post Posted: 07/November/2012 at 5:06am
Thanks for all the help guys! I called in today and they waived the interest for me without even escalating the issue. 

For reference to anyone who is in the same situation in the future, I printed out all documents including the Master Agreement, letters from NSLSC, etc. and got my school to re-fax in my Schedule 2 with a signed letter from the financial aid office that it was sent in before the due date. Then, today I called in with my financial aid officer, explained the situation and the NSLSC was more than gracious to waive the fee.

Thanks again for the help!
Best,
Rob
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 07/November/2012 at 11:24am
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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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