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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normmac View Drop Down
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    Posted: 23/July/2010 at 7:53am
I have completed a consumer proposal in the last month and am trying to "hopefully" get my credit back in order.  I know this is going to be a hard ordeal but I'm ready to tackle it head on as I know have the means to make any monthly payment that I need to.
 
I figured step one would be to get a copy of my credit report.  I did so today and was surprised when I looked at the student loan accounts listed.  When I filed my proposal I had a Federal Loan for roughly $20k, a Provincial loan for roughtly $14k and a part time loan for roughtly $1200.  My credit report shows my NS Provincial loan having an amount owing of 10K but shows my Federal loan as paid in full, account closed.  I called the Royal Bank to inquire, they tell me that they have a federal loan with an outstanding balance of 24k and no provincial loan!
 
Can anyone tell me what this all means?  I am concerned that I am going to somehow get screwed over in all of this.  To me if on my credit report it says that the account is closed, then it is closed!
 
Any help is appreciated.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 23/July/2010 at 8:57am
This means Royal bank is responsible for the federal risk share of the loan and the NS government is on the hook for the provincial loan. You might want to call CRA Non Tax Directorate in Belleville or Ottawa, Ontario and see if there is anything that was guaranteed by the CSLP.
 
You have to watch RBC when gathering account details. You could very well have 2 loans. I have encountered problems with this in the past. Call CRA first and find out if they have anything.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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