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 LockedIf I settle will my loan show up on my credit repo

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tarka View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote tarka Quote  Post ReplyReply Direct Link To This Post Posted: 10/October/2012 at 5:44am
Oh I definitely won't be taking out a loan to pay this debt. The only way I can pay the settlement is if I can get the money from relatives, therefore a no-interest loan.

What happens if I can't come up with the money? Do I continue making my monthly payments?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 11/October/2012 at 1:47am
If you owe it and can afford to pay it, then of course you should pay the debt. If you can't afford to pay it then that is different.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote tarka Quote  Post ReplyReply Direct Link To This Post Posted: 12/October/2012 at 12:22am
I can afford to pay the $75 a month, which just about covers the interest every month.

Thanks so much for all your help!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 12/October/2012 at 2:48am
Do you want me to mediate this with your participation, or do you want to do this yourself?
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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Post Options Post Options   Thanks (1) Thanks(1)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 12/October/2012 at 3:25am
Perhaps you should look at better opportunity here. Hardship with extenuating circumstances is real for a lot of people, even people who are gainfully employed. Circumstaces differ from one person to the next.
 
If you are just covering the interest then that is a real problem. A very bad -real problem. You are essentially caught in a lifetime of servitude to the system here.
 
There are different options at your disposal. Right now, you are looking at a settlement, which is a really good option if you arer able to secure it somehow without putting yourself or family at financial risk. However, interest only or less than interest payment would be compounding the problem. Should you pay?  Sure absolutely, but given the nature of your hardship, some compromise should be in order, and that would have to be discussed with the bank to see if they will accept it.
 
In many cases, people just go bankrupt because they do not see the hidden opportunity. Collection agencies discourage you from doing anything that does not serve their best interest and that is why all you hear from them is pay pay pay, even when they know you cannot. The third-party collection industry cannot survive if people can't pay them something. This is why the collector navigated you to a high risk financial institution to get money. It is harmful to you but to them it is a source of commission and sustainability.
 
I hope this gives you some good insight and understanding to help you make the best decision to get the best benefit for your own security.
 
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote tarka Quote  Post ReplyReply Direct Link To This Post Posted: 12/October/2012 at 4:48am
Hopefully I will be able to get the money to settle this, and be rid of them for good. I think you said you would be able to help me with this, and make sure it was a legitimate settlement from the bank? Also, is there anything you can help me with if I cannot come up with the settlement? I have no intentions of filing for bankruptcy.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 12/October/2012 at 7:08am
I will help you in whichever direction you want to take it. Bankruptcy is not the worst thing to do as long as it is a last resort. I would like to see less people rely on bankruptcy and more people achieve what you will likely achieve out of all thisWink
 
 
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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