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 LockedMonthly Statement Accounting problem

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Joined: 18/June/2007
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dunker Quote  Post ReplyReply Direct Link To This Post Topic: Monthly Statement Accounting problem
    Posted: 13/December/2007 at 11:28am
I just received my monthly statement from Human Resources and Social Development Canada which is meant to show monthly payments and adjustments to my Direct Financing Student Loand CSL4 debt to the Crown (with Collectcorp).  I always add up the individual payments I made for that month from my online bank account, and then compare that figure to the individual Collectcorp payment receipts.  I then compare that monthly payment total to what's printed under the heading "payments" on the Human Resources and Social Development statement.  This month I am having trouble figuring out how they came up with the total they have printed.
 
Here is a copy of their statement:
 
 
You will notice that they have included an adjustment of $155 to the balance.  This is the first time that I have seen them do this.
 
Here are the individual payments I made during the month of November, with links to the statements:
 
November 7, $155
 
 
November 15, $305
 
 
November 22, $400
 
 
November 28, $500
 
 
On the plus side, Collectcorp have stopped the daily automated calls.  However I find this accounting addition a little hard to follow.  
 
Does anyone have any thoughts on what the $155 adjustment is?  Is it added to or subtracted from my payment?
 
  As far as I can tell this statement included only the first three payments (which total $860) and then added $155 (the adjustment) to give $1015.  Does that sound right?
 
In that case they would carry the $500 payment over to next month's statement (January).  
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Dunker View Drop Down
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Joined: 18/June/2007
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dunker Quote  Post ReplyReply Direct Link To This Post Posted: 14/December/2007 at 9:30am
You can go ahead and delete this thread and topic.  Perhaps I've put a little too much info here, which is why the thread is hidden.  I'm unable to edit anything from my end...so you have my permission to take it down.
 
I'm only about a month away from being able to post a success story, so I might as well step back and let the others post about their more serious issues.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 19/December/2007 at 3:57am
My apologies to you for not getting this topic approved. For some reason the posts didnt show up in the moderation area until this morning.. perhaps some bug.

Obviously you have valid questions and concerns and they are just as serious as any one elses posts...

Feel free to post here!
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Mark OMeara
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https://LaughSingWrite.com - http://bit.ly/heal2024
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dunker Quote  Post ReplyReply Direct Link To This Post Posted: 20/December/2007 at 1:19pm
I think my question has been answered with the next payment receipt I received a couple days ago.  On it I could tell that exactly $500 had been subtracted from the total owing, which was the $500 that appeared unaccounted for on the monthly statement.  The take home lesson is that payments that you make close to the end of the month may not show up on the monthly statement even though those Human Resources and Social Development Canada statements say that they are printed up a couple days into the new month.
 
They also don't show you the new updated balance every single time you make a payment.  They generally use the same balance amount that was on the account at the beginning of the month and then only update the total the following month.
I've noticed that pieces of payments you make may not show up right away.  For example I once made a payment that included 40 cents at the end.  They only applied that 40 cents about two months later. 
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