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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beerstud View Drop Down
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    Posted: 26/February/2008 at 11:04am
I have been getting statements from the "wondeful folks" @ CBV in Calgary since I started repaying my loan. I found one of the sheets from Sept06 and the balance was 26990.00 and every 2 weeks as I made my payment of 150.00, I would get a new statement that was 150.00 less than before.
 
At the begining of Feb 2008 my statement shows 23990.00 for the balance. On the 8th of Feb, I get a letter that they can settle on behalf of CIBC that says my balance is 25550 but they will settle for around 20000.00. (Let me go to the toilet and see if that amount will come out in one lump sum), since I obviously must sh*t money.
 
I get my next statement today and now the balance is 25400, down the 150.00. How did my loan increase 1500.00 all of a sudden? I know the interest was in arrears as the loan statement from the income tax statement from 2007 showed the balance at 23000 and all 3300 of my payments went to interest.
 
Last year they also sent me a letter to settle for around 23000, but my loan balance did not increase with their generous offer like it did this year.
 
Did they add the new interest onto the loan that has been accumulating while Ive just been paying the back interest? If that is the case this will take forever, since the interest is likely 160.00 a month on a 300.00 payment. After 1.5 yrs and paying about 5500.00 my loan is down only a 1000.00. yikes!!!!
 
I just wanted some feedback if this happened to anyone else, before having to call or write to those ass clowns @ CBV Collections in Calgary so that I am well informed of what has happened and can take the appropriate steps.
 
Would the statement that I received on the 01 Feb 2008 that shows the balance of 23990.00 be legal if I had to pursue this further? Or is it just a statement and can be in-accurate due to in-competency of the wonderful folks who work at these collection firms?
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beerstud View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote beerstud Quote  Post ReplyReply Direct Link To This Post Posted: 04/March/2008 at 10:27am
I emailed the wonderful folks @ CBV so will anxiously await their reply!!!!
 
I also called the CIBC national student centre, they have no information on my loan and would not help me out, saying that only CBV has this information.
 
Has anyone else that is receiving statements showing their payments made to a collection agency seen their balance increase, despite making payments consistently?
 
I mean for it to increase 1500.00 in 1 month, seems harsh as every other month it kept decreasing???Angry
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HamishME View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote HamishME Quote  Post ReplyReply Direct Link To This Post Posted: 26/March/2008 at 3:06pm
My problem was that NCO was taking far too long to issue receipts for payments. This meant that the balance did not seem to show that I had made a payment. I figure that the receipt should show the balance immediately after the payment has gone through, not three weeks later when they have added 20+ days interest.

My advice is to track your loan payments with a spreadsheet. That way you know what the balance really is. I also ask for annual statements. TCR gave me one that showed every month since the loan was defaulted by CIBC.
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