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 LockedOld Canada Student Loan re: Risk-shared

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    Posted: 22/October/2012 at 7:12am

Hi –  I am hoping someone can break down what kind of Canada Student Loan I may have.  I have loans from (1998-2000 last day of class was Sept. 2000) with Scotiabank where I received an OSL and Federal Loan. I received a letter from collections simply stating I owed $17K and that my creditor was BNS.  I am just confused because my mother and I both attended school at the same time back then and had the same loans and  I don’t understand exactly what this $17K to the bank is? When I paid off my Federal portion it was a CSL2 and made payments to the Receiver General of Canada. I never even heard of a risk-shared loan and learned about it on this site – is that what collections is trying to claim? I have a shared account with my husband with BNS- can they withdraw funds?  I have never spoken to anyone about this loan and this is the first thing I have ever heard about it can they collect on this or commence legal action? I’m looking for some insight because I don’t have any of my loan documents from bank then and trying to understand what this is and what my rights are at this point. 

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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 22/October/2012 at 3:25pm
A CSL2 is a federal risk loan, or a put-back. That is the Scotiabank product. In the year you took out the loans (1998) you would have CSL1, 2 (federal risk with Scotiabank) and OSAP.  Scotiabank's GSLAC can give you a run down of what your loan breakdown was.  This is the government student loan assistance center for Scotia Bank, located in Mississauga, Ont. Google them and you will find a contact #.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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