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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sarie View Drop Down
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    Posted: 31/December/2011 at 11:40am

Hi,

I have Ontario and Canada student loans from 1993-1999 (approximately). The last payment I made was probably 2001 while I was living abroad. I moved back to Canada 2 years ago and am on ODSP for a permanent disability. I did some research and found the Permanent Disability Benefit, which may allow me to have all of my loans forgiven. However, in order to do this I must contact the NSLC or the bank that hold my loans.  I don't want to make any kind of acknowledgement, as I am not 100% sure what the status of my loans is.  ( my only hint is that I finally filed income taxes for the last few years and received a refund with no mention of outstanding loans )

Any suggestions on how to proceed?

Thanks.

 

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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 31/December/2011 at 2:03pm
I believe your loans would be statute barred.  Perhaps talk to John Leblanc at CFW Group to confirm this.

In the new year I will be changing the site policy to that student loan system is so screwed up, that loans should be bought back from the banks and should be forgiven. 

If you do contact them which might be considered honorable, the banks will not treat you honorably.  You will likely end up being harassed by collection agencies, the full amount will be due immediately, plus all interest since 2000. Even if you make payment arrangements they will harass you for more.   It may also start to show up on your credit report again.

Personally, I don't recommend putting yourself through all of this.   Let it go, and just know that it should have been forgiven due to your disability.       

BTW, I dont believe there is disability forgiveness for Ontario Student Loans - I believe it  is only for the federal portion, and there would be issues of trying to apply, because at that time the loans were through the banks...

Mark
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Mark OMeara
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 31/December/2011 at 2:08pm
Also, make sure your current bank is not at the bank that you originally deposited your student loans!
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Mark OMeara
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sarie View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote sarie Quote  Post ReplyReply Direct Link To This Post Posted: 31/December/2011 at 3:25pm
Thank you so much for your heartfelt and timely reply.  I am SO pleased I decided to consult before starting the process.
Really - thank you so much.
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