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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ncote View Drop Down
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    Posted: 31/May/2006 at 6:15am
Hi all,

I am on welfare (approx. $525/month), and I've reached the time limit on my Quebec student loan payment deferral plan. My bank (Banque Nationale) is taking the $200 payment straight out of my bank account. Can anyone suggest what my options would be?

According to this article I should be able to defer indefinitely but the Quebec Aide Financière office doesn't agree; they rejected my appeal.

In any case, is it likely that an offer to pay back something like $10-$20 per month would be accepted?

Thanks for any help you can give me.

Normand
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BigFatherA View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BigFatherA Quote  Post ReplyReply Direct Link To This Post Posted: 31/May/2006 at 2:28pm
First get a bank account at a different place.  In QC I'd recommend a caisse populaire (credit union).  Otherwise you might not be able to prevent them from hoovering $200 every month, and $525 is marginal survival anyway.
BigFatherA
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ncote View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ncote Quote  Post ReplyReply Direct Link To This Post Posted: 03/June/2006 at 7:19am
Thanks for the suggestion. I just got an account at the Caisse Populaire Desjardins.

Now this solves my immediate problem, but that doesn't let me off the hook. Can anyone comment on the following courses of action:
1 - offer a small monthly payment to the bank until I can get a job
2 - simply don't pay and let the interest build up and my credit rating suffer
3 - appeal to some authority, but which one?

Again, if anyone knows whether the following news is accurate, I'd appreciate a comment:
http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/11056207 22021_25/?hub=Canada

Thanks for your help

Normand
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