60K +
Printed From: CanadaStudentDebt.ca
Category: Other Topics
Forum Name: Describe your Debt Load!
Forum Description: Post stories of your debt and how it affects you and your family
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=1051
Printed Date: 26/March/2026 at 10:41pm
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com
Topic: 60K +
Posted By: shugbot
Subject: 60K +
Date Posted: 11/May/2004 at 2:46pm
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I've got about $16,000 owed to the sask/fed gov't, which doesn't worry me. It's the other $45,000 I owe to the national bank of Canada and ITI financial services. (ITI, being Information Technology Institute) I went to this extremely expensive private technology school lured by the promises of jobs that paid in excess of $60,000 USD, which was true until about 30days after my graduation in November of 2000. I managed to get a job paying $38,000 cdn here in Vancouver, but alas, I've just been laid off. The loans I received for ITI (tuition was about $24,000, yes I know, I'm an idiot) were at prime+6% and they have refused to lower that interest rate. I realize in hindsight that this was a foolish gamble, but I didn't see the IT bubble popping until it was too late. Now i don't know how I will survive on EI while trying to make my monthly $835 private/public student loan payments... and finding another job so far has been a lost cause. I guess I'll do it as long as I can then attempt to file bankruptcy, even tho I understand my gov't loans will still follow me to the grave. 
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Replies:
Posted By: kevmetric
Date Posted: 11/May/2004 at 8:17pm
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That's a good question.
Myself, 4 years ago, I went to a job fair just to see what the atmosphere was like in terms of what was hot and what wasn't. I had sent for an info package from ITI, considering that I was curious. It was $24,000 in tuition....very humongous. And they said you were obligated to get a laptop. I already had a Thinkpad, why should I have to pay for another one, and take out a loan on one? I didn't wait for the answer. It looked like a scam .. but then again, Nortel shares were at $120 per share (post-split, or $220 pre-split in April 1999 or 2000). So, I visited their booth, a year later...talked to their rep...which I had already corresponded with by mail. And by phone. And I had got a photocopy of TIME magazine's brain drain front cover story, with hyped stories of 100,000's of I.T. jobs paying amazingly well in the USA, every Tom Dick and Harry was going to Silicon Valley to pitch a fairy tale Cinderella story to venture capital funds, becoming multi-millionaires overnight, etc. I listened to what the sales rep was telling me... needless to say, his sales pitch had more holes than a Swiss cheese. I declined. I decided to go another route...and I have no debts at this point, luckily, and have been cash flow positive since the beginning of learning what ITI meant. There was one in Ottawa, another in Toronto ...my thinkpad cost me $1,200 not $4,000 as ITI wanted ...and Java programming, wasn't a necessity. Their IIS v4 and Frontpage courses, I can study myself. Nice try, but no cigar. Nortel went to 80 cents per share, ITI went broke, the founder went broke or close with similar projects, and the whole house of cards tumbled. As we speak, perhaps half a million jobs in I.T. are preparing to get moved overseas, to Bangalore, China, Russia, Romania, Hungary, Phillipines to people making $1 per hour (if not, 50 cents/hr) though taxpayer funded R&D, for something called Voice-Over-IP. i.e. taxpayers funding technologies that make Canadians lose their jobs...their own, and those of their kids. |
Posted By: pmwattshui
Date Posted: 03/June/2004 at 9:49am
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I have a similar theme. I was in college doing teacher training and just before I graduated I was falsely accused of sexual harrasment. The college was prepared to back my accusers in court. I did not have the money to fight it out in court so I had to leave. I went to a treacher training program at another place. I had to start all over again on student loan . When I was coming to graduation again the new place called the old college to see why I left and get references etc. so I was told. When they found out what happened I was all of a sudden not suitable to teach. Having 7 years of school no money no degree and large debt I decided to finish a BA in history so I could have something. Since student loans will give out money for anything to anybody. I was able to borrow money for another two years. I am now $80,000 in debt plus interest. I have a low salary as I am only a clerk. I am told that I must pay aprox 1100/month for 14.5 years. This is far beyond my ability to pay. There is no negotiation!! Since there was no negotiation and I was told to simply find the money or else they would just take it and put a lien on my bank account. I really got scared so I went into bankruptcy in hopes that the 10 year rule will change to 5 years soon. And get a break from collection calls. I would be happy to pay for one degree but to pay for three degrees is to much since the problems why my debt got so high were not my fault. ------------- Big Cat |
Posted By: BigFatherA
Date Posted: 03/June/2004 at 3:29pm
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If you owe money directly to ITI it may simply be consumer debt and not
a student loan under the Student Loan Act. Look into it. If it is in fact "only" consumer debt, it can be eliminated by a bankruptcy, even if your other loans survive. Even IF the court challenge goes through (and you file after 5 years), your student loans are not necessarily forgiven by the bankruptcy court: it depends on your individual circumstances. ------------- BigFatherA Priest & Teacher non carborundum illegitemi est |
Posted By: SolveStudentDebt
Date Posted: 03/June/2004 at 8:15pm
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Big Father, I had lost your email address some time ago. I was hoping to hook up with you sometime soon and go over some curriculum development issues. Give me a jingle when you can - or write to me. ------------- Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com |