Describe your Debt Load!

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Time Frames

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=1233
Printed Date: 27/March/2026 at 4:20am
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Topic: Time Frames

Posted By: sickandtired
Subject: Time Frames
Date Posted: 26/June/2004 at 3:42am

Can anyone tell me when the gov't took the CSL from the banks was it 97,98 or 99? This is when I assume the stats-barred time starts?

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elizabeth

Replies:

Posted By: SolveStudentDebt
Date Posted: 26/June/2004 at 3:59am

Hello Elizabeth,

The government will reimburse the lending institution for a CSL once the claim for loss is submitted by the lender. Once 270 some odd days pass after default is when this happens.

The limitation period begins on the date that the government issues the check to the bank per the guarantee.

You asked when the government took the CSLP away from the banks.. I am assuming you are referring to the years 1998-2000 when CSL's were not guaranteed.

Johnny

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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

Posted By: Guests
Date Posted: 26/June/2004 at 6:44pm

Johnny,

CSL's issued prior to August 1, 1995 or after August 1, 2000 are guaranteed by the government.

The loans issued in between are the risk loans that the banks will try very hard to collect on.

amynic

Posted By: SolveStudentDebt
Date Posted: 26/June/2004 at 8:31pm

Account Decsriptions:

Type: CSL 1

Definition: Guaranteed loans up to and including July 31, 1993

Interest: Fixed rate

Type: CSL 1

Definition: Guaranteed loans consolidated on or after August 1, 1995

Interest: Fixed - or prime + 2.5% (Borrower's choice)

Type: CSL 2

Definition: Risk-shared loans commencing August 1, 1995

Interest: Fixed - or prime + 2.5% (Borrower's choice)

Type: O&M 12

Definition: Legal costs

Interest: Standard judgment rate

Type: Class "B" Interest

Definition: Interest owing by the borrower while in repayment with the bank.

Interest: None

Since the changes, there are new codes such as CSL 3 and CSL 4.

Posted By: sickandtired
Date Posted: 28/June/2004 at 1:08am

SO my real question is how do I find out when MY risk portion CSL was paid out by the government? If I defaulted after my last loan in 1996 and how do I find out the last day so I can calculate when it could be stats barred or if it is. Also I panicked last year when I got a letter from HRDC about my loan from 1996 I heard nothing since then until Nov 2003 so I paid HRDC in Nov Dec & Jan then I stopped when a collection agency called and said send them the money and a financial statement. My tax return was taken in June 2004. I claimed bankruptcy in 2001 and discharged in Feb 2002. Where do I stand now? Should I pay what I can afford $50.00 month (not even the interest) on a 10,000.00 loan ? No one seems to know what the balance is and they give me new amts I owe each time I spoke with HRDC. So if the govt paid the bank in in 1997 in my case and I acknowledged the loan in Oct 2003 would this be 6 years?

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elizabeth

Posted By: sickandtired
Date Posted: 28/June/2004 at 1:11am

Just reading the CSL 1 and CSL 2 Well again I fell between the cracks no breaks for me ever. I borrowed in 1995 and 1996. Sept 1996 was my last loan I dont know which was which either and I definately dont owe $10,000 CSL risk shared portion for the last year alone. I borrowed as a single parent with 2 children and fast tracked on a 3 year program attending 2 semesters in 1995 and 3 in 1996. I am so confused and I don t have the original documents anylonger when I claimed bankruptcy in 2001 I assumed they would be cleared but found out after they were not.

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elizabeth

Posted By: Ms. M
Date Posted: 29/July/2004 at 1:09am

Re: the 270 days of a loan being in default.

If a loan becomes payable on Nov.1 and the first payment is due Nov. 30, which date is used to calculate the 270 day period?

I don't believe NSLC or Tricura can be trusted to give out the correct information--and HRDC is getting harder to get on the phone.

Does anyone know the correct info?

Thanks.

Posted By: SolveStudentDebt
Date Posted: 29/July/2004 at 4:35am

Ms. M,

Are you referring to the time period wheras the bank would sumbit a claim for loss - and the government would subrogate?

If so ... it is 270 days from the date it becomes due.

Posted By: Ms. M
Date Posted: 30/July/2004 at 12:11am

Thanks for the info Johnny.

So I can calculate the 270 days from the Nov. 30th due date?

I guess this means it should be still possible to capitalize three months interest and get interest relief for the other six months--according to the new rules since the 2003 Federal Budget. Right?

Posted By: Phoenix
Date Posted: 03/August/2004 at 11:08am

What is the date the loan becomes due?
1. The day you graduate?
2. The day after your six month grace period ends?
3. The day after your last interest relief ends?
Thank you,
Truth Endures...
Phoenix

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Truth Endures...
Phoenix