Collection of Old - Stats Barred - Loans - Old Canada Student Loan re: Risk-shared

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Old Canada Student Loan re: Risk-shared

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Category: Immediate Attention and Info!
Forum Name: Collection of Old - Stats Barred - Loans
Forum Description: Post questions about old loans and Statute of Limitations Issues
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=6541
Printed Date: 27/March/2026 at 2:17am
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Topic: Old Canada Student Loan re: Risk-shared

Posted By: newgirl2012
Subject: Old Canada Student Loan re: Risk-shared
Date 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.

Replies:

Posted By: SolveStudentDebt
Date 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 #.

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