Archived Urgent Help Needed Posts

Loan Rehab in NB

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Topic: Loan Rehab in NB

Posted By: CliffPel
Subject: Loan Rehab in NB
Date Posted: 14/April/2013 at 9:25am

so here's my situation.

I have been out of school since 2007, with an uncompleted university degree. my loans fell into default.

fast forward to 2012. my student loans have been split into two parts. provincial and federal.

NB has given over my file to the service Nb debt portfolio

CRA has control of my federal portion.

now i've begun to participate in the rehabilitation program with CRA, they tell me that after all my interest is paid up and that i have made 2 (she said 2) consecutive payments then they would send my file back over the feds.

paying the interest on both parts is not an issue, my tax returns have done it for me every year and then some.

what i need to know is that will my provincial portions of my student loans be affected back into good standing once i've cleared the federal portion with CRA?

or do i need to attack this issue with twice the payments. one for the CRA and one for the NB debt portfolio? to get both portions melded back together

my goal is to return to university this fall with approved student loans, how likely are they to actually let me take out more loans to complete my degree?

i also have a defaulted overdraft and a credit card that i'm looking to settle but i doubt this is the right forum for that

Replies:

Posted By: mupto
Date Posted: 14/April/2013 at 4:40pm

loan rehabilitation is a federal program only affecting federal loans(canada loans) id imagine. provincial loans dance to their own tune.

unless its a federal-provincial integrated loan, since its integrated its can be governed by either the provincial legislation or federal legislation; which seems to allow them to cherry pick the rules governing the loan then apply the appropriate one to each persons situation.

Posted By: CliffPel
Date Posted: 15/April/2013 at 8:16am

Ok that sounds about right. I had an integrated loan. And just got word back from thr provincial part. I seems all I need to do is make sure my interest is paid in full before they'll rehab. This was email correspandance that I'd give them an A for..

Posted By: mupto
Date Posted: 16/April/2013 at 4:04am

if i could do it all over again, i would take out a student line of credit from a bank instead of student loans from a government...

Posted By: SolveStudentDebt
Date Posted: 16/April/2013 at 11:09am

A lot of people are more and more dependant on student lines of credit. That is what the bank should have gotten into before going into the risk shared program. That was a collosal disater because they thought profit before risk and secular trends. This caused HUGE losses and that is when the default rate started go nuts back in the mid 90's.

In my opinion, people should stay as far away froms tudent loans as they can. It is an indentureship and lifetime of servitude for young people. They will grow up with burden and less opportunity. So perhaps this should send a clear message to the universities that maybe experience is far more superior than the education they pitch. Universities should be medical schools and that is it. Nothing more.

A seasoned engineer can train and create another to be an engineer. A seasoned musician can teach and create another musician. A seasoned anthropologist can teach and create another anthropologist. A seasoned MBA can teach and create another business professional. Why does the university have such a dominant hold on education?

Monopolization and the use of powerful politics and finance is what corrupts Canada.

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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: CliffPel
Date Posted: 16/April/2013 at 2:00pm

What people should be aware of is that they are entering "grown up land" and they should be fully educated in debt, interest and personal economy before they ever sign for loans of any kind.

that and they should have an understanding of work ethic

Johhny,

I have to disagree with you about how you value a university education, i agree that the schools do not do enough to provide their students with experience in their chosen field of study so that they may graduate with some level of experience. people don't seem to understand that your "summer job" should absolutely be related to what you're studying otherwise you're graduating with nil experience and probably not much of a clue on where their job market is or how they even want to apply their piece of paper on the wall.

a piece of paper that, like it or not, represents a proven ability for critical thinking.

if an engineer didn't go to university and was trained by an independent, that is a recipe for falling bridges. i say this because i work in a trade that has no programs or seal, companies keep their secrets and by there not being any schools to offer this trade it is sadly dying out. i have gained hard won experience yet there is no option of it ever getting recognized. its a decent living but seasonal work that wears on your body throughout the years.

i personally would like to see a lot more cross training, there is nothing about education that is bad, just the cost.

for example. if you go to NB for carpentry, you do the course and then register in the apprentice program. now bear in mind you cannot leave the province and work unless you've gained your red seal. which requires four years of full time work in your trade.

it is very hard in canada to gain all your apprentice hours in four years. if you move to another province without that seal then you're starting your apprentice hours from scratch..now that's an issue worth looking at.

i say this because i entered into university completely naive like most people. and for myself university was not a great place. but i do not discount what experience i did gain there and know it has helped me out these past few years.

so any education is good, i can make great money working with my hands and back, but that's the cost. many university educated people have little respect or knowledge of the tradesmen that build their homes. all they care is that it's seasonal work. and they go on ei.

office jobs have made people weak, when they hurt themselves bending over for a pen because they are out of shape well then they get their time off and benifits for recovery

when i pull muscles, i'm expected to get back to work i don't belong to a big faceless machine but a team that has to dog it even harder to get finished when we're a man down. there's no benefits, people are discouraged to even bother with workers comp, it just raises the bosses premiums and unless it's a broken limb or loss finger it's not worth the trouble (this is true all over the place)

this has become a rant, i apologize, and i'm no english major so please ignore the horrible grammar

but i main points are that both university and trades educations are valuable, it is up to the individual to make the best of their lives. know the value of your university degree before you commit to the debt, most times trades school is a better option for finding satisfying work immediately after grad.

and i'm a huge proponent of taking that year off before university, get a job and understand what it's like to work and have bills before you take the plunge. i know i had to learn to work and like to work the hard way. worked service industry before and during the off seasons of building log homes. it's a lifestyle i do not care for, even though i enjoy building people their dream home it is not a year round job.

lastly i think that people who experience the death of an immediate family member should have their credit watched like a hawk for two or three years afterward. it's very easy to throw all that away.

Posted By: SolveStudentDebt
Date Posted: 16/April/2013 at 3:17pm

I do hear you and understand. The problem is if you smarten youth up and show them what they are getting into then they would be less willing to gamble their lives on an unsure thing. Universities are a private government. So are Banks. So is the corrupt class within our actual government.

A tenured engineer "should" be able to make an engineer out of a student. Unless, of course, the tenured has no ability to teach, or is not up for that sort of task. So, I see it from both sides of that fense and you are very correct. Necessary evil perhaps Just like CRA Legal Services and private agencies.

some of the patronies at CRA would totally agree with this.

In my experience with clients the ones who recover quickest are the tradesmen and women from community and trade schools. Or, those in middle class income brackets surprisingly enough.

Then there are the ones who come to me for help who are so gainfully employed but would rather frustrate the system because they do not want for what had given them full benefit and economic opportunity. There is a small percentage of people in the student debt sea and they are tactical predators pretending to be wounded and suffering. It is a reality and many of them have launched vicious attacks against me. What are you gonna do right? In a service industry you are always going to catch people that like to behave like criminals.

I enjoy reading your perspective and keep it coming!