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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spookisgirl View Drop Down
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Joined: 20/October/2008
Location: Trenton, ON
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    Posted: 20/October/2008 at 5:54am

     I have been out of school since 2003, and in that time, trying to pay back my student loans I had to declare bankruptcy.  I am now much more steady on my feet financially and trying to pay back my loans, but I got caught in the changing programs when banks kept getting out and the advent of the NSLSC.  Now I have one loan in collections with Allied International from National Bank, One with HRDC, and one with the NSLSC, but with the New Brunswick returned to government division which is a separate entity.  I am making regular payments on all my loans, although very small ones that barely cover the interest, and stil owe approximately 45000.  I have gotten no debt relief and never qualified for interest relief.  My biggest problem is the division of the NSLSC  that I deal with  for my NB Provincial loan.  beside the fact that the loan collects 4.20 a day compounded daily in interest, in order to make a payment I have to mail a money order to the centre, and it takes about 3 months before it is posted to my account.

  I am wondering if anyone has been able to consolodate this amount of loans?  Paying 3 different lenders is killing me, and I would like to get one payment.  I don't have a house or anything (since I carry so much student debt I can't get a mortgage).  My credit has recovered somewhat from the bankruptcy (the 7 years is almost up now). 

Anyone have any suggestions?

 

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