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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fatheroffour View Drop Down
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Joined: 10/April/2006
Points: 1 		Post Options Post Options   Thanks (0) Thanks(0)   Quote fatheroffour Quote  Post ReplyReply Direct Link To This Post Topic: student loan burden
    Posted: 11/April/2006 at 7:39am

This is my first time on this site. I would like to share my story with you.

In 1993 the company i worked for had downsized therefore i was out of work. At the time I had a child and another on the way. I decided to return to post-secondary school.  I enrolled in MUN (Memorial University of Nfld). Because i was attending university full time I wasn't able to collect my EI. At the time my wife was working making a little more than minimum wage. Fortunately we had enough in savings to cover the cost of my books and tuition and offset the first semester of school. Needless to say things were tight for us. I did apply for a student loan but didn't receive anything until my second semester.  After my first year of university we had our second child. My wife decided to stay home with the kids.  For the next 3 years we depended solely on student loans. Things were even more challenging for me and my family.

However, in 1997 i graduated with honors and began working right after graduation  but not full time. Shortly after, I was met with the challenge of paying back my loan and still today I am making payments on my loan. I have used the interest relief that was available and  even lowered the monthly payments in order to make ends meet. I have applied for debt reduction twice and both times turned down.

Presently I have four children, One child is diagnosed with mild cerebral palsy and my youngest child as a global developmental delay. This in itself as put a great deal of stress on our family plus having to deal with the other issues of life . My application for debt reduction as been turned down based only on my gross income . They dont take into consideration the other circumstances surrounding our family. 

I would like to hear from anyone that is in a situation like mine and may have been successful in receiving debt reduction on their loan.

sincerely

fatheroffour

 
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