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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Amer786 View Drop Down
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    Posted: 12/July/2006 at 10:04am
I am under a consumer proposal and have one year left on it.  My wife and I have been looking to get approved for a mortgage, but it seems that no one is willing to give us a mortgage cuz of the CP.  Since I am only paying $150/month, it leave approx $1800 owing.  My question is, would it make sense pay off the remaining amount now and then then get the CP discharged?  If so, what do I need to make sure that my Trustee does so that it reflects on my credit report.  How long does discharge take?  When I pay the CP off, it means that I am now open for collections to collect on the survivable portion of my Stuident debt.  Or is it best to wait a year so that I can have more breathing room?  Will paying my CP off now serve me better in my hopes to purchase a home? or will it be useless as i will have ot wait 2 years befotre a mortgage lender lend me any money.

Are there any stories out there of people woh have bought a house while in them idst of a CP, would love to hear some positive news.
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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 13/July/2006 at 3:21am
Your bankruptcy is going to be an obstacle. They usually prfer that the bankrupcy be purged after 6 years - or at least two years after discharge before looking at a mortgage deal. Each case is uniqwue though.

Also, the student loan default may likely pose a problem.

Best of luck!

Johnny

www.cfwgroup.ca
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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chilly View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote chilly Quote  Post ReplyReply Direct Link To This Post Posted: 08/August/2006 at 8:09am
If you pay off your CP early, its going to reflect on your credit as R7 , instead of R9... not a big difference but it will show that your debts have been resolved, hence debt free.  So although your credit looks ugly your debt/equity ratio looks pretty good.  As for making certain that your credit reflects this, fax a copy of your certificate of completion to Equifax and Transunion.  They will generally change your credit ratings accordingly.  Hope this helps.

Originally posted by Amer786 Amer786 wrote:

I am under a consumer proposal and have one year left on it.  My wife and I have been looking to get approved for a mortgage, but it seems that no one is willing to give us a mortgage cuz of the CP.  Since I am only paying $150/month, it leave approx $1800 owing.  My question is, would it make sense pay off the remaining amount now and then then get the CP discharged?  If so, what do I need to make sure that my Trustee does so that it reflects on my credit report.  How long does discharge take?  When I pay the CP off, it means that I am now open for collections to collect on the survivable portion of my Stuident debt.  Or is it best to wait a year so that I can have more breathing room?  Will paying my CP off now serve me better in my hopes to purchase a home? or will it be useless as i will have ot wait 2 years befotre a mortgage lender lend me any money.

Are there any stories out there of people woh have bought a house while in them idst of a CP, would love to hear some positive news.

pete
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