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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salsak View Drop Down
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Joined: 12/July/2008
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    Posted: 12/July/2008 at 5:54am
my student loan has been in default for a few years now.  my situation is extremely bleak.  i just got terminated from my job because the company i was working for went bankrupt.   but even with my previous job i was never able to make any payments on my loan.  the pay was barely enough to survive on for my family and i.  now i will soon be on ei and back to the bottom of the hill!!!  i really don't see myself ever making it to the top where i can start fulfilling my responsibility to pay my loan.  i really don't want to give up but from where i stand now it is hard to see light at the end of the tunnel.  on the other hand, i just can't convince myself to file for bankruptcy even though i am sure i am the perfect candidate for that.  hell, my financial situation is so bleak that i wouldn't even be able to pay trustee fee if i was to file for bankruptcy.  see i am hesitant because of the ramifications of bankruptcy for the future of my young family.  you know things like being unable to get mortgage etc.  i know even at present i don't qualify for mortgage but i guess deep down i haven't yet given up on things like that and that is why i am hesitant about bankruptcy.  the same for consumer proposal.
 
now my major concern is my credit rating.  so i really want to know how long a default remains on ones credit.  is there a time limit?  or does it remain there until some payment agreement is reached with the collection agency or the debtor files for bankruptcy in which case the credit rating remains same for another 7 years.  i would really appreciate any advice/info regarding this matter.  one final thing i would like to mention is that i don't have any other loans besides my student loan.  don't even have a credit card.  
 
cheers 
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Points: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 13/July/2008 at 12:46pm
If you are worried about maintaining or building financial realtionships within the financial sector, bankruptcy is not going to get you anywhere close to these benefits. A credit rating is not what people need to worry about anyway. Seeding and incubating relationships in the financial sector is where you achieve goals. A credit report offers a very narrow view of an individual, and how they manage credit. People would fare a lot better if they focused more towards solving financial problems rather than digging themselves further down. Bankruptcy is good for one thing - and that is a bankruptcy situation. Only those who have a full view of their longer-term problems, and can demonstrate that there is absolutely no way to solve it would benefit from it. One thing I see an awful lot here is that people are contemplating bankruptcy, but are also wondering how to keep their credit in good working order.
 
Bankruptcy proceedings cannot support retaining satisfactiory credit holdings and standings. When you run out of money and Boardwalk and Park Place are positioned with hotels, and you happen to owe more than you could ever repay in a lifetime, then you are bankrupt.
 
Being in default with student loans is not the end of a person's "credit life". I have shown this to people many times over, and there MANY people here who have succeeded because of gaining this understanding. If you go by a piece of paper with a bunch of statistical data on it that depicts you as something you are not, then you have to look at that as just statistics. That is the problem with statistics.
 
If you want to get a credit card, think outside of the bankruptcy box.
 
 
 
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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Points: 2 		Post Options Post Options   Thanks (0) Thanks(0)   Quote salsak Quote  Post ReplyReply Direct Link To This Post Posted: 13/July/2008 at 2:41pm
thank you very much johnny for this great feedback.  i really appreciate it.

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No problem. Hope it helps.
 
I do want to point out that bankruptcy is not a bad thing when the situation warrants such an action. However, it is a bad thing if it is abused, or if it is approached prematurely. You have to remember that the bankruptcy sector is in the business to bankrupt you, and they are not able to do anything for you other than that. They cannot give you your credit back, nor can they defibrilate it back to life. The bankruptcy sector thrives on people in debt, and the only pitch they can use is the "fresh start" one. I don't think that the bankruptcy sector is being deceptively creative in their advertising of a fresh start approach. It is just a perspective on what they think insolvency actually represents for a consumer, but I think that they are not seeing the bigger picture. Bankruptcy is advertised quite heavily, just as much as the non-profit debt poolers out there. The so-called non profit and not-for-profit debt poolers are really what consumers have to be cognizant of because they are really not what they make themselves out to be. For instance, the term "consolidation" or "debt consolidation". Consolidation means to "combine". Non-profit credit counseling orgs do not do that, but they imply that they do that. "Debt consilidation" by definition (or interpretation) means to roll one or more debts into one new loan. Non profits are not lending institutions or credit grantors. The term "debt consolidation" is an "attractor" to the consumer market, so they use it that way. They collect money from you and pay to "each" of your creditrs while taking a commission from the creditor (new form of collection agency). The financial community has a unique relationship with these non-profit groups.  
 
anyway, more later.
 
Johnny  
 
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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