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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Joined: 10/June/2013
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    Posted: 10/June/2013 at 11:22am
I only have 10 days to respond as they have written in their letter to me so any quick responses will be appreciated!

Here's a quick rundown of the situation up to where it stands now.  Took out a loan in 2008 and finished studies in 2010.  Applied for interest relief for the 6 month period although during the entire time I made no payments at all.  I finally buckled under the fear of their threatening letters and called NSLSC in Q4 of 2012 where they told me the loan was sent to the CRA. CRA asked me about my financial situation, being as it is now, there was and is no possible way for me to make any sort of payment.  They told me to call back monthly for updates.  I only called twice for updates until the newest development.

Fast forward to today.  I called them a week ago to discuss the loan.  I was careful with my words so as not to take ownership and/or acknowledge the loan.  I told them I would not be able to make any sort of payments and I do not foresee myself ever being able to do so.  I asked them to forgive the loan where they said they do not do that repeatedly. They chose to bargain that one day I would be able to once employed.  This went back and forth for a bit before I asked to speak to a higher up.  They told me somebody would call me the following day which did not happen.

Instead they sent a letter to "review your financial situation to determine the best course of action"  Attached to the letter is a double sided Financial Questionnaire.  At the end of the questionnaire is a strange line saying "I acknowledge that I owe $xxxxx to HRSDC..." ending with a spot for me to sign.  This to me smells like a trap.

Any advice on the best course of action to take?  I only have a few days left to reply.
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Points: 1798 		Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 10/June/2013 at 6:32pm
Signing the form 'acknowledges the debt'   and makes sure the loan does not become stats barred.  Some loans become statute barred if there is no acknowledge or payment for 6 years.

Have a look at this forum....
http://canadastudentdebt.ca/forum_topics.asp?FID=90&title=collection-of-old-stats-barred-loans
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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: 11/June/2013 at 4:13am
If you sign this statement then you will be acknowledging the debt causing the limitation time to be reset.  Good to point out.
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: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 11/June/2013 at 4:20am
FYI: Loans are never forgiven. They are simply "closed" if the situation warrants it.  If you are unable to repay it now or in the forseeable future, and can clearly demonstrate that, then there is that potential benefit available.
When dealing with governments (especially the Feds) language is key. "Forgive" is not what governments do. The reason for this is because if they do then you could go right back and borrow more money and repeat that process.  The government is not going to allow that to happen.
THe government uses their language to disuadem deter, block (or whichever way you want to describe their resistance methodology) you from approaching them for these benefits. It is a HUGE hard cost to the Crown and they make it as difficult as possible. It is not something you should do on your own if you are unfamiliar with their style of chess.   
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: 3 		Post Options Post Options   Thanks (0) Thanks(0)   Quote newschool Quote  Post ReplyReply Direct Link To This Post Posted: 13/June/2013 at 2:24am
The thing is I can't wait another 3 years to see if the loans will become stats barred.  I need to get this cleared up asap.  What would be the possible outcomes if I made a settlement offer?
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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: 15/June/2013 at 5:20am
It's a risky move, especially for those with second generation loans.  Make an offer to the government is not an easy task either.  It requires a LOT of work and requires more documentation than you can imagine. It iscomparable to a discovery proceeding in a lot of cases.  You have to make a convincing argument and if there is just one hole in it then it will get rejected.  Home owners are presented with the most difficult task, unfortunately.  So, if you are a home owner, and you cannot demonstrate a substantive hardship it would be a futile effort.
What I have noticed is that many people are simply writing to governments and banks with offers with virtually no substantiation of hardships or cause (given reason). TO get a bank or government to reduce your debt (or even remove it completely) you have to give them a reason.  These activities simply undermine one's own case.
In respect of limitation issues, it is all about timing and individual circumstances.  In my opinion, a limitation issue should be utilized as a financial benefit of relief in cases of substantiated hardship.  Using it to intentionally frustrate the system is what happens from time to time and that is why the system is becoming increasingly more combative towards the subject.  It is difficult for me to demonstrate one's willingness in participation and good intent if the actual intention is not good.  Thumbs Down 
I provide assistance to people in this regard and the preliminary analysis and assessment determines whether or not you have a case.  That is step number one if you want to become a client of ours. 
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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