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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sprinkles View Drop Down
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Joined: 26/August/2013
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    Posted: 26/August/2013 at 5:28am
Hello All,

So Glad I found this forum! :)


So here is my long story put short: I am a student completing my undergrad. I got OSAP for the first 4 years of undergrad, but then stopped for my 5th year because I was working full time and studying part time. I submitted a form via fax to my school about 'continuing studies' despite not getting OSAP. My school is usually REALLY slow about this so every year I get a document from OSAP saying you are now out of school and need to start repaying. And every year it goes away because the school finally gets on it. This year when I got the notices I assumed the same thing, only this time the school did not submit it. I started getting the 'you are owing 2 months in student payments' notice and freaked out. I contacted NSLC and told them I am still a student - they said its ok just fill out a form stating that and send it to your school to continue the status. I contact the school and they say I am not eligible due to my part time status (in the winter term). They also denied getting any communication from me in the fall about my student loans (Note I was a full time status student in the fall and part time in the winter).

I also noticed that OSAP was saying I owe more than I actually do.

I also kept getting random documents in the mail with incorrect info - one even said I had been reassessed this year for a few thousand dollars. I DIDNT APPLY THIS YEAR!!! 


Anyways so a lot of back and forth later... in the end I decided to just start making payments so it doesnt damage my credit anymore than it has. I think its been 5 or 6 months now?! 

I made a full payment for the outstanding interest and set up a repayment plan. 

Now here is what I dont know what to do:

1) This Fall I *may* be going back as a full time status student to finish this degree off. Should I apply for student status again?

2) Should I make higher payments every month to pay off the loan? Does that look good on my credit? Or makes no difference?

3) If I pay off a huge part of my debt through savings + borrowing from the parents...would that make me look good credit wise?


I basically want to know what I can do to improve my probably horrible credit at this point. 

Also, I have a few credit cards with low maximums and I am not 'in debt' to them (like I have  a few hundred dollars on each ...but its mostly to maintain some sort of credit...if I wanted to I could pay them all off today etc). 

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sprinkles View Drop Down
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Joined: 26/August/2013
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Post Options Post Options   Thanks (0) Thanks(0)   Quote sprinkles Quote  Post ReplyReply Direct Link To This Post Posted: 26/August/2013 at 7:22am
I also thought I should add : 

Is there a way to get the 6 months of 'non-payment' off of my record cause it was the school's fault? I heard that NSLC sometimes takes it off if it was an administrative problem? Anyone have any info on this? 
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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: 26/August/2013 at 3:10pm
You would have to approach whoever it was that made the error and demand that they correct it.  MAke sure you have proof of this error, otherwise it is your word against theirs. The system is a powerful gorilla.
 
 
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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