Student Loans

Canada Student Loans

New laws have been proclaimed with respect to student loans as of July 7^th, 2008.

The new law requires a student to be out of school full or part-time for at least seven years before the loan can be discharged via bankruptcy. This is a decrease from the 10 years required by previous legislation.

Should you have any questions about how this might apply to you, please contact our office at 1-888-371-8900.

Effective May 11, 2004 Students who declare bankruptcy while still students are now eligible for the following benefits:

Possibly continue to receive student loans for a further 3 years to complete their studies.
Retain their interest free status while students
Apply for interest relief
After interest relief may apply for debt reduction

For more information as to availability of these benefits you may contact:

National Student Loan Services Centre

Public Institutions Division 1-888-815-4514 Private Institution Division 1-888-587-7452