Student loan debt
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Student loan debt help
Are student loans causing serious financial problems? Worried that you are heading for bankruptcy? Our debt management experts in Ontario & Alberta can help. Call today to arrange a meeting.
Harris & Partners Inc., a Licensed Insolvency Trustee (formerly called a Trustee in Bankruptcy) and leading debt management firm, offers assistance in dealing with all types of financial problems related to bankruptcy, credit card, and personal loan repayment. We will evaluate your financial situation and suggest the most appropriate course of action for you. Our team of qualified and experienced debt experts has helped many men and women across Canada get their lives back on track.
What is the average student loan debt in Canada?
The average student loan debt as of 2018 is an eye-watering $14,729.
Student debt in Canada is rising. This has been driven partially by increasing tuition fees, which has risen at an average rate of 3.7% over the past 10 years. In fact, as of 2016/17, Canada Student Loans (CSL) was administering $18.2bn in loans to 1.7 million people.
It’s not surprising that for over 17% of insolvencies in Ontario in 2018, student loan debt was a contributing factor.
With rising tuition fees, former students are declaring insolvency to deal with their debts, including student debt, at increasingly younger ages. In 2012, the average age for a student debtor was just over 36. In 2018, that had decreased to 34.6.
The reassuring news is you can get help for your student debts. And you can get debt relief for your student loan. Contact us today to find out how you can get debt relief for your student loan.
What are the options for clearing student debt?
There are a number of options for people who need debt relief for their student loan.
Both bankruptcy and consumer proposals can be viable options for dealing with student debt.
Can filing for bankruptcy clear your student loan debt?
A question we are often asked is if filing for bankruptcy can help alleviate the financial problems caused by inability to repay student loans.
The answer is not simple and depends on your specific case. However, what you must know is that:
- Student loans can only be released in a personal bankruptcy if it is more than 7 years since you ceased to be a full- or part-time student.
- If the 7-year period has not passed, you may be eligible for some repayment assistance or interest relief. This website may be of assistance in applying for relief:
Consumer proposals for student loan debt
Consumer proposals for student loan debt must also comply with the “7 year rule”. This means student loans are exempt from both bankruptcy declarations and consumer proposals if it’s been less than 7 years since you were a student.
If it’s been longer than 7 years since you were a student, you can apply for a consumer proposal to resolve your student loan debt.
A consumer proposal can help you negotiate more manageable repayment terms with your creditors and can be implemented through a Licensed Insolvency Trustee.
A big benefit of filing for a consumer proposal is that you can reduce your debts significantly and will stop annoying calls from creditors.
We can help you file a consumer proposal for your student loan debt. Get in touch with a licensed trustee today to find out more.
Other debt relief options for student loan debt
If you fall outside of the 7 year rule, you can apply for a Repayment Assistance Plan (RAP). This is a federal and/or provincial incentive to help those on a low income manage their repayments by allowing them to adjust payments based on their income.
How to get expert help with your student loan debts
If you are finding it difficult to make even the minimum payments on your student loans, chances are you are in over your head. Borrowing more money against your credit cards or taking personal loans to cover the gap is not the solution. It is important to recognize the danger signs and act before the situation worsens. Our full-service insolvency firm is here to help you get back on your feet as soon as possible.
The first step to dealing with your financial problems is to consult a Licensed Insolvency Trustee at one of the Harris & Partners Inc. offices across Canada. Filing for bankruptcy or getting repayment assistance is a legal process and can be confusing. You will also need a Licensed Insolvency Trustee and Restructuring Professional to act on your behalf.
We will walk you through your options, help you determine if you qualify and, more importantly, decide on the right steps to take. Make the call for a new beginning.
The highly qualified and experienced team at Harris & Partners Inc. is here to make your situation as easy as possible. No matter what your financial problems are, you can count on us to help you work things out. We have helped many individuals start fresh.
Call Harris & Partners Inc., or fill in a contact form and we will call you back to discuss solutions to your financial problems caused by student loans or other types of personal debt.
We have offices across Canada. Find the location nearest to you.
Getting rid of student loan debt
Recent reports suggest that with rising tuition fees, student debt is also growing. This can have a big financial impact on students’ lives after they graduate. Lack of employment, the gap between income and expenditure, and/or irresponsible spending causes many students to default on loan payments. This can affect your credit ratings and financial future.
Professional assistance from our personal debt experts can relieve your financial problems and help you take the right steps towards financial recovery. Get started today.