Student Loan Debt Relief

You started in the right place. You enrolled in school and took out that student loan with the dream of career success – but things didn’t go as planned. Perhaps you chose a course of study that was too difficult, perhaps it wasn’t what you thought, perhaps you completed school, but the jobs just weren’t available, so you are unemployed or earning far less than you had initially planned. None of these circumstances make paying off those loans easy.

If you are drowning in student loans and need student loan debt relief, there are different options depending on how long you have been out of school.

If you have been out of school, completely, for 7 years, you may include your student loans in a bankruptcy or consumer proposal. This means that when you have completed your bankruptcy or consumer proposal, your student loans are discharged along with your other debt providing permanent student loan debt relief.

If you have not been out of school for 7 years and cannot pay your student loans it is time to take a good hard look at your debt, income and expenses. It could just be that you don’t have the cash flow to repay even at the lowest offered payment arrangement.

In this instance, a consumer proposal or bankruptcy may still make sense because, by eliminating and reducing your payments to your other debts, you will have new cash flow that can be used towards repayment of your student loans.

Unpaid student loans can destroy your credit and leave you vulnerable to enforcement action. If you feel at a loss as to what to do with your student loans and need student loan debt relief, speaking to a Licensed Insolvency Trustee will enable you to look at your entire financial picture and determine what realistic financial options are available to you.