With the rising cost of tuition Student Loans often represent one of the largest debts that individuals ever have aside from perhaps their mortgage or vehicle loan. While some are fortunate to find employment and repay those loans other are not so lucky.
Student Loan debt never expires, and unpaid student loans often result in collections or having other government benefits or tax returns garnisheed.
If you’ve studied within the last seven (7) years, your only option is to work with the Ontario Student Assistance Program or National Student Loans to establish a repayment plan. Both organizations have payment deferral and interest relief programs that you might consider applying for. The seven (7) year rule makes sense; Every graduate should do their best to repay their loans for a period of time before being able to erase them.
That said, if you’re unable to repay your student loan debt, and more than seven (7) years have passed since your last date of study, then we can assist you erase those student loans with a Consumer Proposal.
A Consumer Proposal is appropriate when:
If you’re unsure of your last date of study it is important to confirm the exact date by calling the Ontario Student Assistance Program (OSAP) or National Student Loans (NSL).
If you’ve recently graduated, or it has been less than seven (7) years since your last date of student, than we suggest working with OSAP or NSL to make an arrangement. If it has been more than seven (7) years, or will be soon, then we suggest giving us a call for a FREE consultation.
Some of us face personal financial crisis during our lives. We may be able to solve some money problems ourselves, but sometimes we need professional help. The situation may have gradually worsened over time, or happened suddenly because of a job loss, serious illness, divorce, or other major life event.
Whatever the cause, if you’re struggling with debt, you have options. Recognize the danger signals.
You may have a debt problem if:
Meet with a Licensed Insolvency Trustee to go over all of your options
If you are facing serious financial difficulties, you will want to meet with a Licensed Insolvency Trustee. When you meet with a Licensed Insolvency Trustee, try to assemble as much information about your financial situation as possible including: credit card statements, bank statements, pay stubs, mortgage records, loan documents, etc. A Licensed Insolvency Trustee will explain your options and the advantages and disadvantages of each option. The consultation is free, and it does not cost anything to start working with a Licensed Insolvency Trustee. If you are asked by for money up front it is a red flag; call us instead.
A Licensed Insolvency Trustee is an officer of the court who balances the interests of you and your creditors. In addition to helping you assess your situation, a Licensed Insolvency Trustee will inform and advise you about both the proposal and bankruptcy processes and play an impartial role in ensuring your rights, as well as those of the creditors, are respected.
A Licensed Insolvency Trustee is the only professional authorized to administer government-regulated insolvency proceedings that allow you to be discharged from your debt, such as a consumer proposal or a bankruptcy.
When you work with a Licensed Insolvency Trustee, you can rest assured that you are dealing with someone who has demonstrated that they have the knowledge, experience and skills to be granted a license from the Office of the Superintendent of Bankruptcy, and is overseen by federal regulators.
A Licensed Insolvency Trustee:
We don’t sell our services. We simply assist you to understand your options and support you in deciding what path is best for you.