Define `Student` Loans?

May 4th, 2009 by Questions

I have OSAP and RBC student line of credit. The RBC LoC does not list as a `student` LoC on my statement. Is the RBC debt considered a `student loan` under bankruptcy?

Thanks

Posted from: Ontario

Questions

One Response to “Define `Student` Loans?”


May 05, 2009 at 9:23 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

According to the legislation the student line of credit is not considered a student loan proper and in most cases does not fall under the normal 7 year rule that deals with student loans. However, I did read a case yesterday that the court decided to treat a standard student line of credit in the same fashion as regular student loans, not because it fell under the proper student financing legislation but as a result of what the funds were used for. Now this isn’t normal, but when the court gets involved sometimes you have a different result.

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