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Discharging a Student Loan Debt

My sister has accrued student loans from Ontario and BC in the amount of $50,000. She has stopped being a student for close to 10 years. She has no income (does not have a job and lives with our parnents) and no assests. The only debt she has is the student loan. I understand that this loan can be discharged under a new legislation. What is the process of discharging the debt, the approximate cost and the length of time it would take to get a successful discharge.

Thanks for your assistance

Posted from: British Columbia

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One Response to “Discharging a Student Loan Debt”

A licensed trustee said...

If your sister has been out of school for more than 7 years then her student loans may be discharged by filing personal bankruptcy. If she has never been bankrupt before and has no income then the procedure will take 9 moths and likely cost around $2,000. She should contact a trustee in her area to discuss this further.