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Student Loan concern

Are student loans from a bank or financial institution treated the same as federal and provincial student loans in terms of the 7-year discharge?

Posted from: British Columbia

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One Response to “Student Loan concern”

A licensed trustee said...

No, the 7 year rule applies to government sponsored/supported student loan programs. If you obtained a “student line of credit” or some other form of loan from a financial institution outside of the government programs then this is simply a loan with a clever name for marketing purposes. These loans are subject the normal bankruptcy rules – there is no 7 year waiting period for them.