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Confused about the new Student Loan Laws

I had a student loan which is now over 10 years old. I have not been able to find out any info on my loans as I am always told by the bank, osap, collection agencies (who call me in regards to my loans) and the national student loans centre that they have no record of me or my loans. I have since moved to Alberta and started a new career. I am now pondering bankruptcy to get a fresh start as I am having a great deal of problems with keeping up with my debts. I have attended school twice since moving to Alberta for apprenticeship training (a period of 10 weeks each time) and my employer has paid for me to attend the training. How would this affect me if I claimed bankruptcy with regards to the new legislation which came into effect for student loans?

Posted from: Alberta

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One Response to “Confused about the new Student Loan Laws”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The new student loan laws say you have to be out of school for 7 years. This means that each time you go back to school, regardless of who pays, the 7 year clock starts again. So if you last physically attended your apprenticeship training in January 2005, then the 7 years is measured from that date, regardless of whether the student loans related to that date or not.