What does 7 years mean?
July 29th, 2008 by Questions
If a person HAD been out of school for a 7 year stretch but is now back in school with no further loans, would the new laws still apply?
Posted from: Newfoundland and Labrador
One Response to “What does 7 years mean?”
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July 30, 2008 at 8:07 am, A licensed trustee said:
Perhaps – the law states that the 7 yar clock starts the day after you were last regsitered as a student. It does not differentiate between programs, old and new.
The test that has been applied in Ontario is fairly simple – if you received any benefit from the old course of study (such as advanced standing or course credit) in yur new program then the clock is rest and starts wehn the new course of study is complete. If there was no benefit from the old program then the Court has on occassion allowed the 7 years to run from the last day of the old program.
Unfortunately, there’s no way to get an advance ruling on what the Court will decide in your case. If you file you need to be prepared for the fact that the Court may start the 7 years from the end of your new program.