Student debts

April 2nd, 2006 by Questions

I am in a horrible situation with my student loans.I am one of the lucky ones to get a job in what I studied for in university.I owe so much in student loans that it is ruining my credit and my life.I went to university for an education and a better life. It seems like the only reason I am working is too pay my student loans. I can’t get a car loan or anything .I tell people not to bother going to university it isn’t worth it.I work in a field that might put my job in danger.I am a responsible person .Do you have any suggestions. The government has to do something. I am just out of school and already I am facing bankruptcy.Not unlike thousands of other young people facing this .


One Response to “Student debts”

, Barton Goth, GCO Inc. Bankruptcy Trustees said:

First, you could contact student loans and attempt to make payment arrangements that are affordable given your current income. There are a number of programs that may be able to provide some help. By following these links there are a number of services that could prove useful: Federal Interest Relief; Federal Debt Reduction.

You will also find that most provinces have similar provincial mechanisms and you can find more regional information on your local government web pages.
Second, you could contact a licensed credit counselor (listed in your yellow pages under Credit Counseling) to attempt to negotiate on your behalf.
Currently there is some uncertainty about how student loans are going to be treated in the future. There have been some legislated changes that may reduce the 10 year rule to 7, but it is questionable when these changes will come into effect. Updated information will be made available through our student loan blog.

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