November 10th, 2006 by Questions
what can i do when i am a single parent and i owe revenue canada for student loans and it has only been 2 years since i was last in school. the loans are at 19,000 now.
November 11, 2006 at 2:53 pm, A licensed trustee said:
I assume you owe the federal government for your student loans; you don’t owe Revenue Canada, although it is Revenue Canada that withholds your tax refund if you don’t pay them.
Your best options are either to contact a credit counsellor for assistance, or contact the student loans people directly, and apply for interest relief until your income increases to the point where you can make repayments. By contacting them and discussing your situation you may be able to negotiate reduced payments.
Unfortunately, you cannot go bankrupt and discharge a student loan until the loans are ten years old.
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