Am I eligible to file my student loan on my consumer proposal?

Under the Bankruptcy Act it must be seven years from the time you last attended school in order for a student loan to be discharged by a bankruptcy or consumer proposal. Based on the information you have provided it seems that you would meet that time frame. There are some factors to consider. The Canada Student Loan Act calculates the date that the loan becomes payable as the contract end date for your loan. So if you graduated in April, your student loan would be come payable on November 1st of that year. That is because in the first six months after graduation you are not required to make payments on your loan. Likewise, if your last semester ended in December then July 1st of that following year would be the date that would be used in calculating the seven year period.

If you completed your studies in December of 2006 then the seven years would start July 1st 2007, which would mean that as of July 1st 2014 you would be able to include your student loan in a consumer proposal or bankruptcy and the balance owing would be discharged upon completion of the proposal or bankruptcy. If you ended your studies earlier than that then the seven years would also have elapsed.

If you returned to school and took out additional loans or if you at any time applied for interest relief periods or refinanced your loan agreement this may affect the way the student loan department calculates the seven year period. Since your loan appears to have just reached the seven year period this year it is recommended that you contact the student loan department directly to confirm your study end date. Trustee’s are not able to obtain that information due to privacy laws.