all but one loan 7yrs

July 18th, 2008 by Questions

All but one of my student loans is 7 yrs old, i understand it to be that i could apply to the court to have my last loan forgiven or whatever, but my husband makes good money and the hardship is based on income not expenses right? because expenses far outweigh his income, not sure to file and try this or just wait….

Posted from: Ontario


One Response to “all but one loan 7yrs”

, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:

Just to clarify, the test is not how old each student loan is, but when you last attended school. If you last attended school less than 7 years ago, then all of your student loans would survive a bankruptcy or a proposal. I must emphasize it is not how old each loan is, it is whether or not you have been out of school for greater than 7 years.

As for hardship, you are correct you could make an application to court to request these loans be cleared under the hardship parameters of the act. But as you pointed out it is very difficult to argue hardship if you have decent earning potential in the household. At this point my suggestion would be to simply wait until the 7 year criteria can be met.

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