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Student loans

I filed for bankruptcy March/09. This may I have been done school for 6 years and I still have outstanding student loan debt. I will not be discharged until July/10 or longer due to surplus income. Come May next year it will be 7 years since school. Will the new legislation apply to me since I will not be discharged or not because I filed for bankruptcy prior to the 7 year mark. Also does the time frame for the 7 years go by when studies are complete or does it go by when a person started to repay their loan as you have a 6 month grace period after graduating???

Posted from: Alberta

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One Response to “Student loans”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The new changes to the student loan legislation will not impact you. The changes that were implemented July 8, 2009 state very clearly that the student loans will only be cleared by the filing of a bankruptcy or a bankruptcy if the 7 years has expired at the time you have filed. So the date of discharge does not play a role.

In terms of the actual date studies cease, it is the last day of the month of the last day you physically attended class. So the 6 month grace period has nothing to do with it.