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student loans and the new 7 years rule

I have not been in school since 2001, Will my student loan still be in effect? Or will I have to claim bankurupcy first?

Posted from: Alberta

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One Response to “student loans and the new 7 years rule”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

There seems to be a bit of confusion about this new seven year rule so I will try to clarify. Essentially the 7 year rule is meaningless outside of a bankruptcy. What the 7 year rule states is that if you have been out of school greater than 7 yeas and then file for bankruptcy your student loans can be cleared by a bankruptcy.

If you have substantial student loans, and the last day you were in school was in 2001 your these loans may be cleared (as long as the last day you attended was prior to June 30, 2001. If you attended in the fall session you should wait a few months before filing. For more information on this you are best to contact a local trustee.