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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Define `Student` Loans?

I have OSAP and RBC student line of credit. The RBC LoC does not list as a `student` LoC on my statement. Is the RBC debt considered a `student loan` under bankruptcy?

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Posted from: Ontario

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One Response to “Define `Student` Loans?”

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

According to the legislation the student line of credit is not considered a student loan proper and in most cases does not fall under the normal 7 year rule that deals with student loans. However, I did read a case yesterday that the court decided to treat a standard student line of credit in the same fashion as regular student loans, not because it fell under the proper student financing legislation but as a result of what the funds were used for. Now this isn’t normal, but when the court gets involved sometimes you have a different result.