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Intrest on student loans

When a student loan goes to collections is interest still applied till it`s paid off? My understanding was RBC sold their student loans to collections. Would that not make the loan null and void being that I never signed for the loan with the collection but with the bank that no konger owns the loan.

Posted from: Alberta

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One Response to “Intrest on student loans”

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

Yes, when a student loan goes into collections interest is continued to be charged. It is very common for debt to be bought or sold, it is a fundamental component of our financial markets, but this doesn’t make the loan null and void, you borrowed the money, you owe the money and whoever happens to have had the loan transferred to is who you have to arrange payments.