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10 Year or 7 year rule for student Loans

How do we know if we fall under the 10 year or 7 year rule for student loans. When did the change take affect ?

Posted from: Ontario

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One Response to “10 Year or 7 year rule for student Loans”

A licensed trustee said...

The 7 year rule applies to everyone now. If you have been out of school for more than 7 years then your student loans are dischargeable (can be eliminated) by filing a consumer proposal or bankruptcy.

The 7 year clock starts the day after your official “end of study date”. To find out what that date is you should contact the National Student Loan Centre. Whatever date they have on file as your end of study date is the one the bankruptcy system relies on.