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student loan

So I read on your site about student loans in a proposal….what I am unsure of now is whether within 7 years if the national students loans center gets a vote on your proposal?

Posted from: Ontario

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One Response to “student loan”

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

The rules with student loans can be confusing. But essentially they state that student loans cannot be cleared by either a consumer proposal or a bankruptcy unless you have been out of school for 7 years or greater.

So that is the first part, if you have attended school in the last 7 years your debt will not be cleared by a consumer proposal. However, the student loans still need to be listed as a creditor, they still get to vote on the consumer proposal and they still get distributions from the proposal, but the remaining balance of your student loans will survive once your proposal is finished.

This can definitely be confusing and if this still doesn’t make sense I would recommend you contact a local trustee and they will explain it to you in greater detail.