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student loan in a proposal

I read on this site that banks want at least a third repayment. Do the student loans people have a similar stance? Eg. When they are the only creditor do they want all, or just the original principle amount.
Thanks

Posted from: Ontario

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One Response to “student loan in a proposal”

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

The 1/3 rule is correct for most lenders, but it really is situation specific. So I would suggest you contact a trustee to see if that 1/3 rule is consistent with your sitation.

However, the other thing to be cautious of is the 7 year rule that applies to student loans. The rule is essentially this, if you haven’t been out of shool for 7 years a student loan can’t be cleared by a consumer proposal (or a bankruptcy). You may have been aware of this, but I wanted to make sure.