Learn Your Options for Student Debt Relief
Many Canadians have taken on student loan debt to help cover the cost of college or university. In some cases, changing economic conditions, an unexpected life event, or not being able to find work in your chosen field might have affected your ability to pay off student loans.
If you find yourself struggling to repay your student loan, you have several debt relief options available:
The Repayment Assistance Plan (RAP) could be a viable option to reduce your student loan payments. You may qualify for a RAP if you live in Canada, at least six months have passed since you finished school and your loans are up to date. You can find out more about this option by visiting the Government of Canada website about the Repayment Assistance Plan.
If you have been out of school for seven years or longer and need more help paying off your loans, a consumer proposal can help. A proposal will combine your unsecured debt payments into one monthly payment and give you a timeline to pay off all your debts. Visit our Consumer Proposals page and find out if it’s right for you.
Under the Revision of Terms Plan, you can extend the amount of time it takes to pay off your student loan’s by up to 15 years. This option would make your monthly payments smaller, but you will pay more interest in the end since it will take you longer to repay your loan. Find out more about this plan by visiting the Government of Canada website below.
Similar to a consumer proposal, you must be out of school for 7 years or longer to be able to discharge your student loans through a bankruptcy. Depending on your circumstance, this could be a viable option for you to eliminate your student debt. We will look at all your other debt relief options first before considering bankruptcy.
Our local debt relief professionals will go over your options for paying back your student loan debt. We will help you decide on the best solution and answer any questions you may have about your personal finances. Contact us today for a free, no-obligation appointment.