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Canada Student Loans has announced new relief rules for student loan borrowers who are facing financial duress.
Generally, students who incur student loans during their post-secondary studies must begin to repay their loans within six months of graduating, leaving school or transferring to part time studies.
Effective November 1, 2016, under the Repayment Assistance Plan, a borrower may apply to defer any repayment obligations until their earnings reach a certain level. The criteria are based on the total family income and is adjusted according to family size.
The thresholds are as follows:
Students earning more than the applicable threshold may also be eligible for reduced payments. Visit the Government of Canada website for more detailed information about the
Repayment Assistance Plan.
In addition, the federal government announced increased amounts for the Canada Student Grants, which is a non-repayable financial assistance. The amounts have been increased to:
Visit the Government of Canada website for more detailed information on the
Canada Student Grant
If you are not eligible for relief under one of the programs noted above and are unable to meet the repayment requirements set by Canada Student Loans or a provincial student loan program, you may want to consider personal bankruptcy or a Consumer Proposal. Either option is available to an individual who has:
Joel Kideckel is a Licenced Insolvency Trustee based out of our Toronto office. For more information about how MNP Debt can help you, contact our local office at 416.515.3921.
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*310-DEBT doesn’t operate in MB, NW ON and QC.
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