I'm currently a student and my debts are starting to cause me problems. I've been told about setting up a payment plan, but I have a few questions. Can I continue my studies and still have a government loan if I set up a payment plan? Can I set up a payment plan for only part of my debts (credit card and line of credit) and keep my student loan and bursary debt?
Filing for bankruptcy or a proposal does not invalidate your eligibility for student loans and bursaries.
When a settlement is made under the Bankruptcy and Insolvency Act, it applies to all debts, not just a portion. However, since student loan debts are not dischargeable (unless you have ceased being a student for more than 7 years), it may be possible to arrange for their continued full repayment.
When a settlement is made under the Bankruptcy and Insolvency Act, it applies to all debts, not just a portion. However, since student loan debts are not dischargeable (unless you have ceased being a student for more than 7 years), it may be possible to arrange for their continued full repayment.
Questions reliées
- Can I declare bankruptcy if I've received a wage garnishment from the Loans and Bursaries program? I tried to reach an agreement with them to reduce the amount, but the garnished amount is far too high for me.
- How do I declare bankruptcy in order to get out of a 10-year student loan?
- I am supposed to inherit a sum of money. However, I owe money to the Quebec Ministry of Education for student services. Will the amount I receive be reduced by my student debt?
- I declared bankruptcy in October 2019. I want to return to school and will need loans and bursaries. Will my bankruptcy cause me problems obtaining them?
- I have a debt from my studies in Quebec, which I completed almost 10 years ago. I have used all my deferred repayment options (60 months). The last request was made two years ago. I haven't been able to start making payments due to financial difficulties. I had permanent resident status from 2010 to 2014. I have been living abroad since 2014 and have therefore lost my permanent residency (I have been absent for over five years). I started a study program in Quebec last year with international student status. I am currently studying remotely due to the pandemic, but I should be arriving in Quebec soon. Could my situation cause problems with immigration services upon my arrival? Is there any way to reduce my debt? Who should I contact to renegotiate my file?