Ontario student loans repayment options

What to do if you can't pay your student loan

Are you struggling to repay your Ontario student loans? Good news! You have several options. If your Ontario student loan is less than 7 years old, then you have three options to help you resolve your debt:

1. Make payment arrangements: Try contacting student loans office to negotiate a new payment arrangement. If you are successful, do your best to maintain the payments to sustain your agreement.
2. Credit Counselling: If you cannot maintain your payments you may want to meet with a credit counselor. They will summarize your debts; create a multi-year repayment plan and then negotiate with your creditors. This process is called a debt management plan.
3. Consumer proposal: A consumer proposal is an alternative to credit counselling and often costs less. A consumer proposal is a legal settlement which allows you to repay only a portion of your debts and still have them eliminated.

Will bankruptcy clear your Ontario student loan?

Yes, but only if you've been out of school for more than seven years. If it's less than seven years, your government guaranteed student loan will not be automatically discharged if you file bankruptcy. If you have other significant debts, bankruptcy may still be a good option. Filing bankruptcy can help clear other debts and make repaying your student loan more manageable.

What to do now?

If you are experiencing problems paying your Ontario student loan, call one of our offices, or email one of our trustees today.

We offer a free, no obligation consultation. One of our experts will personally review your situation and answer your questions.

Let us help you choose the correct solution to resolve your Ontario student loan debts. Simply contact our team today.