Bankruptcy and Proposal Info and Issues - Any possibility of some loan forgiveness

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Any possibility of some loan forgiveness

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Forum Name: Bankruptcy and Proposal Info and Issues
Forum Description: Get your questions answered about bankruptcy and proposals
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=7171
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Topic: Any possibility of some loan forgiveness

Posted By: Freya
Subject: Any possibility of some loan forgiveness
Date Posted: 06/October/2016 at 2:55pm

I owe a substantial amount on my Federal and Provincial student loans. I really would rather avoid having to declare bankruptcy but don't have a high enough income to make big payments towards them.

Is there, any, possibility that they would renegotiate the amount owing? I don't want to go on a lengthy repayment plan...and doubt that I could because of being in default. Would it be of any use trying to work with them on this? Has it been successfully done before, trying this approach??

Replies:

Posted By: SolveStudentDebt
Date Posted: 08/October/2016 at 4:50am

If the hardship is enough to convince them then it is possible. It is a hard sell and most times they discourage people because they don't want to do the work, and of course it affects their return. However, if your case is strong then it is a good mediation in this work we do for students and borrowers.

The danger with rehabilitation is that if you are signing your life away to the government in the event you were to appeal for having all or or a portion of it set aside. You'd be rehabilitating the entire debt and that is what the government wants all people to do so that it minimizes activity that you are seeking.

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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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Posted By: Freya
Date Posted: 11/October/2016 at 2:34pm

Hi....Thank you for your recent reply. I understood most of what you said.
I understood that possibly your financial group could mediate with them.

I did not, however, understand the wording of your last paragraph in the reply to my query about the possibility of some loan forgiveness.

I thank you, if you could further shed some light on this part of the reply.

Posted By: SolveStudentDebt
Date Posted: 21/October/2016 at 4:57am

Basically, what I am saying is that if you choose to rehabilitate the loan you are on the hook for it in full. If you are in receipt of full benefits from the student loan as in gainfully employed because of it, and can afford to pay it all back, have completed studies of course, and have a tangible degree of some sort then rehabilitation is the right thing to do.

If you are not benefiting and hardship is the result of the debt and circumstances then why give the government (and it's private service provider DH LTD) money if there is no value to you in that? People need to start seeing the truth behind the Canada Student loans Program and the relationship it has with the private business sector.

Posted By: Freya
Date Posted: 21/October/2016 at 10:38am

Thank you for the clarification. Yes...there is something very wrong with their way of doing things. I could not agree, more.