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Get Out Of Student Loan Debt Faster

Are you having trouble paying off your student loans? Depending on the type  of loans and how old they are, you have choices.

Government loans

If your student loan is more than 7 years old, a Doyle Salewski Licensed Insolvency Trustee can negotiate a new payback structure with the government by filing a consumer proposal on your behalf, or help you file for bankruptcy and discharge the loan completely.

If your student loan is less than 7 years old, you still have time to exercise your student loan forgiveness options through the Government of Canada’s Repayment Assistance Plan. You can:

  • Ask for a temporary hold on paying back the principal and pay just the interest.
  • Ask to extend your payment period for up to 14.5 years.
  • Apply for a hardship reduction that reduces your interest costs for 10 years and could reduce the principal owing after 10 years.

If you have debts in addition to student loans less than 7 years old, filing a consumer proposal or filing for bankruptcy will grant you a stay of proceedings. In that case, the government is unable to collect from you on their schedule, but you can still pay back your loan on your own schedule. And this would theoretically be easier for you to do because your other debts will have been reduced or fully discharged.

Private loans

These loans are not subject to the 7-year rule and are treated as any other loan under the Bankruptcy & Insolvency Act. A Doyle Salewski Licensed Insolvency Trustee can reduce them by filing a consumer proposal on your behalf or discharge them completely by helping you file for bankruptcy.

Why trust Doyle Salewski to help you get out of student debt?

Because we’ve been helping former students get out of debt and into the careers they trained for since 1996. We’ve worked with government and private lenders, we know how to negotiate with them, and we know how to come to quick agreements that make sense for everyone.

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