In Financial Crisis

New Student Loan Bankruptcy Rules Shorten Wait


Canadians overwhelmed by student loan debt have been granted a three-year break.

On July 7, 2008, Minister of Labour Jean-Pierre Blackburn signed an Order-in-Council permitting automatic discharge for student loans in bankruptcy after seven years.

An existing rule requiring a 10-year wait had been on the books since 1998. The 10-year rule led to charges of discrimination and a legal challenge.

In Crisis Calculators

In Crisis

Have you gone into default or just feel that you're in a financial crisis? These calculators will help you, by answering questions like these:

Help Dealing with Student Loan Bureaucracies (Governments, Banks or Collection Agencies)


The information and advice below should get you the help you need. Phone numbers were last updated November, 2013. 

Does your case involve a Canada Student Loan?

1) Before giving up on your attempt to work things out with your lender or collection agency, ask for a supervisor. Get his or her name and then explain that if you can't work things out, you will go to your Member of Parliament. This may get you the help you need.

Help When You're In a Financial Crisis

Financial Aid - Student Loan Advice

Our original articles and FAQs will help you:

  • get out of debt faster
  • save money on your student loans
  • solve financial problems
  • get out of default so you can get student loan aid

In Crisis Advice