How Do I Know When My Seven Years Is Up?

I have received a number of questions over the last few months from people wondering how to calculate the seven year period on their student loans (since a student loan less than seven years old is not automatically discharged if you file for bankruptcy in Canada).

It’s not the age of the student loan that matters; what matters is when you ceased to be a student.

So, for example, if you received your last student loan in September, 2006 and graduated in May, 2007, the seven years is calculated from May 31, 2007, not from September, 2006 when you received the loan.

Obviously it is critically important that you wait until the seven years since you ceased to be a student has passed before you file for bankruptcy if you want your student loan to be automatically discharged.

To determine your end of study dates you can contact Canada Student Loans at 1-888-815-4514, and student loans from Ontario can contact Ontario Student Loans at 1-807-343-7260 to request your “end of study” date.

Of course no decision on filing for bankruptcy should be made before consulting a licensed bankruptcy trustee.

Published on Saturday, May 5th, 2012