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Seven year rule

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Category: Other Topics
Forum Name: Reccommended Advocates and Counsellors
Forum Description: Reccommended Advocates and Counsellors
Printed Date: 30/November/2021 at 4:27pm
Software Version: Web Wiz Forums 12.04 -

Topic: Seven year rule
Posted By: Freya
Subject: Seven year rule
Date Posted: 28/September/2016 at 3:30am
Hi...I have a huge student debt load and thought that because of the number of years that have passed...that I would be able to declare bankruptcy under the seven year rule.
However, after much research and a meeting with a trustee...I have been informed that my end of study date is not the one officially given by the National Student Loan Centre...but is reset according to a one month course that I took a few years ago! This was paid for independently and not with any loan funding.
Some financial people have stated that this does not "reset" the clock. Some trustees...who should be fully versed in the legislation have also stated that does not create an issue. I have heard both sides and don't know which one is really TRUE.
Can anyone, with full knowledge of this rule...please advise me accordingly. I can't bear the weight of this debt load for further years to come. I just don't know what to do any more. I am on a low income and have been for quite a while.

Posted By: SolveStudentDebt
Date Posted: 28/September/2016 at 7:31am
There is a lot of he said she said. The way to know this is to contact the superintendent of bankruptcy and get a definitive answer to that. The laws in this country are overlapping and and often times too broad. The BIA states after cessation of studies. It doesn't say "form the date your ceased studies that applies to the student loan debt that paid for that study period" It's reading of "from the last day you ceased to be a full or part-time student" can be interpreted as just that. If the superintendent's office cannot answer that question to give you a clear direction then this shows that the system is completely inadequate. You can also seek out jurisprudence on the matter in past cases through the bankruptcy court circuit in Canada. If you find a case where it is ruled that paying out of your own pocket doesn't affect it then you can present that if discharge is opposed.  

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

Posted By: Freya
Date Posted: 28/September/2016 at 12:09pm
Thank you for your reply. I have in fact, contacted the Superintendent of
Bankruptcy. The woman who answered...said, yes, the clock starts from the end of your last studies. Upon arguing this point...she agreed to take it up "higher" and get back to me in five business days,with the answer. That was on, we shall see. I don't hold out too much hope.

I cannot, for the life of me, understand how taking a few courses down the road, not financed by them...would have any relevance to anything for any reason. It is just a sick ploy to throw a curve ball into the system, which allows them to recoup for longer than is necessary for a person to bear.

The trustee that I spoke to, in person, said that many of her student clients are also shocked and dismayed by this stipulation that prevents them from discharging the debt. In many instances, it is for several years more of debt that they can not deal with.

I, too, regret taking out a loan...although it seemed a good idea at the time. I don't regret the education...just the attendant pain and anguish it has since caused me. It is an absolutely archaic and punitive system..that leaves so many in desperate situations. I feel very very passionately about changing whichever way that I can contribute. But, for now...I simply want to be free of this burden. It weighs heavily and takes the joy out of life.

Posted By: SolveStudentDebt
Date Posted: 29/September/2016 at 5:36am
The Canada student loans program makes so much money from it, and so does the private group they have in place who services it - DH Ltd. 

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

Posted By: NeedOutOfDebt
Date Posted: 02/November/2016 at 4:31pm
Hi, did you ever get an answer to you question about taking an additional class without student loans?


Posted By: Freya
Date Posted: 03/November/2016 at 4:15am
Hi....In answer to your question about getting a clear answer about taking an additional class without student, I didn't. I got several answers, most saying that it is just when you were last a student...but others say, that what is important is whether it is covered by a loan payment.
You could look into this...and will probably find similar conflicting results.
Please, post a reply with your findings.

Posted By: GravityRainbow
Date Posted: 20/February/2019 at 8:40pm
Any updates on this ?

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