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We can explain what steps you can take if your student loans are breaking the bank.<\/p>\n
FYI:<\/strong> <\/span>You could repay up to 70% less than what you owe.\u00a0\u00a0<\/strong><\/p>\n <\/p>\n A Licensed Insolvency Trustee (LIT) will work with you to put together a plan that allows you to pay your student loans for less and at a rate you can afford.<\/span><\/p>\n Let\u2019s talk about the top types of student debt relief so that you know what your options could look like.<\/span><\/p>\n <\/p>\n With a changing economy and fewer jobs on the market, many people with an education are having difficulty finding work. Of those that are able to find work in their field of study, many will spend a number of years earning an entry-level salary. As a result, thousands of Canadians are struggling to make their student loan payments.<\/p>\n When it comes to debt, student loans follow a specific set of laws separate from other unsecured debts such as personal lines of credit or credit cards.<\/p>\n The web is a good starting point for finding out what your options are when it comes to student loan debt. There is one law that will be a deciding factor to narrow down which options are best for you. From there, a LIT will be able to tailor a plan to your specific needs.<\/p>\n In Canada, a consumer proposal or bankruptcy will not extinguish your student loan debt unless 7 years have passed from the time you last attended school (part-time or full-time) to the day you file. If it has been less than 7 years, you still have options for payment plans and extended grace periods, etc.<\/p>\n Has it been 7 years or longer since you were in school? <\/strong><\/p>\n Because starting out as a new graduate in the workforce can be financially challenging, student loan organizations may offer many resources and types of debt repayment. Common types of student debt assistance could include:<\/p>\n Keep in mind that most of these payment plans will extend the term of your loan which will lower monthly payments, but ultimately keep you in debt for a more extended period and may cost you more in in the long run.<\/p>\n In light of this, many people who are nearing the 7-year window will wait until they are eligible for other options, such as a consumer proposal.<\/p>\n If you are behind on student debt, are unable to make your regular payments, or it would take an unreasonable amount of time to pay it off, a consumer proposal could save you money and allow you to breathe a lot easier.<\/p>\n Here\u2019s how:\u00a0 <\/em><\/p>\n At Goth & Company, a LIT will provide details of all options so you can determine if a consumer proposal is right for you. If you are eligible, you and your LIT will put together a proposal that makes sense for your budget. Any actual negotiations with creditors will be handled by your LIT.<\/p>\n Once you have filed your consumer proposal, creditors have 45 days to vote either for or against the terms of your proposal. The outcome is based on the majority vote. Consumer proposals are legally binding on all creditors, meaning that even if a lender votes against your proposal, they will still have to abide by the majority vote. While the outcome may seem somewhat up to chance, the proposals filed by our LITs have a 98%+ acceptance rate. Once accepted, you are on your way to becoming debt-free.<\/p>\n If you have other significant debts, you can file for a consumer proposal at any time, regardless of where you are at with your student loans.<\/p>\n The key difference – if it has been less than 7 years since you were in school, your student loan debts will not be extinguished by your proposal. But,<\/strong> a consumer proposal may still be helpful for your student debt: <\/strong><\/p>\n Bankruptcy might offer a better alternative in some cases. Maybe you want to clear your debts quickly? Perhaps you are just ready to start over? Every case is different.<\/p>\n \u201cThe 7-year Rule\u201d also applies in bankruptcy. As such, student loans are only extinguished along with other unsecured debts, if you\u2019ve been out of school for more than 7 years as of the date of filing, or starting, your bankruptcy.<\/p>\n <\/p>\n One of our professional team can sit down with you and go over the options to allow you to make the decision of what choice is best for you.<\/p>\n That depends.<\/p>\n At Goth & Company, we know that every case is unique and almost always requires a unique strategy.<\/p>\n Because we know you are already struggling financially, your first consultation with a Licensed Insolvency Trustee is always free, <\/strong>and you are never under any obligation.<\/p>\n Consult a professional, and you may save thousands of dollars. <\/em><\/p>\n By making informed decisions about your finances, you can rest a whole lot easier.<\/p>\n Our LITs are an excellent resource for getting your questions answered, connecting you with the right people for your situation, and resolving your debt once and for all. Navigating your finances, options, and the legal system can be complicated. We can help simplify the process.<\/p>\n At Goth & Company, we strive to do everything we can to ensure that you:<\/p>\n Call 1-780-435-5110 today – don\u2019t wait!<\/strong><\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":" Best Choices For Student Debt Relief Are you burdened by student debt? We can explain what steps you can take if your student loans are breaking the bank. FYI: You could repay up to 70% less than what you owe.\u00a0\u00a0 How? A Licensed Insolvency Trustee (LIT) will work with you to put together […]<\/p>\n","protected":false},"author":1,"featured_media":1136,"parent":1104,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"yoast_head":"\nHow?<\/em><\/h3>\n
Your Resources<\/h3>\n
Our #1 tip: Know what your options are; it could save you thousands of dollars.<\/h3>\n
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\u201cThe 7-Year Rule.\u201d<\/h3>\n
Not all debt repayment plans are created equal. <\/em><\/h4>\n
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Support Through Student Loan Offices<\/h3>\n
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Resolve Student Debt Through A Consumer Proposal (7+ years out of school)<\/h2>\n
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Can I File A Consumer Proposal For Other Unsecured Debts? (<7 years out of school)<\/h3>\n
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Resolving Student Debt Through Bankruptcy (7+ years out of school)<\/h2>\n
Tips For New Graduates (<7 Years out of school)<\/h3>\n
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Which one is right for you? <\/em><\/h4>\n
Get Professional Advice Today!<\/h3>\n
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