Student Loan Debt and Consumer Proposals

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Consumer Proposals and  Your Student Loan Debt

Student loan debts are increasing for students, as cost of living and tuition increases as well. This leaves many students with a considerable student loan to manage.

Student loan debt is handled a little different than with unsecured debt. If you are considering proceeding with a consumer proposal, how will this affect your student loan debt?

For a student loan to be included within a bankruptcy, the student loan must be outstanding for over seven years from the date of completion of the student studies before it can be included within the bankruptcy.

With a consumer proposal, once the majority value of the unsecured debtors agrees to the proposal, then all unsecured creditors have to agree to the terms of the consumer proposal. The Student Loans Program will participate in dividends during the term of the proposal; however, you will be responsible for the balance outstanding after the dividends have been applied. (if the loan is under the 7 year mark)

If your student loan debt is under the 7 year mark, then we highly recommend that you keep making your monthly payments and on time. The other option is to contact your student loan department and see about making interest only payments. This can help you within your times of financial stress, and still keep help maintain your credit rating.

If you are troubled with student loan debt, here are some options you can look into:

If you have unpaid student loans and are considering a Consumer Proposal/Bankruptcy, you should to speak with David Sklar & Associates, Licensed Bankruptcy Trustees. If you live in the GTA, call to set up a free initial consultation, where we will assess your situation and explore all of your choices with you.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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I worked primarily with Christine, who was very friendly and outgoing. She was quick to help me, and explained everything I needed to know very well. She's quick to answer any questions I may have as well. The other members I spoke with were also very kind and jovial, and were happy to help me with anything they could. They made sure my proposal fit within my budget, and got everything going very quickly. I was happy to work with them, and would highly recommend their very friendly service!
Melissa McAllister
Very processional and understanding of my situation. Thanks to all your team.
Luc Valade
Jennifer Norton's exceptional assistance with my consumer proposal was life-changing. Her professionalism, expertise, and dedication were evident from the start. Jennifer's thorough explanations and attention to detail created a tailored proposal that set a clear path to financial freedom. She went above and beyond, advocating for my best interests and providing invaluable support. Thanks to Jennifer, I'm on track to a stress-free financial future. I wholeheartedly recommend her – she's not just a financial expert; she's a life-changer. Thank you, Jennifer!
They made a difficult situation, easy thank you.
Ray Barkley
I had a great experience with Christine from David Sklar & associates. Very professional, and easy to get through. Thank you
fukinwith doug
Great customer service and a smooth process to get your finances on track. Informative and thorough.
Adrian Downey
From the moment I sat down in the office, I felt welcome and at ease. Grace Cuffaro was both friendly and highly informative. She is extremely knowledgeable and answered all of my questions in detail, making sure I understood before moving on. I was reassured throughout the process that I was making the right decision and that it was not uncommon nor anything to be ashamed of. I didn't expect my appointments to be such positive experiences, but that's exactly what they've been!
P Bains
I was in a tough financial position and found myself searching for relief. I came across David Sklar & Associates page when doing my research on financial advice. The reviews were amazing, but I was concern because I didn’t know what to expect. I made the decision to set up a consultation and had the pleasure to meet with Jennifer Norton. Right from the beginning, she was attentive, knowledgeable, and pleasant to meet with. The experience was painless and very educational. Jennifer made sure I understood my choices, answered my questions, and concerns promptly, in person, over the phone and via email. I’ve been working with Jennifer for a couple months now and I am pleased that Jennifer is the manager handling my file. I would and have recommend Jennifer Norton, David Sklar & Associates to anyone in need of direction regarding finances.
A.L Thompson-Lawrence
I had my first meeting with Jennifer, she was really understanding and extremely helpful, and got everything done in a timely manner.
Tamas Wint
Jennifer Norton has been the most helpful throughout this truly embarrassing situation that I find myself in. She is informative, understanding, and there is absolutely no judgment. She has handled everything in a very professional and respectful manner and I am SO glad that I have them on my side. Definitely a huge weight off my shoulders.
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