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    turtles1111's Avatar
    turtles1111 Posts: 2, Reputation: 1
    New Member

    Jun 11, 2007, 01:51 PM
    Statute of limitations for Canadian Student Loan
    What os the statute of limitations for a canadian student loan which is both provincial and federal? If it is a certain time frame how does it affect my credit history afterwards?

    Lowtax4eva's Avatar
    Lowtax4eva Posts: 2,467, Reputation: 190
    Ultra Member

    Jun 11, 2007, 01:56 PM
    Student loans do not fall off your credit, even if you declare bankruptcy (though there is some bankruptcy provision where it can be part of the bankruptcy) basically you have to pay it.

    But apart from this a bad debt never goes away, if you don't pay it, I think it goes to a collection agent, though I'm not exactly sure as it's a federal loan. Have you missed payments, is it on collection?
    turtles1111's Avatar
    turtles1111 Posts: 2, Reputation: 1
    New Member

    Jun 11, 2007, 11:41 PM
    My canada student loan (federal and provincial) has gone to several collection agencies, I want to know if there is a statute of limitations on it and if there is how long will it remain on my credit history?
    Lowtax4eva's Avatar
    Lowtax4eva Posts: 2,467, Reputation: 190
    Ultra Member

    Jun 12, 2007, 06:41 AM
    Okay, that makes it clearer, well if it's already on collection basically it will never just "drop off your credit" you spent the money and will always owe it. Any collection agency can purchase the file and try to collect when the one that has it right now gives up.

    What your thinking of is the statute of limitations, after 6 years (in most provinces) the statute expires and the collection agency can no longer sue you. The 6 years is calculated from the date of your last payment. Again, at this point they can't sue you but they can still call and send letters and generally annoy you till they give up.

    You can try going to a debt consolidation company or try to settle, offer the collection agency a percentage of the total to close the file, try offering 50% and see what they say.

    Student Loan Debt Consolidation and Other Options when Dealing with Student Loan Debts
    Daniel Walls's Avatar
    Daniel Walls Posts: 1, Reputation: 1
    New Member

    Jan 30, 2013, 02:25 PM
    Had got a New Brunswick Student loan in 1994 for CIBC Canada. I had made arrangements to repay the loan that I couldn't maintain. A person from the student loans department said the could add it to my federal loan I had gotten and give me an easier payment. I could not keep up with them, so I received a letter stating the my loans had gone into default and I would no longer receive my tax returns until the amount owing was paid. I went from 1997-2003 with out a return on my taxes. Thinking my debit had been paid when I started getting returns again I had for gotten the hole ordeal until last week Jan 2013 when I received a call from a collection agency saying they were collecting Provincial student loan from 1994. I had not hear anything in 15 years. Can they do this?

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