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Tips for Loan Consolidation in Canada

If you are in Canada, want to consolidate your several loans into one and need assistance, we shall provide you the tips for loan consolidation in Canada. These comprehensive tips for loan consolidation in Canada will not only guide you but you will have a sound plan in your mind after having a deep glance on it.

If you ever seen the legislation regarding loan consolidation in Canada, you must have noticed that Canadian government provides lots of benefits to the students on loan consolidation. In these tips for loan consolidation in Canada, we shall provide you some information regarding this legislation that will help you in your future planning.

According to new student loan and bankruptcy rules in Canada (implemented in July 2008), a student loan is automatically discharged if you are filed bankrupt with in seven years of ceasing to be student. But the student loan is discharged only if you had to face any financial hardship in your student life.

Moreover, if you are filed bankrupt after 5 years of leaving the college, you can file an application to bankruptcy court to have your student loan forgiven. Decision of forgiving loan depends merely upon court’s decision. Court may forgive your complete or partial loan as per your case. But again, loan will be forgiven only if you have some hardships in your life.

Now a question arises, what constitutes a hardship, answer to this question is unfortunately is not simple yes or no. Each bankruptcy court in Canada uses slightly different definition for hardship. However in general hardship is a simple concept if you were forced to leave college early without graduating, perhaps due to any unavoidable problem, and you are now working at very low salary, the court would determine that you would suffer financial hardship if you were required to continue paying your student loan.

In contrast, if a doctor qualified from a college, having loan of $150,000/- on his shoulders, filed bankrupt after some years, bankruptcy court will be unlikely to forgive his loans. So there is a tip for loan consolidation in Canada especially for students that their loan can be forgiven if they have faced any problem in student life. So you can obtain loans to complete your studies because without good qualification, you are worthless.

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