Canadian Students Will Get Their $163M Loans Written Off

9 months ago

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In 2019, the Typical Student team has amazing news for Canadian students! The federal government is writing off more than $163 million in outstanding student-loan payments that officials will never be able to collect.

 

Reasonable Efforts To Collect The Amounts Owed

 

 

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First things first, this is the 4th time in the last 5 years that the government has written off huge student loans. This time the sum is $163 million. On average, 31,658 students were involved. According to the officials, it was made after "reasonable efforts to collect the amounts owed."

 

More Numerals

 

 

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On the other hand, the Canadian government periodically gives up on some of the $19 billion owed in student loans. Here are the main reasons:

  • a debtor files for bankruptcy,
  • the debt itself passes a six-year legal limit on the collection,
  • or the debtor can't be found.



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