Canadian Students Will Get Their $163M Loans Written Off

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

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

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.