Students who can’t afford to pay back their loans have the option of filing a bankruptcy petition, which is a way to get their finances in order.
They can also file for a hardship order, which allows them to pay down their debt through some form of assistance.
This is also known as a loan forbearing order.
Students can get help applying for the court’s permission to make a loan reduction if they meet certain requirements, but they’re still required to pay the loan amount before they can get relief.
Read more about how to get relief from student loans.
The federal government says it’s working with the provinces and territories to help students pay off their loans.
In a news release, the department said the province and the federal government have agreed to “work together to support Canadians who can no longer afford to repay their student loans.”
“Student loans are the second-most expensive student loan in the world after housing, and they represent one of the fastest-growing segments of the economy, making them a critical resource for Canada’s economic recovery,” it said.
“The government is working with provinces and the territories to ensure that student loan borrowers have the flexibility to make repayments to their loans in an appropriate way.”
As a result, student loan repayment assistance will now be available to all Canadians who are currently or formerly in default on their loans.
“Students who are not eligible to get student loan relief can still apply for relief, but it will be restricted to people with incomes under $65,000 a year.
The federal government said it is working to expand the scope of relief for low-income Canadians, which will also include people with children under the age of 18.
The government also says it is “providing a special support program for low income Canadians with income below $65 000 per year” and is providing $150 million to assist with loan payments and other support services.
The province is also looking to make it easier for people to apply for loan forgiveness.
The Ontario government has set a deadline of Nov. 15 for those eligible to apply.
The provincial government said the deadline was set because it wants to give those who can afford to make payments the time to prepare and to get legal advice.
The province has also put in place an online portal that will help Canadians to file for relief if they have difficulty paying back their student debt.