Can I claim bankruptcy on my student loans?
Short answer: You can only claim bankruptcy if you have been out of school for at least seven (7) years. However, there are a few exceptions that may make you eligible before that time.
Long answer: Under the Bankruptcy and Insolvency Legislation, you must have ceased to be a full-time student for at least seven (7) years in order to have your debts discharged by bankruptcy or consumer proposal. There can be an exception if you are dealing with hardship, and if so, you should seek advice from a Licensed Insolvency Trustee (LIT).
The Student Loan Program also has options that may assist you in repayment plans. You should contact them directly if you are unable to afford payments. You may qualify for interest relief or other programs that may benefit you.