Student loans: Are bankruptcy rules too strict?
- November 19, 2009 11:41 AM |
- By POV
A Nova Scotia court has ruled that a former university student does nothave to pay back tens of thousands of dollars he borrowed from a bank.
Alfredo Abdo won his case in bankruptcy court this week, with the courtconcluding that the Royal Bank of Canada was at least partlyresponsible for the debts that piled up.
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While Abdo's case is unique, student lending can be a difficult processfor many Canadians and one that has gone through many changes over thelast decade.
In 2001, administration of the Canada Student Loans Program was contracted out to private service providers, and the federal government now directly finances all new loans.
Bankruptcy rules for students have also changed over the years, with tighter restrictions on loan defaults.
Where do you think responsibility lies? Should students have greateroptions in terms of bankruptcy? What advice can you offer studentsstruggling with debt? Share your tips.
If you're a student with a line of credit or a Canada Student Loan, do you find the process confusing? Share your experiences.
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