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J. Bottom & Associates Provides Student Loan Debt Help

J. Bottom & Associates Ltd. is a government-licensed insolvency and financial restructuring firm that offers student loan debt consolidation in New Westminster, BC. With over 55 years of cumulative experience helping individuals and companies experiencing financial difficulties, we provide knowledgeable, practical, and simple solutions. If you’re struggling under the weight of federal student loans, contact us for information about student loan consolidation and other solutions.

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Addressing the Student Loan Debt Crisis

The student loan debt burden is high in Canada. Undergraduates in 2010 completed university with an average student debt load of $26,300, but for students who supplemented their government loans with private funding, the average debt balance ballooned on graduation to $44,200 because of student loan debt interest. That same year, the total student debt owed to the government reached $15 billion. By 2018, it had risen above $18 billion. This has led to a student loan debt crisis which sees many people over their heads financially.

Eligibility for Student Loan Debt Forbearance

If you’re looking for student loan debt forgiveness, Canada does offer it in certain situations. For instance, family doctors, residents in family medicine, nurse practitioners, and nurses who work in under-served communities may be eligible. However, this only applies to Canada Student Loan balances. It can’t be applied to the provincial or territorial portion of a student loan or to loans that have been converted to a line of credit, private loan, or an Ontario Medical Resident Loan. There are also student loan debt grants available to people in certain professions, like farmers or teachers.

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Will a Consumer Proposal Provide Student Loan Help?

To wipe out both BC and federal student loans, a borrower can file a consumer proposal with a Licensed Insolvency Trustee. This can stop the government from seizing your pay or freezing your bank account, even if those actions have already been taken. A consumer proposal offers your creditors a consolidated debt settlement, typically substantially less than what is owed. Additionally, student loan debt interest immediately stops, and you’re safe from the actions of student loan debt collectors. This is a specialized tool only available through a Licensed Insolvency Trustee and based on your current income. If you’re able to make some payments on your loan, this is an effective method of student loan debt management. Unlike a debt consolidation loan, a consumer proposal is interest-free, and you’ll settle your debt for less than you owe with a significantly lower monthly payment.

How Student Loan Consolidation Can Help

Sometimes student loan consolidation is the solution when your student loan payment is hard to pay. This type of loan consolidates your government-guaranteed student loans with a bank or lender, and you’ll then owe money to the bank instead of the government. Often, loan consolidation rates are favourable, and rolling your student loans into a student loan consolidation may improve your credit rating. You may be able to repay your student loan over time, extending the loan period to decrease your monthly payments. One drawback of a consolidation loan is that when it comes to student loan debt, government ownership of your loan makes you more likely to qualify for repayment assistance or student loan debt forgiveness.

Is Bankruptcy an Option for Student Loan Debt Management?

In some cases, bankruptcy provides an option for student loan debt elimination. To include your student loan debt in a bankruptcy, however, you must meet certain conditions. You must have been out of school for more than seven years unless you meet the hardship requirements. Additionally, declaring bankruptcy makes you ineligible for further funding for several years. Even if you don’t meet the requirements to discharge your student loan debt in a bankruptcy, filing for personal bankruptcy frees you from other debt and makes it possible to put more money toward your student loan, which lets you pay it more quickly.

Contact Us to Discuss Your College Debt Solutions

When you’re ready to dig out from under your college loans and maybe even become student loan debt-free, we can help. We know that the average college debt can be overwhelming, but we’ve also got decades of experience delivering customized solutions and action plans to help people manage their debt. Our clients benefit from our extensive experience, our willingness to honestly answer questions, and our knowledge in handling complex issues with simplicity and ease. Contact us to learn how we can help you address your federal loans and get the student loan help you need.

We Help You Break the Cycle