Can student loans be paid off through debt consolidation?

Can Credit Counselling Help With My Student Loan?

In most cases, student loan debt is not added to a Debt Consolidation management plan. The only exceptions to this are if you have been denied a Loan Rehabilitation, or the debt has been sent to Collections. The loan may qualify for a Debt Management Plan with a Credit Counselling firm such as ours if this is the case. The student loan, and government interest, would have to be repaid in less than 5 years. There is no interest relief, or reduction of the debt amount on a Debt Management Plan, so the student loans will have to be fully repaid.

If this still isn’t possible, the next option is the Consumer Proposal settlement plan where you repay a portion of the student loan, or Bankruptcy, which can only be possible if the student loans are over 7 years in repayment.

Another option to investigate for Student Loan debt is the Repayment Assistance Program.

If you have more questions about your debt, you can also check out our Questions page where we have answered many common questions about debt and your everyday life.