How can a person qualify for exceptional financial hardship?
To qualify for exceptional financial hardship, a person must demonstrate to the Court that they have acted in good faith and that they will continue to experience financial difficulties. To find out more, they should contact their bankruptcy trustee. • What other current options are available besides bankruptcy? The Government of Canada and the Province of Nova Scotia offer several programs and services to help students manage their debt such as: • paying the interest on the loan while a full-time student remains in school; • payments will not exceed 7% monthly gross family income of a borrowers monthly Nova Scotia Student Loan under RAP; • providing up to 54 months of Interest Relief for borrowers experiencing financial difficulty; • reducing the debt of borrowers who continue to encounter financial difficulties after they have exhausted Interest Relief; • providing tax relief for interest on student loans; and • extending the loan repayment period from 10 to 15 years, when necessary.
