Can i score OSAP basically file for bankruptcy?
When consider the choices check this site to manage your debt, the crucial that you look at the implications of one’s possible choice. Of several debtors find the help of a licensed Insolvency Trustee in order to rating an innovative new start, which fresh start usually pertains to more knowledge to increase their income and you may overall financial balances.
As such, we have been ready to provide the adopting the outline off OSAP’s eligibility criteria because identifies bankruptcy and you may user proposals less than. You will find the applying information within their totality right here.
Q #610: Maybe you’ve filed to have case of bankruptcy or initiated a related feel? Q #611: Is your case of bankruptcy discharged? Note: A customer Offer are a great “related knowledge” Whenever you are trying to get OSAP throughout your user proposal otherwise bankruptcy proceeding then you definitely must provide OSAP that have:
- A page from your Trustee exhibiting one none government entities out of Canada or even the Province away from Ontario was a creditor on the bankruptcy proceeding or user proposal; and you will
- Not one of OSAP money that you will get might possibly be caught to repay one loan providers.
Almost every other debts for the federal otherwise provincial bodies that were integrated on your latest bankruptcy or user suggestion will get stop you from obtaining money away from OSAP.
Provided you are deciding on OSAP and have not one costs as a result of the regulators in that case your bankruptcy proceeding otherwise offer need to have zero impact on the application, as Trustee will be able to deliver the requisite page.
When you have in the past discussed student loans thanks to a buyers suggestion or bankruptcy immediately after then you definitely must provide research why these loans was in fact released or paid-in full.
If your past student loans were not discharged, paid-in complete, otherwise it’s been less than 36 months due to the fact money was basically released or paid-in full you must meet with the following the qualification requirements:
- Facts that you have zero a good student loans; or
- A letter from your educational institution confirming:
- You’re signed up for an approved program within a medication college once you registered their task within the case of bankruptcy otherwise consumer proposition;
- You continue to feel signed up for the same acknowledged program of analysis for which you had been signed up at the time you filed the bankruptcy proceeding otherwise consumer suggestion; and you may
- You’ve not got some slack when you look at the degree out of longer than six months since the go out your own registered their bankruptcy or individual proposition.
- Enjoys paid back them
- Released him or her compliment of a history bankruptcy or suggestion no less than step 3 in years past; or
- Stay in a similar system, in one college, in the place of a break from inside the studies in excess of half a year.
Put simply, OSAP will continue to provide assist with make it easier to become an effective program which you have already started in many cases, however, would not give financing having a unique program till the established figuratively speaking had been repaid otherwise this has been a little while (three years) since they had been released. For individuals who respond to “Yes” so you can each other concerns #610 & #611 meaning that you’ve been released from case of bankruptcy or completed your own individual proposition, then chances are you need certainly to just bring a copy of one’s personal bankruptcy research abilities. You could potentially get a copy of these overall performance when you go to which site, searching the title, and you will purchasing $8.00 to the office of your own Superintendent out of Case of bankruptcy.
You’ll be able to have your application to possess OSAP approved actually after declaring case of bankruptcy or and also make a customers proposition. That being said, the requirements are certain and is crucial that you know her or him to be able to weighing the options properly.
Ought i get OSAP if i seek bankruptcy relief?
Every piece of information a lot more than merchandise a synopsis of the 2020-2021 OSAP qualifications standards because it describes case of bankruptcy and insolvency. Student loan qualification criteria transform regularly, and you may Steve Welker and you can Organization is perhaps not an expert to the qualification requirements to own student education loans. For folks who are still concerned about your own qualifications to own OSAP, i encourage calling your financial support workplace directly.
To talk about your position which have a licensed Insolvency Trustee, give us a call, otherwise submit our very own form. We had be happy to feedback your circumstances and you may determine your options free of charge. Let us impress you which have a prompt reaction.