Can i get OSAP if i seek bankruptcy relief?

When weigh the choices to manage the debt, its important to think about the effects of possible decision. Of several debtors find the assistance of a licensed Insolvency Trustee so you’re able to rating an innovative new start, which fresh start often relates to way more degree to improve their earnings and you will overall economic stability.

As such, the audience is ready to supply the adopting the summarize out of OSAP’s eligibility criteria because describes case of bankruptcy and you will individual proposals below. You will find the applying guidelines in their totality right here.

Q #610: Maybe you’ve recorded to possess case of bankruptcy otherwise initiated a related event? Q #611: Is the case of bankruptcy discharged? Note: A customers Proposal are a “relevant event” While you are making an application for OSAP via your user proposal otherwise bankruptcy then you should provide OSAP having:

1. A page from your Trustee proving you to definitely neither the government off Canada or the Province out-of Ontario is actually a creditor in your personal bankruptcy or individual proposal; and you can
2. None of your OSAP financing that you will get is seized to settle one loan providers.

Can i get OSAP if i file for bankruptcy?

Other expenses into the federal otherwise provincial government that were provided in your most recent case of bankruptcy otherwise individual suggestion can get prevent you from getting funding from OSAP.

Provided you may be applying to OSAP and have not any other bills considering the regulators in that case your bankruptcy otherwise proposal need zero influence on the job, once the Trustee should be able to deliver the needed letter.

When you yourself have previously discussed figuratively speaking owing to a buyers suggestion otherwise personal bankruptcy shortly after then chances are you must provide facts why these financing was discharged otherwise paid in full.

In case the past figuratively speaking were not discharged, paid in complete, or this has been lower than 36 months because the funds was in fact released or paid-in full you ought to meet the following the qualifications criteria:

1. Proof which you have zero the student education loans; or
2. A letter from your educational institution confirming:
   1. You’re subscribed to a prescription program from the an approved college or university once you filed your own assignment inside the case of bankruptcy or user proposition;
   2. You continue to become enrolled in an equivalent acknowledged program out-of study the place you was indeed enrolled at the time that you submitted the personal bankruptcy or individual proposition; and you may
   3. You have not had a rest in the training off longer than 6 months once the date your own registered their bankruptcy or user offer.

1. Enjoys paid back them
2. Released them as a result of a last case of bankruptcy or proposition at the very least 3 in years past; or
3. Stay-in an equivalent program, in one school, rather than some slack for the training in excess of six months.

Quite simply, OSAP continues to provide help make it easier to wind up an excellent system that you’ve currently started in many cases, however, would not promote financing to possess another system before the existing student loans were reduced otherwise it’s been a while (3 years) because they was released. For those who answer “Yes” to help you each other issues #610 & #611 and thus you’ve been released from personal bankruptcy otherwise completed your own user proposition, you then must simply promote a copy of the bankruptcy research show. You can get a duplicate ones performance by going to this site, looking the term, and you will using $8.00 to function of one’s Superintendent away from Personal bankruptcy.

Conclusion

Possible have your application getting OSAP acknowledged actually just after declaring case of bankruptcy otherwise making a consumer suggestion. That being said, the fresh new standards are specific and is crucial that you discover her or him in order to consider the choices accordingly.

All the info significantly more than gifts a summary of your 2020-2021 OSAP qualification standards whilst refers to bankruptcy and you will insolvency. Student loan qualification standards alter regularly, and you will Steve Welker and you may Business is maybe not a professional on the eligibility conditions getting figuratively speaking. For those who remain concerned with their qualifications getting OSAP, i encourage calling your financial help office actually.

To go over your position with a licensed Insolvency Trustee, call us, or submit our function. We’d love the payday loans Hillsboro OH opportunity to comment your circumstances and you may define the choices free-of-charge. Let us allure you that have a remind response.