578 – Student Loan Struggles in Canada: Paying Debt Years Later

578 – Student Loan Struggles in Canada: Paying Debt Years Later

Author: Doug Hoyes September 27, 2025 Duration: 30:10

Student loans can follow Canadians for years after graduation, sometimes delaying life milestones like buying a home or starting a family. In this episode, Doug Hoyes and Ted Michalos explain why student debt is so difficult to repay in Canada, the risks of borrowing for education, and the Supreme Court's latest ruling on the "7-year rule" for government student loans. If you're still paying off your education years later, this conversation sheds light on the challenges and options for relief.


00:00 – Why student loans in Canada are a massive problem
04:00 – When can government student loans be included in insolvency?
05:00 – Why does it take so long to pay off student loans?
06:15 – The future of specific jobs—and risks of student debt
08:50 – The hidden risks of borrowing for education
11:35 – Interest on student loans: federal vs. provincial rules
12:30 – Practical tips to pay off student loans faster
13:30 – The hidden costs of prolonged repayment
16:00 – How a consumer proposal might help with student loan repayment
18:45 – The Supreme Court's decision and the 7-year rule explained
25:00 – Planning for the future beyond student debt


Section 178(1)(g)(ii) of theBankruptcy & Insolvency Act

Piekutv.Canada (National Revenue).

National Student Loan Service Centre (NSLSC)

Bank of Canada Inflation Calculator

University of Toronto Tuition Fees Info 2025

DIY Credit Repair Strategies and Free Course

Sign Up for the Monthly Debt Free Digest

Hoyes Michalos YouTube Channel


Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 100

Debt Free in 30
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