The federal government is giving up on thousands of student loan debts that it believes it will never recoup.
The 31,658 former students who owe more than $163 million to the government will no longer be liable for repayment. It’s the fourth time in the past five years that Ottawa has written off some of the $19 billion that is owed for student loans.
The report by HuffPost Canada notes that the write-off is generally because the 6-year limit for collection of the debt is passed or due to bankruptcy.
A new report published by the Angus Reid Institute shows that 16% of Canadian adults said they have student debt.
