You need to consider things like whether taking a line of credit to consolidate loans could restrict your access to credit in case of an emergency.
There are also potential tax implications of forfeiting student loan status.
This will reduce your monthly debt payments making repaying your student loan debt possible. Your last resort for relief from student loan debt is bankruptcy.
However remember, Canadian student loans in bankruptcy are only automatically discharged if they are more than 7 years old.
With All-In-One Banking™, you can combine your chequing, high-interest savings, loans and mortgages within a single line of credit banking solution that gives you greater convenience and lower interest costs.
Every time you make a deposit with All-In-One Banking, your personal debt is instantly and automatically reduced.
And consolidating your debt can make your financial planning and day-to-day finances more convenient.