Canada Student Financial Assistance Regulations (SOR/95-329)

Regulations are current to 2014-09-15 and last amended on 2014-08-01. Previous Versions

Student Loan Limit

 The maximum amount, for any province, for the purposes of subsection 12(6) of the Act is $10,000 less the aggregate principal amount of any outstanding student loans or guaranteed student loans made to that student as a part-time student.

  • SOR/96-368, s. 2;
  • SOR/2009-201, s. 5.

Payment of Principal and Interest

 The principal amount of a student loan made to the borrower as a part-time student, and any interest, commence to be payable by the borrower on the last day of the seventh month after the day on which the borrower most recently ceased to be a full-time student under section 8 or a part-time student under section 12.3, as the case may be.

  • SOR/2009-201, s. 5.

PART IIIASSIGNMENTS AND TRANSFERS

[SOR/96-368, s. 2]

Assignment of Agreements

  •  (1) In this section and section 14,

    “assignee lender”

    “assignee lender” means a lender to which a borrower’s outstanding risk-shared loan agreements are assigned in accordance with this section; (prêteur cessionnaire)

    “assignor lender”

    “assignor lender” means a lender that assigns a borrower’s outstanding risk-shared loan agreements in accordance with this section. (prêteur cédant)

  • (2) Subject to section 14, a borrower may request the assignment of all of that borrower’s outstanding risk-shared loan agreements if the following conditions are met:

    • (a) the borrower completes the prescribed form to request an assignment of risk-shared loan agreements,

    • (b) the borrower submits the completed form to the assignor lender, and

    • (c) the assignee lender accepts the agreements to be assigned.

  • (3) Where subsection (2) is complied with, the assignor lender shall sign the assignment agreement and forthwith send to the assignee lender the borrower’s risk-shared loan agreements and all other documentation in respect of those agreements.

  • (4) Subject to subsection 14(3), on receipt of the agreements and other documentation referred to in subsection (3) and on verification that subsection 14(1) has been complied with, the assignee lender shall pay to the assignor lender an amount equal to the aggregate of the outstanding balance of the principal of the risk-shared loans as of the day referred to in subsection (5) and any unpaid interest accrued on those loans to that day, less five per cent of the outstanding principal amount of any risk-shared loans made to the borrower for which a risk premium was paid to a lender pursuant to subparagraph 5(a)(v) of the Act.

  • (5) An assignment made in accordance with this section shall take effect on the day before the day of the payment referred to in subsection (4).

  • SOR/96-368, s. 3;
  • SOR/2000-290, s. 11.
  •  (1) No assignment of risk-shared loan agreements shall be made unless the borrower has

    • (a) complied with subparagraphs 6(1)(d)(i) and (e)(i) or 7(1)(d)(i) and (e)(i) or 12.1(1)(d)(i) or 12.2(1)(d)(i), where applicable to the borrower, or

    • (b) paid to the assignor lender all instalments required from the borrower in accordance with that borrower’s risk-shared loan agreements to the date of the request to assign, where none of the provisions referred to in paragraph (a) apply to the borrower.

  • (2) A risk-shared loan agreement in respect of which a judgment has been obtained shall not be assigned.

  • (3) An assignee lender may require that the borrower enter into new agreements with the lender in the form approved by the Minister for that lender and, where such a requirement is imposed, the assignment shall take effect on the day those agreements are entered into.

  • SOR/96-368, s. 4;
  • SOR/2000-290, s. 11.