Canada Student Financial Assistance Act (S.C. 1994, c. 28)

Marginal note:Authority to enter into agreements and arrangements

18 The Minister may

• (a) enter into agreements or arrangements with any department, board or agency of the Government of Canada or any other public or private organization or agency to assist the Minister in carrying out the purposes and provisions of this Act; and

• (b) with the approval of the Governor in Council, enter into agreements or arrangements with the government of any province

  • (i) to facilitate the administration or enforcement of this Act or to provide for administrative fees, and

  • (ii) to harmonize and administer federal and provincial financial assistance programs for students.

Marginal note:Payment out of C.R.F.

19 Any amount payable by the Minister under this Act, the regulations or an agreement or arrangement entered into under this Act, including any student loans to be advanced by the Minister, shall be paid out of the Consolidated Revenue Fund.

Marginal note:Chief Actuary to report

• 19.1 (1) The Chief Actuary of the Office of the Superintendent of Financial Institutions shall, no later than July 31, 2009, prepare and submit to the Minister a report on financial assistance provided under this Act in the loan year that ended on July 31, 2008.

• Marginal note:Subsequent reports

  (2) The Chief Actuary shall, no later than three years after the end of the loan year during which he or she previously submitted a report to the Minister under subsection (1) or under this subsection, prepare and submit to the Minister a subsequent report on financial assistance provided under this Act in the loan year or years since the last loan year covered by the previous report. The report shall cover a period that ends on the end of the loan year that precedes the submission of the report.

• Marginal note:Contents of report

  (3) The Chief Actuary shall include the following in a report made under this section:

  • (a) an actuarial estimate of the current costs of financial assistance provided under this Act, and of revenues from that assistance;

  • (b) an actuarial forecast of the costs of financial assistance that is to be provided under this Act for the 25 years that follow the last loan year that is covered by the report, and of revenues from that assistance; and

  • (c) an explanation of all of the actuarial and economic assumptions and the actuarial methodology used in the preparation of the report.

• Marginal note:Report to be laid before Parliament

  (4) The Minister shall cause the report to be laid before the Senate and the House of Commons on the day after the day on which the report is submitted or, if that House is not then sitting, on any of the first 15 days afterwards that it is sitting.

Marginal note:Report to Parliament

• 20 (1) The Minister shall, each calendar year, prepare a report with respect to the administration of this Act during the loan year that ended in the immediately preceding calendar year, and shall cause a copy of the report to be laid before each House of Parliament on any of the first fifteen days on which that House is sitting after the report is completed.

• Marginal note:Interest rates

  (2) The Minister, with the concurrence of the Minister of Finance and subject to the approval of the Governor in Council, shall fix a rate of interest, or a manner of determining a rate of interest, for the purposes of paragraph (a) of the description of B in the definitions net costs and total program net costs in subsection 14(6).

Transitional Provisions

Marginal note:Interest-free period — loan to full-time student

• 20.1 (1) If a borrower ceased to be a full-time student at any time during the six months before the day on which section 325 of the Budget Implementation Act, 2019, No. 1 comes into force, no interest is payable by them on a student loan referred to in paragraph 7(1)(a), as it read on November 1, 2019, for the period that begins on that day and ends on the last day of the sixth month after the month in which the borrower ceased to be a full-time student.

• Marginal note:Interest-free period — loan to part-time student

  (2) If a borrower ceased to be a student, whether a part-time or full-time student, at any time during the six months before the day on which section 325 of the Budget Implementation Act, 2019, No. 1 comes into force, no interest is payable by them on a student loan referred to in paragraph 7(1)(b), as it read on November 1, 2019, for the period that begins on that day and ends on the last day of the sixth month after the month in which the borrower ceased to be a student, whether a part-time or full-time student.

Amendments to Canada Student Loans Act

21 to 27 [Amendments]

Consequential Amendments

28 [Amendments]

Coming into Force

Marginal note:Coming into force

Footnote ^*29 This Act or any provision of this Act shall come into force on a day or days to be fixed by order of the Governor in Council.

• Return to footnote ^*[Note: Act in force August 1, 1995, see SI/95-77.]