Canada Student Financial Assistance Act

Marginal note:Regulations

• 15 (1) The Governor in Council may make regulations

  • (a) defining the words and expressions referred to in subsection 2(2);

  • (b) providing for the assignment between lenders of agreements between borrowers and lenders, and prescribing the conditions and consequences of such assignments;

  • (c) providing for the transfer between branches of a lender of agreements between borrowers and that lender, and prescribing the conditions and consequences of such transfers;

  • (d) providing for the manner of completing certificates of eligibility, and prescribing the provisions to be included in those certificates;

  • (d.1) respecting the issuance of certificates of eligibility and providing for their subsequent submission by the issuees;

  • (e) providing for the conditions to be met before a disbursement in respect of a student loan may be made;

  • (e.1) defining the term “financial institutions” for the purposes of section 6.3 and providing for the circumstances under which financial institutions may disburse student loans to qualifying students;

  • (f) prescribing the maximum number of weeks or periods of studies that may elapse after which, notwithstanding anything in this Act, the principal amount of a student loan made to a full-time student, and interest thereon, commence to be payable by the borrower;

  • (f.1) respecting the circumstances in which no amount on account of principal or interest is required to be paid in respect of student loans;

  • (g) prescribing the circumstances in which a borrower is or ceases to be a full-time student;

  • (h) respecting the subrogation of Her Majesty in right of Canada to the rights of a lender;

  • (i) prescribing the circumstances under which a loan or a certificate of eligibility may be denied to a student, or an interest-free period referred to in subsection 7(1) may be terminated by the Minister;

  • (j) prescribing student loans to which section 7, 8, 10 or 11 or subsection 12(4) applies;

  • (k) respecting the circumstances in which no interest is payable by members of the reserve force in respect of their student loans;

  • (k.1) respecting the circumstances in which no fees may be charged to members of the reserve force on their student loans;

  • (k.2) respecting the circumstances in which no amount on account of principal or interest is required to be paid by members of the reserve force in respect of their student loans;

  • (k.3) respecting the payment of interest under subsection 9(2);

  • (l) providing, in respect of student loans made to full-time and part-time students, for the gratuitous payment, including the method of calculating it, whether conditionally or unconditionally, by the Minister to lenders of amounts in respect of such loans, and for the discharge of such loans to the extent of those amounts;

  • (m) notwithstanding any other provision of this Act, providing for the operation of a student loan program for part-time students, including the determination of a student’s status, terms of repayment of the loans, the advancement of loan funds and the maximum number of weeks or periods of studies that may elapse after which the principal amounts of the loans commence to be payable by the borrowers;

  • (n) providing for the establishment and operation of a program to provide special interest-free or interest-reduced periods to borrowers or classes of borrowers, including the terms and conditions of the granting or termination of the periods, the making, continuation or alteration of agreements between borrowers and lenders when the periods are granted or terminated and the authorization of lenders to grant or terminate the periods and otherwise administer the program;

  • (o) providing, in respect of any province, for repayment of student loans by borrowers or classes of borrowers on an income-contingent basis, or for the establishment and operation of a student loan program that is financed by Her Majesty in right of Canada or any agent of Her Majesty in right of Canada and that may provide for the repayment of student loans by borrowers or classes of borrowers on an income-contingent basis;

  • (p) providing for the establishment and operation of grant programs, and additional grant programs for qualifying students whose financial needs are greater than the maximum amount of the financial assistance that may be given to the student, for the classes of persons who are eligible for grants and for the circumstances in which all or part of a grant is to be repaid or converted into a loan;

  • (q) prescribing anything that is to be prescribed by the regulations; and

  • (r) generally, for carrying into effect the purposes and provisions of this Act.

• Marginal note:Maximum aggregate amount of outstanding student loans

  (1.1) On the Minister’s recommendation with the Minister of Finance’s concurrence, the Governor in Council may make regulations, for the purposes of section 13,

  • (a) prescribing the aggregate amount of outstanding student loans that may not be exceeded; and

  • (b) prescribing the student loans that are to be considered for the purposes of determining, at a given time, the aggregate amount of outstanding student loans.

• Marginal note:Electronic systems

  (2) The Governor in Council may make regulations providing for the establishment and operation of electronic systems that provide information about financial aid available to qualifying students and borrowers and that can receive information from them, and providing for the transactions that may be carried out with regard to that financial aid by means of those systems.