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Canada Student Loans Act (R.S.C., 1985, c. S-23)

Act current to 2020-11-17 and last amended on 2020-03-25. Previous Versions

Canada Student Loans Act

R.S.C., 1985, c. S-23

An Act to facilitate the making of loans to students

Short Title

Marginal note:Short title

 This Act may be cited as the Canada Student Loans Act.

  • R.S., c. S-17, s. 1

Interpretation

Marginal note:Definitions

  •  (1) In this Act,

    appropriate authority

    appropriate authority for a province means such person, body or authority as may be designated by the lieutenant governor in council of that province as the appropriate authority for that province for the purposes of this Act; (autorité compétente)

    borrower

    borrower means a person to whom a loan is made by a lender under this Act; (emprunteur)

    certificate of eligibility

    certificate of eligibility means a certificate in prescribed form issued or caused to be issued by an appropriate authority pursuant to section 14; (certificat d’admissibilité)

    guaranteed student loan

    guaranteed student loan means a loan made in accordance with the requirements of section 7; (prêt garanti)

    lender

    lender means

    • (a) a bank or an authorized foreign bank within the meaning of section 2 of the Bank Act,

    • (b) a credit union, caisse populaire or other cooperative credit society that is designated by the Minister on the application of that society as a lender for the purposes of this Act, or

    • (c) a company within the meaning of the Trust and Loan Companies Act, or a company, society or provincial company within the meaning of the Insurance Companies Act, that is designated by the Minister on the application of that company, society or provincial company as a lender for the purposes of this Act; (prêteur)

    loan year

    loan year means the period commencing on August 1 in any year and ending on July 31 in the following year; (année de prêt)

    Minister

    Minister means the Minister of Employment and Social Development; (ministre)

    period of studies

    period of studies means a period of studies at a specified educational institution in a course that is recognized by that educational institution and the appropriate authority for the province to be equivalent to a course that may be taken by a full-time student at that institution as part of a program of studies of at least twelve consecutive weeks duration; (période d’études)

    prescribed

    prescribed, in the case of a form or the information to be given on a form, means prescribed by the Minister and, in any other case, means prescribed by the regulations; (Version anglaise seulement)

    qualifying student

    qualifying student means a person

    • (a) who is a Canadian citizen or a permanent resident within the meaning of subsection 2(1) of the Immigration and Refugee Protection Act,

    • (b) who is qualified for enrolment or is enrolled at a specified educational institution as a full-time or part-time student for a period of studies at a post-secondary school level, and

    • (c) who intends to attend at a specified educational institution as a full-time or part-time student for a period of studies described in paragraph (b) if it is financially possible for that person to do so; (étudiant admissible)

    specified educational institution

    specified educational institution means an institution of learning, whether within or outside a province, that offers courses at a post-secondary school level and that is designated by the lieutenant governor in council of that province, either particularly or as a member of a class, as a specified educational institution within the meaning of this Act. (établissement d’enseignement agréé)

  • Marginal note:Territories

    (2) In its application to Yukon, the Northwest Territories and Nunavut, the expression lieutenant governor in council in this Act means the Commissioner of Yukon, the Northwest Territories or Nunavut, acting after consultation with the Legislative Assembly of Yukon, the Northwest Territories or Nunavut, as the case may be.

  • R.S., 1985, c. S-23, s. 2
  • 1991, c. 47, s. 746
  • 1993, c. 12, s. 2, c. 28, s. 78
  • 1996, c. 11, s. 95
  • 1999, c. 28, s. 177
  • 2001, c. 27, s. 220
  • 2002, c. 7, s. 113
  • 2005, c. 34, s. 80
  • 2013, c. 40, s. 238
  • 2014, c. 2, s. 28

Application

Marginal note:Certificates of eligibility

  • 1994, c. 28, s. 21

Guaranteed Student Loans

Marginal note:Maximum amount of loan

  •  (1) Subject to this Act and the regulations, a guaranteed student loan may be made by a lender to a qualifying student for a period of studies in an amount not exceeding

    • (a) in the case of a full-time student, one hundred dollars per week; or

    • (b) in the case of a part-time student, an amount that results in the aggregate of outstanding principal of guaranteed student loans made to that borrower as a part-time student being equal to two thousand five hundred dollars.

  • Marginal note:Adjustment of maximum

    (2) For any loan year, the Minister may adjust the amount of one hundred dollars per week referred to in paragraph (1)(a) or the amount of two thousand five hundred dollars referred to in paragraph (1)(b), or both of those amounts, by multipliers equal to or smaller than the multipliers calculated in accordance with formulas prescribed to reflect annual changes in the average cost to students of pursuing in Canada studies at a post-secondary school level.

  • Marginal note:Publication of maximum

    (3) The Minister shall cause to be published in the Canada Gazette, before the commencement of each loan year, the amounts referred to in subsection (2) as adjusted pursuant to that subsection for that loan year.

  • R.S., c. S-17, s. 3
  • R.S., c. 42(1st Supp.), s. 2
  • 1972, c. 15, Sch. (Fin.) vote 1
  • 1974-75-76, c. 36, Sch. (Fin.) vote 1d
  • 1980-81-82-83, c. 49, s. 2, c. 155, s. 2

Periods Free of Interest or Repayment

Marginal note:Interest-free period for full-time students

  •  (1) Subject to the regulations, no interest is payable by a borrower on a guaranteed student loan made before August 1, 1993 to a full-time student in respect of

    • (a) any period of studies during which the borrower is a full-time student; or

    • (b) any subsequent period ending on the last day of the sixth month after the month in which the borrower ceases to be a full-time student.

  • Marginal note:Idem

    (2) Subject to the regulations, no interest is payable by a borrower on a guaranteed student loan made on or after August 1, 1993 to a full-time student in respect of

    • (a) any period of studies during which the borrower is a full-time student; or

    • (b) any subsequent period ending on the last day of the sixth month after the month in which the borrower ceases to be a full-time student.

  • Marginal note:Idem

    (3) Notwithstanding subsection (1) but subject to the regulations, where a borrower has ceased to be a full-time student as described in that subsection and thereafter again becomes a full-time student, no interest is payable by the borrower on a guaranteed student loan made and consolidated before August 1, 1993 in respect of the period commencing on the prescribed day and ending on the last day of the sixth month after the month in which the borrower again ceases to be a full-time student.

  • Marginal note:Idem

    (4) Despite subsection (1) but subject to the regulations, if a borrower has ceased to be a full-time student as described in that subsection and subsequently becomes a full-time student again, no interest is payable by the borrower on a guaranteed student loan made before August 1, 1993 and consolidated after that day in respect of the period commencing on the prescribed day and ending on the last day of the sixth month after the month in which the borrower again ceases to be a full-time student.

  • R.S., 1985, c. S-23, s. 4
  • 1993, c. 12, s. 3
  • 2019, c. 29, s. 323
 
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