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

Marginal note:Limitation on aggregate amount

• 15 (1) The appropriate authority for a province shall not issue or cause to be issued any certificate of eligibility in a loan year if, as a result thereof, the aggregate of the amounts set out in the certificates of eligibility issued or caused to be issued by that authority in that loan year would exceed the aggregate of

  • (a) the provincial allocation for that province for that loan year, and

  • (b) the supplementary allocation, if any, for that province for that loan year, determined by the Minister pursuant to subsection (4).

• Marginal note:Calculation of provincial allocation

  (2) The provincial allocation for a province for a loan year is an amount, as determined by the Minister after consultation with the Chief Statistician of Canada, equal to the aggregate of

  • (a) the product obtained by multiplying ninety-five per cent of the basic loan provision for that loan year by a fraction of which

    • (i) the numerator is the estimated number of persons in that province that, on the first day of that loan year, have attained eighteen years of age and have not attained twenty-five years of age, and

    • (ii) the denominator is the estimated number of persons in Canada, on the first day of that loan year, of the same age group, and

  • (b) the product obtained by multiplying five per cent of the basic loan provision for that loan year by a fraction of which

    • (i) the numerator is the estimated number of persons who were enrolled as part-time students for a period of studies in that province in the previous loan year, and

    • (ii) the denominator is the estimated number of persons who were enrolled as part-time students for a period of studies in Canada in the previous loan year.

• Marginal note:Calculation of loan provision

  (3) The basic loan provision for any loan year is an amount, as determined by the Minister after consultation with the Chief Statistician of Canada, equal to the product obtained by multiplying

  • (a) five hundred and thirty million dollars

    by

  • (b) the quotient obtained by dividing the estimated number of persons in Canada that will be enrolled as full-time students in programs of studies at a post-secondary school level in that loan year by the number of persons in Canada that were enrolled as full-time students in programs of studies at a post-secondary school level in the loan year commencing in 1983

    by

  • (c) the multiplier, if any, by which the amount set out in paragraph 3(1)(a) is adjusted for that loan year in accordance with subsection 3(2).

• Marginal note:Calculation of supplementary allocation

  (4) The Minister may, on application therefor by the government of a province, determine a supplementary allocation for that province for any loan year in an amount not exceeding

  • (a) thirty per cent of the basic loan provision for that loan year, as determined pursuant to subsection (3),

  minus

  • (b) the aggregate of all other supplementary allocations for provinces for that loan year, determined by the Minister pursuant to this subsection.