Apprentice Loans Regulations
Marginal note:Payment of federal portion
11 (1) A borrower must, no later than the day that is 30 days after a repayment assistance period ends, pay to the Minister the federal portion of the monthly affordable payments calculated in accordance with subsection 10(2) in respect of that period.
Marginal note:Reduction of interest
(2) The amount of interest payable by the borrower for a month during a repayment assistance period on the outstanding principal of apprentice loans is to be reduced by the Minister by the difference between the monthly required payment calculated in accordance with paragraph 10(3)(a) and the portion of monthly affordable payment attributed to apprentice loans calculated in accordance with subsection (4). That reduction is to be made only in relation to the months for which the borrower complies with subsection (1).
Definition of federal portion
(3) In this section, federal portion means
(a) if no instalments are due on account of outstanding principal under provincial loans, 100% of the affordable monthly payment; and
(b) otherwise, the ratio of outstanding principal in relation to apprentice loans, student loans and guaranteed student loans for which instalments are due to the sum of this amount and the outstanding principal amount of provincial loans for which instalments are due.
Marginal note:Attribution of payments
(4) Payments made under this section are to be attributed in proportion to the outstanding principal of each apprentice loan, student loan and guaranteed student loan for which instalments are due.
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