Apprentice Loans Regulations

Marginal note:No interest accrues

3 Subject to section 6, no interest accrues under a borrower’s apprentice loan in respect of the following periods:

• (a) in the event that no interest has accrued when a technical training period begins for which confirmation of enrolment is submitted to the Minister, the period that begins on the first day of the technical training period and ends on the day that is 18 months after the last day of that technical training period;

• (b) [Repealed, SOR/2019-215, s. 3]

• (c) in the event that interest started accruing prior to the first day of a technical training period for which confirmation of enrolment is submitted to the Minister, the period that began on the day that the technical training period begins and ends on the day that is 18 months after the last day of that technical training period, in the case where the apprentice pays to the Minister the unpaid interest accrued to the day before the first day of that technical training period;

• (d) in the event that interest started accruing prior to the day on which confirmation of enrolment is submitted to the Minister for a technical training period that began prior to the day on which interest started accruing, the period that begins on the day on which confirmation of enrolment is submitted and ends on the day that is 18 months after the last day of that technical training period in the case where the apprentice

  • (i) pays to the Minister the unpaid interest accrued under their apprentice loan agreement to the day before the day on which confirmation of enrolment is submitted to the Minister, or

  • (ii) directs the addition of the interest referred to in subparagraph (i) to the outstanding principal;

• (e) in the event that no interest has accrued when confirmation of continued apprenticeship is submitted to the Minister, the period that begins on the day that confirmation of continued apprenticeship was submitted and ends on the day that is 18 months after the last day of the month in which the confirmation of continued apprenticeship is submitted; and

• (f) in the event that interest started accruing prior to the day on which confirmation of continued apprenticeship is submitted to the Minister, the period that begins on the day on which the confirmation of continued apprenticeship is submitted and ends on the day that is 18 months after the last day of the month in which the confirmation of continued apprenticeship is submitted, in the case where the apprentice

  • (i) pays to the Minister the unpaid interest accrued under their apprentice loan agreement to the day before the day on which confirmation of continued apprenticeship is submitted, or

  • (ii) directs the addition of the interest referred to in subparagraph (i) to the outstanding principal.