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Canada Student Financial Assistance Regulations (SOR/95-329)

Regulations are current to 2020-09-09 and last amended on 2020-08-01. Previous Versions

PART IStudent Loans Made to Full-Time Students (continued)

Application of Certain Provisions of the Act

  •  (1) Sections 7, 8, 10 and 11 and subsection 12(4) of the Act apply in respect of risk-shared loans made to full-time students.

  • (2) Sections 7 and 8 and subsection 12(4) of the Act apply in respect of direct loans made to full-time students.

  • SOR/96-368, s. 2
  • SOR/2000-290, s. 6

Student Loan Limit

 For the purposes of paragraph 12(4)(a) of the Act, the amount for any province is $210 per week.

  • SOR/96-368, s. 2
  • SOR/2005-152, s. 5

 Despite section 10, for the loan year commencing on August 1, 2020 the amount for any province is $350 per week.

  • SOR/2020-144, s. 1

Prescribed Percentage

 For the purposes of subparagraph 12(4)(b)(ii) of the Act, the prescribed percentage, for any province, is sixty per cent.

  • SOR/96-368, s. 2

PART IIStudent Loans Made to Part-Time Students

Obtaining an Initial Student Loan

  •  (1) Subject to section 15, a qualifying student to whom a certificate of eligibility as a part-time student has been issued and who has no outstanding student loan or guaranteed student loan made to them as a part-time student is entitled to obtain a student loan if

    • (a) they have entered into a direct student loan agreement with the Minister;

    • (b) an officer of the designated educational institution or the appropriate authority, as the case may be, has submitted a confirmation of enrolment to the Minister and to the branch of any lender to which the student is indebted under a full-time risk-shared loan agreement or guaranteed student loan agreement; and

    • (c) the appropriate authority has submitted a certificate of eligibility to the Minister and to the branch of any lender to which the student is indebted under a full-time risk-shared loan agreement or guaranteed student loan agreement.

  • (2) When the requirements set out in subsection (1) have been met, a qualifying student becomes a part-time student.

  • SOR/96-368, s. 2
  • SOR/2000-290, s. 7
  • SOR/2018-31, s. 2

Obtaining a Further Student Loan

  •  (1) Subject to section 15, a qualifying student to whom a certificate of eligibility as a part-time student has been issued and who has an outstanding student loan or guaranteed student loan made to them as a part-time student is entitled to obtain a student loan if

    • (a) they have entered into a direct student loan agreement with the Minister;

    • (b) an officer of the designated educational institution or the appropriate authority, as the case may be, has submitted a confirmation of enrolment to the Minister and to the branch of any lender to which the student is indebted under a risk-shared loan agreement or guaranteed student loan agreement;

    • (c) the appropriate authority has submitted a certificate of eligibility to the Minister and to the branch of any lender to which the student is indebted under a risk-shared loan agreement or guaranteed student loan agreement; and

    • (d) the student has, on request, paid the Minister or any lender to which the student is indebted any interest payable on any outstanding loan, to the day before the first day of the confirmed period.

  • (2) When the requirements set out in subsection (1) have been met, the qualifying student

    • (a) again becomes a part-time student on the day on which those requirements are met, if more than six months have elapsed between the last day of the previous confirmed period and the first day of the current confirmed period; and

    • (b) continues to be a part-time student on and after the day following the last day of the previous confirmed period, where not more than six months have elapsed between the last day of that period and the first day of the current confirmed period.

  • (3) If a student is indebted to the Minister under a direct student loan agreement, a further direct loan made to that student in accordance with this section must be a revision to, and form a part of, that agreement.

  • SOR/96-368, s. 2
  • SOR/2000-290, s. 8
  • SOR/2009-201, s. 2
  • SOR/2018-31, s. 3

Continuation and Reinstatement

  •  (1) Subject to sections 12.1 and 15, a borrower continues to be or again becomes a part-time student if

    • (a) they have entered into a direct student loan agreement with the Minister;

    • (b) an officer of the designated educational institution or the appropriate authority, as the case may be, has submitted a confirmation of enrolment to the Minister and to the branch of any lender to which they are indebted under a risk shared loan agreement or guaranteed student loan agreement;

    • (c) the appropriate authority has submitted a certificate of eligibility to the Minister and to the branch of any lender to which the borrower is indebted under a risk-shared loan agreement or guaranteed student loan agreement; and

    • (d) the borrower has, on request, paid to the Minister or any lender, as the case may be, any interest payable on any outstanding loan, to the day before the first day of the confirmed period.

  • (2) When the requirements set out in subsection (1) have been met, the borrower

    • (a) again becomes a part-time student on the day on which those requirements have been met, if more than six months have elapsed between the last day of the previous confirmed period and the first day of the current confirmed period; and

    • (b) continues to be a part-time student on and after the day following the last day of the previous confirmed period, where not more than six months have elapsed between the last day of that period and the first day of the current confirmed period.

  • SOR/96-368, s. 2
  • SOR/2000-290, s. 9
  • SOR/2009-201, s. 3
  • SOR/2018-31, s. 4

Ceasing to be a Part-time Student

 Subject to paragraphs 12.1(2)(b) and 12.2(2)(b), a borrower ceases to be a part-time student on the earliest of

  • (a) the last day of the last confirmed period,

  • (b) the last day of the month in which the borrower no longer meets the applicable minimum percentage referred to in the definition part-time student in subsection 2(1), and

  • (c) the applicable day on which the period during which no amount on account of principal or interest is required to be paid by the borrower is terminated in accordance with section 15.

  • SOR/96-368, s. 2
  • SOR/2009-201, s. 4

Application of Section 11 of the Act

 Section 11 of the Act applies in respect of risk-shared loans made to part-time students.

  • SOR/96-368, s. 2
  • SOR/2000-290, s. 10

Student Loan Limit

 The maximum amount, for any province, for the purposes of subsection 12(6) of the Act is $10,000 less the aggregate principal amount of any outstanding student loans or guaranteed student loans made to that student as a part-time student.

  • SOR/96-368, s. 2
  • SOR/2009-201, s. 5

Payment of Principal and Interest

 The principal amount of a student loan made to the borrower as a part-time student, and any interest, commence to be payable by the borrower on the last day of the seventh month after the day on which the borrower most recently ceased to be a full-time student under section 8 or a part-time student under section 12.3, as the case may be.

  • SOR/2009-201, s. 5

PART IIIAssignments and Transfers

[SOR/96-368, s. 2]

Assignment of Agreements

  •  (1) In this section and section 14,

    assignee lender

    assignee lender means a lender to which a borrower’s outstanding risk-shared loan agreements are assigned in accordance with this section; (prêteur cessionnaire)

    assignor lender

    assignor lender means a lender that assigns a borrower’s outstanding risk-shared loan agreements in accordance with this section. (prêteur cédant)

  • (2) Subject to section 14, a borrower may request the assignment of all of that borrower’s outstanding risk-shared loan agreements if the following conditions are met:

    • (a) the borrower completes the prescribed form to request an assignment of risk-shared loan agreements,

    • (b) the borrower submits the completed form to the assignor lender, and

    • (c) the assignee lender accepts the agreements to be assigned.

  • (3) Where subsection (2) is complied with, the assignor lender shall sign the assignment agreement and forthwith send to the assignee lender the borrower’s risk-shared loan agreements and all other documentation in respect of those agreements.

  • (4) Subject to subsection 14(3), on receipt of the agreements and other documentation referred to in subsection (3) and on verification that subsection 14(1) has been complied with, the assignee lender shall pay to the assignor lender an amount equal to the aggregate of the outstanding balance of the principal of the risk-shared loans as of the day referred to in subsection (5) and any unpaid interest accrued on those loans to that day, less five per cent of the outstanding principal amount of any risk-shared loans made to the borrower for which a risk premium was paid to a lender pursuant to subparagraph 5(a)(v) of the Act.

  • (5) An assignment made in accordance with this section shall take effect on the day before the day of the payment referred to in subsection (4).

  • SOR/96-368, s. 3
  • SOR/2000-290, s. 11
 
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