Canada Student Loans Regulations

18 (1) Subject to subsection (3), for the purposes of section 11.1 of the Act, the Minister may forgive the lesser of the outstanding principal of the borrower’s student loan and

• (a) for the first year in respect of which the borrower qualifies for loan forgiveness, $8,000, in the case of a family physician or $4,000, in the case of a nurse or nurse practitioner;

• (b) for the second year in respect of which the borrower qualifies for loan forgiveness, $10,000, in the case of a family physician or $5,000, in the case of a nurse or nurse practitioner;

• (c) for the third year in respect of which the borrower qualifies for loan forgiveness, $12,000, in the case of a family physician or $6,000, in the case of a nurse or nurse practitioner;

• (d) for the fourth year in respect of which the borrower qualifies for loan forgiveness, $14,000, in the case of a family physician or $7,000, in the case of a nurse or nurse practitioner; and

• (e) for the fifth year in respect of which the borrower qualifies for loan forgiveness, $16,000, in the case of a family physician or $8,000, in the case of a nurse or nurse practitioner.

(2) The maximum number of years in respect of which an amount may be forgiven is five minus the number of years in respect of which an amount referred to in subsection 28(1) of the Canada Student Financial Assistance Regulations has been forgiven.

(3) The amount that the Minister may forgive for a year is to be reduced by any amount that was forgiven for that year under section 9.2 of the Canada Student Financial Assistance Act.