Canada Student Financial Assistance Regulations

19 Subject to section 15, the Minister may grant a special interest-free period to a borrower if

• (a) the borrower resides in Canada;

• (b) the borrower has signed, in respect of

  • (i) risk-shared loans, guaranteed student loans or direct loans made to the borrower as a full-time student, a consolidated risk-shared loan agreement, a consolidated guaranteed student loan agreement or a consolidated direct loan agreement, as the case may be, and

  • (ii) risk-shared loans, guaranteed student loans or direct loans made to the borrower as a part-time student, a student loan agreement, a part-time guaranteed loan agreement or a direct student loan agreement, as the case may be;

• (c) all of the risk-shared loan agreements and guaranteed student loan agreements referred to in paragraph (b) are held by a lender, or, in the case where an event referred to in any of paragraphs 15(1)(c) to (g) has occurred, by the Minister or a lender;

• (d) the borrower applies, in the prescribed form, for a special interest-free period in respect of all of that borrower's loans referred to in paragraph (b); and

• (e) the borrower's monthly family income is equal to or less than the applicable amount indicated in Schedule 1 taking into consideration

  • (i) the number of persons comprising the borrower, the borrower's spouse or common-law partner and their dependants, and

  • (ii) the total amount of all monthly instalments required from the borrower and, if applicable, the borrower's spouse or common-law partner, in accordance with their outstanding student loan agreements and guaranteed loan agreements.

• (f) [Repealed, SOR/96-368, s. 11]