Canada Student Financial Assistance Regulations

20 (1) [Repealed, SOR/2004-120, s. 5]

(2) Subject to subsection (2.01), the aggregate of the special interest-free periods — including any special interest-free period in respect of which section 24 does not apply that has been granted to a borrower and for which the Minister paid interest under the Act or the Canada Student Loans Act or any regulations made under those Acts — shall not exceed 30 months.

(2.01) If a borrower has already been granted 30 months of special interest-free periods, the Minister may, subject to subsection (2.02), grant the borrower further special interest-free periods if

• (a) in the case of a student loan with a repayment period of 15 years or more, the borrower is unable to make the instalment payments due; or

• (b) in the case of a student loan with a repayment period of less than 15 years, the borrower would not be able to make the instalment payments due even if the repayment period were extended to 15 years.

(2.02) The Minister shall not grant a further special interest-free period if 60 months have elapsed since the day on which a borrower ceased to be a full-time student or a part-time student, as that day was identified in the borrower's first application for a special interest-free period.

(2.1) For the purposes of subsections (2) to (2.02),

• (a) where the aggregate of all special interest-free periods granted to the borrower under the Canada Student Loans Act and any regulations made thereunder before August 1, 1995 does not equal a complete number of months, the Minister shall not count the fraction of a month; and

• (b) where the borrower's special interest-free period ends due to a circumstance referred to in paragraph 26(1)(a) or (c) or is terminated pursuant to section 24, the Minister shall consider as a full month any part of a month

  • (i) for which the Minister paid interest to the lender due to that special interest-free period, or

  • (ii) for which the borrower was granted a special interest-free period.

(3) and (4) [Repealed, SOR/98-402, s. 3]