Canada Student Financial Assistance Regulations

5 (1) Subject to section 15, the Minister may make a direct loan to a qualifying student who is enrolled as a full-time student at a designated educational institution and who

• (a) is issued, or in respect of whom is issued, a certificate of eligibility;

• (b) within 30 days after obtaining confirmation of their enrolment from an officer of the designated educational institution but no later than the last day of the confirmed period, submits the confirmation of enrolment

  • (i) to the Minister unless they are notified in writing by the appropriate authority that the confirmation of enrolment is to be submitted to the Minister by the designated educational institution, and

  • (ii) to the branch of the lender to which they are indebted under any risk-shared loan agreement or guaranteed student loan agreement;

• (c) authorizes the designated educational institution to forward to the Minister any refund of fees that have been paid with the proceeds of a direct loan authorized by the certificate of eligibility for credit against any direct loans of the student;

• (d) has entered into a full-time direct loan agreement for the period of studies referred to in the certificate of eligibility;

• (e) if more than six months have elapsed between the day on which the student ceased to be a full-time student under section 8 and the first day of the current confirmed period,

  • (i) if they are indebted under any full-time risk-shared loan agreement or guaranteed student loan agreement entered into as a full-time student, pays to the lender any interest accrued under those agreements to the day before the first day of the confirmed period, and

  • (ii) if they are indebted under any full-time direct loan agreement, pays to the Minister any interest accrued under that agreement to the day before the first day of the confirmed period;

• (f) if the confirmation of enrolment is submitted to the Minister more than six months after the day they ceased to be a full-time student under section 8 but before the last day of the confirmed period that started within the six-month period,

  • (i) if they are indebted under any full-time risk-shared loan agreement or guaranteed student loan agreement entered into as a full-time student, either

    • (A) pays to the lender the interest accrued under those agreements from the day after they ceased to be a full-time student to the day before the day on which the confirmation of enrolment is submitted to the Minister, or

    • (B) enters into a consolidated risk-shared loan agreement or a consolidated guaranteed student loan agreement in which the unpaid accrued interest referred to in clause (A) is added to the principal amount,

  • (ii) if they are indebted under any full-time direct loan agreement, either

    • (A) pays to the Minister the interest accrued under those agreements from the day after they ceased to be a full-time student to the day before the day on which the confirmation of enrolment is submitted to the Minister, or

    • (B) directs the addition of the unpaid accrued interest referred to in clause (A) to the outstanding principal.

(2) A qualifying student who has no outstanding student loan or guaranteed student loan made to them as a full-time student and who meets the conditions referred to in paragraphs (1)(a) to (d) becomes a full-time student on the later of the day on which the confirmation of enrolment is received by the Minister and the day on which they enter into the full-time direct loan agreement.

(3) A qualifying student who has an outstanding student loan or guaranteed student loan made to them as a full-time student and who meets the conditions referred to in paragraphs (1)(a) to (d)

• (a) in the case where they meet the requirements of paragraph (1)(e) or (f), again become a full-time student on the day on which they meet those requirements; or

• (b) in any other case, continues to be a full-time student beginning on the day following the day on which they would otherwise have ceased to be a full-time student.