Canada Student Financial Assistance Act

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Sections351

• 1Short title

  This Act may be cited as the Canada Student Financial Assistance Act.

• 2Definitions
• 2(1)

  In this Act,

• 2(1)[p3]

  appropriate authority, in respect of a province, means an appropriate authority designated for the province pursuant to subsection 3(1); (autorité compétente)

• 2(1)[p4]

  designated educational institution means an institution of learning designated pursuant to subsection 3(1), and includes a specified educational institution within the meaning of the Canada Student Loans Act; (établissement agréé)

• 2(1)[p5]

  lender means a financial institution within the meaning of the Bank Act or other corporation that is a party to an agreement with the Minister entered into under section 5; (prêteur)

• 2(1)[p6]

  Minister means such member of the Queen’s Privy Council for Canada as may be designated by the Governor in Council as the Minister for the purposes of this Act; (ministre)

• 2(1)[p7]

  prescribed, in the case of a form or the information to be given on a form, means prescribed by the Minister and, in any other case, means prescribed by the regulations; (Version anglaise seulement)

• 2(1)[p8]

  qualifying student means a person

• 2(1)[p8](a)

  who is a Canadian citizen, a person registered as an Indian under the Indian Act, a permanent resident as defined in subsection 2(1) of the Immigration and Refugee Protection Act or a protected person within the meaning of subsection 95(2) of that Act,

• 2(1)[p8](b)

  who is qualified for enrolment or is enrolled at a designated educational institution as a full-time student or part-time student for a period of studies at a post-secondary school level, and

• 2(1)[p8](c)

  who intends to attend a designated educational institution as a full-time student or part-time student for a period of studies described in paragraph (b) if it is financially possible for that person to do so. (étudiant admissible)

• 2(2)Other definitions

  In this Act, the words and expressions “borrower”, “consolidated student loan agreement”, “course”, “dental hygienist”, “dentist”, “early childhood educator”, “family income”, “family physician”, “financial assistance”, “full-time student”, “loan year”, “midwife”, “nurse”, “nurse practitioner”, “part-time student”, “period of studies”, “personal support worker”, “pharmacist”, “physiotherapist”, “post-secondary school level”, “program of studies”, “psychologist”, “severe permanent disability”, “social worker”, “student loan”, “student loan agreement”, “teacher” and “underserved rural or remote community” have the meanings assigned by the regulations.

• 2(3)Words and expressions in relation to previous loan years

  Words and expressions used in this Act have, when used in respect of a loan year before the loan year in which this section comes into force, the meanings assigned to them by the Canada Student Loans Act.

• 2(4)Electronic documents and communication

  A document or other communication under this Act or the regulations may be in electronic form, and a reference in this Act or the regulations to a document includes a document in electronic form.

• 3Designation of appropriate authorities
• 3(1)

  For the purposes of this Act, the Minister may, by order, designate for a province

• 3(1)(a)

  an appropriate authority, which authority may designate as designated educational institutions any institutions of learning in Canada that offer courses at a post-secondary school level, or any class of such institutions; and

• 3(1)(b)

  an appropriate authority, which authority may designate as designated educational institutions any institutions of learning outside Canada that offer courses at a post-secondary school level, or any class of such institutions.

• 3(2)Revocations and exclusions

  An appropriate authority may revoke any designation made by it under subsection (1), and any designation made in respect of the province under the Canada Student Loans Act and, in the case of a designation of a class, may exclude any named institution from that designation.

• 4Agreements
• 4(1)

  The Minister may enter into an agreement with an appropriate authority, or with an appropriate authority and the government of the province for which the authority was designated, respecting the exercise or performance of any of the authority’s powers, duties or functions under this Act or the regulations.

• 4(2)Directives

  The Minister may give directives to any appropriate authority respecting the exercise or performance of any of its powers, duties or functions under this Act or the regulations, and such directives are binding on the appropriate authority.

• 4(3)Statutory Instruments Act

  The Statutory Instruments Act does not apply in respect of directives given under subsection (2).

• 5Agreements

  The Minister may, if the Minister considers it appropriate, with the concurrence of the Minister of Finance, enter into an agreement with any lender respecting the making of student loans or the provision of other forms of financial assistance to students by the lender, and such an agreement may, without limiting the generality of the foregoing, provide for

• 5(a)

  the payment by the Minister to the lender of all or a portion of

• 5(a)(i)

  amounts equivalent to interest on a student loan made by the lender in respect of the period before April 1, 2023 for which no interest is payable by the borrower under subsection 7(1), as it read from time to time before April 1, 2023,

• 5(a)(ii)

  amounts equivalent to interest on a student loan made by the lender in respect of any period for which no interest is payable by the borrower under regulations made under paragraph 15(1)(n), as that paragraph and those regulations read from time to time before April 1, 2023,

• 5(a)(iii)

  principal and interest on a student loan made by the lender to a borrower whose obligations in respect of the loan are terminated in the circumstances set out in section 10 or 11,

• 5(a)(iv)

  amounts in respect of a student loan made by the lender that are paid under regulations made under paragraph 15(1)(l),

• 5(a)(v)

  a risk premium for lending risks on a student loan made by the lender,

• 5(a)(vi)

  amounts necessary for the purchase of a student loan made by the lender that is payable and on which no payment has been made by the borrower in at least one year, and a percentage of amounts recovered by the Minister in respect of that loan,

• 5(a)(vii)

  adjusted amounts in respect of principal and interest on a student loan, where an inadvertent error concerning the rate of interest or the amount to be repaid is made by the lender in drawing up the consolidated student loan agreement or the student loan agreement,

• 5(a)(viii)

  amounts in respect of the loss suffered by the lender on a student loan made to a full-time student who, before the month following the month in which the borrower ceases to be a full-time student,

• 5(a)(viii)(A)

  makes an assignment under the Bankruptcy and Insolvency Act that is filed and not cancelled, is deemed under that Act, by reason of circumstances occurring before that following month, to have made an assignment, or is the subject of a bankruptcy order made under that Act,

• 5(a)(viii)(B)

  makes a proposal under Division I or II of Part III of that Act that is approved or deemed to be approved by a court under that Act,

• 5(a)(viii)(C)

  is granted a consolidation order under Part X of that Act, or

• 5(a)(viii)(D)

  is granted relief under a provincial law relating to the orderly payment of debts, and

• 5(a)(ix)

  any other amounts that the Minister considers appropriate in respect of a student loan made, or other financial assistance provided, by the lender;

• 5(b)

  audits and adjustments in respect of payments made to the lender by the Minister;

• 5(c)

  subject to the regulations, the circumstances in which the lender is, on application, required to provide financial assistance to a qualifying student in an amount not exceeding the maximum amount determined in accordance with section 12;

• 5(d)Repealed

  [Repealed, 2022, c. 19, s. 155]

• 5(e)

  the repayment of student loans by borrowers or classes of borrowers on an income-contingent basis;

• 5(f)

  the provisions to be included in an agreement between a borrower and the lender relating to a student loan, the making of amendments to the agreement, and the conditions and consequences of making an amendment;

• 5(g)

  the procedures to be followed by the lender in making, collecting or otherwise dealing with a student loan;

• 5(h)

  the making of reports to the Minister respecting student loans; and

• 5(i)

  the terms and conditions respecting the obligations of the Minister and the lender under the agreement.

• 6Payments in accordance with agreement

  Subject to this Act and the regulations, the Minister shall pay to a lender, in accordance with any agreement entered into under section 5, any amount that is payable by the Minister to the lender under the agreement.

• 6.1Agreements with qualifying students
• 6.1(1)

  Subject to subsection (2), the Minister, or any person authorized by order of the Minister to act on the Minister’s behalf, may enter into an agreement with any qualifying student for the purpose of making a student loan.

• 6.1(2)Financial terms and conditions

  Any terms and conditions in the agreement that could have a financial impact on Her Majesty in right of Canada are subject to approval by the Governor in Council, on the recommendation of the Minister with the concurrence of the Minister of Finance.

• 6.2Agreement with service provider
• 6.2(1)

  The Minister may enter into an agreement with any corporation incorporated under the laws of Canada or a province and carrying on business in Canada (a “service provider”), respecting the administration of student loans made, or other forms of financial assistance provided, by the Minister. An agreement may provide for, but is not limited to, the following matters:

• 6.2(1)(a)

  disbursing student loans or other forms of financial assistance on behalf of the Minister;

• 6.2(1)(b)

  audits and adjustments in respect of payments made by the Minister under the agreement;

• 6.2(1)(c)

  the manner of calculating the interest payable by the Minister to the service provider, including the amount on which interest is to be calculated and the rate of interest or the manner of determining the rate of interest;

• 6.2(1)(d)

  the procedures to be followed by the service provider in making, collecting or otherwise dealing with a student loan and other forms of financial assistance;

• 6.2(1)(e)

  the making of reports to the Minister respecting student loans and other forms of financial assistance;

• 6.2(1)(f)

  the terms and conditions respecting the obligations of the Minister and the service provider under the agreement; and

• 6.2(1)(g)

  the payment of compensation by the Minister to the service provider for the administration of student loans and other forms of financial assistance.

• 6.2(2)Receipt and Deposit of Public Money Regulations, 1997

  Despite section 3 of the Receipt and Deposit of Public Money Regulations, 1997, the portion of the following money that is public money and is collected or received electronically by a service provider that has entered into an agreement under subsection (1) shall be paid to the credit of the Receiver General by depositing it, within two business days after the day of collection or receipt, in an account established under subsection 17(2) of the Financial Administration Act:

• 6.2(2)(a)

  money collected or received as repayment of financial assistance, as repayment of a guaranteed student loan as defined in subsection 2(1) of the Canada Student Loans Act or as payment of interest owing on that assistance or loan; and

• 6.2(2)(b)

  interest received by the service provider on the money referred to in paragraph (a).

• 6.2(3)Meaning of business day

  In this section, business day means a day other than a Saturday or a holiday.

• 6.3Agreement with financial institutions

  Despite subsection 41(1) of the Financial Administration Act, the Minister may enter into an agreement with any financial institution, as defined in the regulations, with respect to the disbursement of student loans.

• 6.31Exception — certain designated educational institutions

  The Minister shall deny the provision of financial assistance to all those who are qualifying students in relation to a designated educational institution outside Canada that is private and for-profit and offers courses at a post-secondary school level.

• 6.4Suspension or denial of financial assistance

  The Minister may suspend or deny the provision of financial assistance to all those who are qualifying students in relation to a designated educational institution if the Minister is satisfied that there are compelling reasons to believe that the provision of the financial assistance would

• 6.4(a)

  facilitate the commission by the designated educational institution of an offence under this Act or any other Act of Parliament; or

• 6.4(b)

  expose the qualifying students or Her Majesty in right of Canada to significant financial risk.

• 6.5Alignment with provincial decision

  If a province has suspended or denied the provision of financial assistance in relation to a class of qualifying students, of designated educational institutions or of programs of studies at designated educational institutions, the Minister may do the same in relation to that class if the Minister is satisfied that there are compelling reasons to believe that the provision of the financial assistance would

• 6.5(a)

  facilitate the commission by the qualifying students or designated educational institutions of an offence under this Act or any other Act of Parliament;

• 7(1)(a)
• 6.5(b)

  constitute a risk to the integrity of the provision of financial assistance under this Act; or

• 7(1)(b)
• 6.5(c)

  expose the qualifying students or His Majesty in right of Canada to financial risk.

• 7No accrual of interest
• 7(1)

  Beginning on April 1, 2023, no interest is payable by a borrower on a student loan.

• 7(1.1)Clarification

  For greater certainty, nothing in this section relieves a borrower from liability for interest that accrued before April 1, 2023 on a student loan.

• 7(2)No fees

  No fee of any kind may be charged to a borrower on a student loan in respect of any period of studies during which the borrower is a full-time or part-time student or in respect of any subsequent period ending on

• 7(2)(a)

  in the case of a student loan that is made to a full-time student, the last day of the sixth month after the month in which the borrower ceases to be a full-time student; and

• 7(2)(b)

  in the case of a student loan that is made to a part-time student, the last day of the sixth month after the month in which the borrower ceases to be a student, whether a part-time or full-time student.

• 8Payment deferred for full-time students
• 8(1)

  Subject to the regulations, no amount on account of principal or interest in respect of a student loan prescribed by regulations made under paragraph 15(1)(j) that is made to a full-time student is required to be paid by the borrower until the last day of the seventh month after the month in which the borrower ceases to be a full-time student.

• 8(2)Payment deferred for part-time students

  Subject to the regulations, no amount on account of principal or interest in respect of a student loan that is made to a part-time student is required to be paid by the borrower until the last day of the seventh month after the month in which the borrower ceases to be a student, whether a part-time or full-time student.

• 9Agreement to pay interest
• 9(1)

  The Minister may enter into an agreement with a lender respecting the payment of interest, or a province respecting the payment of interest on provincial student loans, by borrowers who are referred to in a regulation that is made under paragraph 15(1)(k.2).

• 9(2)Payment on behalf of reservist

  If there is no agreement, the Minister may pay the interest on behalf of those borrowers.

• 9.1Personal information

  Personal information, as defined in section 3 of the Privacy Act, that is under the control of a government institution, as defined in that section, shall, on request, be made available to the Minister for the purposes of a regulation that is made under paragraph 15(1)(k.1), (k.2) or (k.3).

• 9.2Portion of loan forgiven
• 9.2(1)

  The Minister may forgive an amount in respect of a student loan to a borrower who meets the prescribed conditions and begins to work in an underserved rural or remote community as a

• 9.2(1)(a)

  family physician;

• 9.4(a)
• 9.2(1)(b)

  nurse;

• 9.4(b)
• 9.2(1)(c)

  nurse practitioner;

• 9.2(1)(d)

  early childhood educator;

• 9.2(1)(e)

  dentist;

• 9.2(1)(f)

  dental hygienist;

• 9.2(1)(g)

  pharmacist;

• 9.2(1)(h)

  midwife;

• 9.2(1)(i)

  teacher;

• 9.2(1)(j)

  social worker;

• 9.2(1)(k)

  psychologist;

• 9.2(1)(l)

  personal support worker; or

• 9.2(1)(m)

  physiotherapist.

• 9.2(2)Effective date of forgiveness

  The forgiveness takes effect on the prescribed day.

• 9.2(3)Agreement

  For the purposes of subsection (1), the Minister may enter into an agreement with a lender for the purchase of a student loan made by the lender.

• 9.3Suspension of interest and payments

  During the period that begins on March 30, 2020 and ends on September 30, 2020,

• 9.3(a)

  no interest is payable by a borrower on a student loan prescribed by regulations made under paragraph 15(1)(j); and

• 9.3(b)

  no amount on account of principal and interest in respect of a student loan prescribed by regulations made under paragraph 15(1)(j) is required to be paid by the borrower.

• 9.4Suspension of interest

  During the period that begins on April 1, 2021 and ends on March 31, 2023, no interest is payable by a borrower on a student loan.

• 10Death of borrower
• 10(1)

  All obligations of a borrower in respect of a student loan prescribed by regulations made under paragraph 15(1)(j) terminate if the borrower dies, and in that event the Minister shall pay to the lender the amounts referred to in subparagraph 5(a)(iii).

• 10(2)Death of borrower before this subsection in force

  If a borrower dies before this subsection comes into force, then all obligations of that borrower in respect of such a student loan terminate on the day on which this subsection comes into force.

• 10.1Death of borrower — section 6.1 loan
• 10.1(1)

  All obligations of a borrower in respect of a loan made under an agreement entered into under section 6.1 terminate if the borrower dies.

• 10.1(2)Death of borrower before this section in force

  If a borrower dies before this section comes into force, then all obligations of that borrower in respect of such a loan terminate on the day on which this section comes into force.

• 11Severe permanent disability

  All rights of the lender against a borrower in respect of a student loan prescribed by regulations made under paragraph 15(1)(j) terminate if the Minister is satisfied, on the basis of information specified by the Minister and provided by or on behalf of the borrower, that the borrower, by reason of the borrower’s severe permanent disability, is unable to repay the student loan and will never be able to repay it, and in that event the Minister shall pay to the lender the amounts referred to in subparagraph 5(a)(iii).

• 11.1Severe permanent disability — section 6.1 loan

  All obligations of a borrower in respect of a loan made under an agreement entered into under section 6.1 terminate if the Minister is satisfied, on the basis of information specified by the Minister and provided by or on behalf of the borrower, that the borrower, by reason of the borrower’s severe permanent disability, is unable to repay the loan and will never be able to repay it.

• 12Issue of certificates
• 12(1)

  Subject to the regulations, the appropriate authority for a province designated under paragraph 3(1)(a) may, on application of a qualifying student, issue or cause to be issued a certificate of eligibility in the prescribed form, for a period of studies at a designated educational institution in or outside Canada, to or in respect of the student if that authority considers the student

• 12(1)(a)

  to have attained a satisfactory scholastic standard; and

• 12(1)(b)

  to be in need of financial assistance.

• 12(2)Amount needed

  Where the appropriate authority considers that a qualifying student meets the criteria set out in paragraphs (1)(a) and (b), it shall determine the amount the student needs, taking into consideration

• 12(2)(a)

  the program of studies in which the qualifying student is registered;

• 12(2)(b)

  the cost of books and other course-related supplies; and

• 12(2)(c)

  whether the qualifying student is enrolled in an institution outside the province of residence of the student.

• 12(3)Contents

  A certificate of eligibility must set out the social insurance number of the qualifying student and the maximum amount of the financial assistance that may be given to the student.

• 12(4)Maximum amount for certain full-time students

  In the case of a full-time student, the maximum amount, for a province, of a student loan prescribed by regulations made under paragraph 15(1)(j), and in respect of which a certificate of eligibility is issued, is the lesser of

• 12(4)(a)

  the amount prescribed for that province, and

• 12(4)(b)

  the product obtained by multiplying by

• 12(4)(b)(i)

  the amount determined under subsection (2) for the student

• 12(4)(b)(ii)

  the percentage prescribed for that province.

• 12(5)Escalator

  The amount referred to in paragraph (4)(a) may be adjusted annually by an escalator determined in accordance with the prescribed formula.

• 12(6)Maximum amount for part-time students

  In the case of a part-time student, the maximum amount, for a province, of a student loan in respect of which a certificate of eligibility is issued is the prescribed amount.

• 12(7)Maximum amount

  The maximum amount of financial assistance in respect of which a certificate of eligibility is issued, other than a loan to which subsection (4) or (6) applies, is the prescribed amount, or the amount calculated in accordance with the prescribed formulas.

• 12(8)Idem

  The maximum amount of financial assistance in respect of which a certificate of eligibility is not required is the prescribed amount, or the amount calculated in accordance with the prescribed formulas.

• 14(6)[p132]
• 13Maximum amount

  The aggregate amount of student loans made under this Act that are outstanding may not exceed the prescribed amount.

• 14(6)[p132](a)
• 14(6)[p133]
• 14Alternative payment
• 14(6)[p132](b)
• 14(6)[p133](a)
• 14(6)[p134]
• 14(1)

  Where the government of a province has, at least twelve months before the beginning of a loan year, notified the Minister in writing that a provincial student financial assistance plan will be in operation in that province in that loan year and that it does not wish, or no longer wishes, to participate in the plan established by this Act and the regulations, the Minister shall pay to the province, not later than six months after the end of that loan year and each following loan year in which it does not participate in the plan, an alternative amount for the loan year, calculated as provided in this section.

• 14(6)(a) #135
• 14(6)[p133](b)
• 14(6)[p134](a)
• 14(6)[p135]
• 14(2)Non-participating provinces

  The government of a province that, on the coming into force of this section, is not participating in the student loan plan established by the Canada Student Loans Act is deemed to have notified the Minister as described in subsection (1) in respect of the loan year in which this section comes into force.

• 14(6)(a) #136
• 14(6)[p134](b)
• 14(6)[p135](a)
• 14(3)Opting in, or opting back in

  The government of a province that is not participating in the plan established by this Act and the regulations but later wishes to participate may do so by so notifying the Minister in writing at least six months, or such shorter period as the Minister may fix, before the beginning of the loan year in which it wishes to participate.

• 14(6)(a) #137
• 14(6)[p135](b)
• 14(4)Calculation of alternative amount

  The alternative amount for a province for a loan year (in this subsection referred to as the “current loan year”) is the amount, as determined by the Minister after consultation with the Chief Statistician of Canada, obtained by

• 14(6)(a) #138
• 14(4)(a)

  multiplying by

• 14(4)(a)(i)

  the net per capita costs for participating provinces for the loan year beginning on August 1, 1990,

• 14(4)(a)(ii)

  the product obtained by multiplying the estimated number of persons in that province who, on the first day of the current loan year, have attained eighteen years of age and have not attained twenty-five years of age by the escalator determined under subsection (5), for each loan year in the period beginning on August 1, 1991 and ending on July 31 of the current loan year; and

• 14(4)(b)

  subtracting from the product obtained under paragraph (a) the net costs for that province for the current loan year.

• 14(5)Escalator

  For the purposes of subparagraph (4)(a)(ii),

• 14(5)(a)

  subject to paragraph (b), the escalator for a loan year is a fraction of which

• 14(5)(a)(i)

  the numerator is the net per capita costs for participating provinces for that loan year, and

• 14(5)(a)(ii)

  the denominator is the net per capita costs for participating provinces for the previous loan year; and

• 14(5)(b)

  the escalator for the first loan year in which a provincial student financial assistance plan will be in operation in the province, as stated in the notice under subsection (1), is a fraction of which

• 14(6)[p147]
• 14(5)(b)(i)

  the numerator is the net per capita costs for participating provinces for that first loan year, and

• 14(6)[p147](a)
• 14(5)(b)(ii)

  the denominator is the net per capita costs for the previous loan year for provinces that are participating provinces in that first loan year.

• 14(6)[p147](b)
• 14(6)Definitions

  In this section,

• 14(6)(a) #150
• 14(6)(a)

  net costs, for a province for a loan year, means the amount determined by the formula is the estimated aggregate of all amounts paid by the Minister in that loan year to lenders, service providers or financial institutions under this Act, the regulations or an agreement entered into under section 5, 6.2 or 6.3, to lenders under the Canada Student Loans Act or the regulations made under that Act, and to collection agencies, in respect of student loans or guaranteed student loans made pursuant to certificates of eligibility issued or caused to be issued in any loan year by the appropriate authority for that province, and to persons pursuant to regulations made under paragraph 15(1)(p), excluding any amounts paid pursuant to paragraph 5(e) or pursuant to regulations made under paragraph 15(1)(o) that provide for the repayment of student loans by borrowers on an income-contingent basis, and …

• 14(6)[p152]

  net per capita costs, for participating provinces for a loan year, means a fraction of which

• 14(6)[p152](a)

  the numerator is the amount by which the total program net costs for that loan year exceed the aggregate of the net costs for that loan year for all provinces that are not participating provinces in that loan year, and

• 14(6)[p152](b)

  the denominator is the estimated number of persons in the participating provinces who, on the first day of the loan year, have attained eighteen years of age and have not attained twenty-five years of age; (coût net par tête)

• 14(6)(a) #155

  total program net costs, for a loan year, means the amount determined by the formula is the aggregate of all amounts paid by the Minister in that loan year to lenders, service providers or financial institutions under this Act, the regulations or an agreement entered into under section 5, 6.2 or 6.3, to lenders under the Canada Student Loans Act or the regulations made under that Act, and to collection agencies, in respect of student loans or guaranteed student loans made pursuant to certificates of eligibility issued or caused to be issued in any loan year by the appropriate authorities for participating provinces, and to persons pursuant to regulations made under paragraph 15(1)(p), excluding any amounts paid pursuant to paragraph 5(e) or pursuant to regulations made under paragraph 15(1)(o) that provide for the repayment of student loans by borrowers on an income-contingent basis, and…

• 14(7)Exception

  The following amounts shall be included in the calculations described in the definitions net costs and total program net costs in subsection (6) only if the government of the province satisfies the Minister, by written notice received by the Minister before the beginning of the loan year in question, that, in relation to the matter in question, the provincial student financial assistance plan has substantially the same effect as the plan established by this Act and the regulations:

• 14(7)(a)

  amounts that are determined as a result of the application of subparagraph 5(a)(viii), section 7, as that section read from time to time before April 1, 2023, or section 10 or 11;

• 14(7)(b)

  amounts in relation to programs established by regulations made under paragraph 15(1)(l), (m) or (p); and

• 14(7)(c)

  in respect of loans made under an agreement entered into under section 6.1, amounts in relation to a termination of a borrower’s obligations under section 10.1 or 11.1 or to a reduction in the outstanding principal resulting from the operation of regulations made under paragraph 15(1)(o), other than regulations that provide for the repayment of student loans by borrowers on an income-contingent basis.

• 14(7)(d)Repealed

  [Repealed, 2022, c. 19, s. 159]

• 14(8)Negative amounts

  If the amount determined by the formula “(A + B) - (C + D)” in subsection (6) would, but for this subsection, be a negative amount, it is deemed to be zero.

• 15Regulations
• 15(1)

  The Governor in Council may make regulations

• 15(1)(a)

  defining the words and expressions referred to in subsection 2(2);

• 15(1)(b)

  providing for the assignment between lenders of agreements between borrowers and lenders, and prescribing the conditions and consequences of such assignments;

• 15(1)(c)

  providing for the transfer between branches of a lender of agreements between borrowers and that lender, and prescribing the conditions and consequences of such transfers;

• 15(1)(d)

  providing for the manner of completing certificates of eligibility, and prescribing the provisions to be included in those certificates;

• 15(1)(d.1)

  respecting the issuance of certificates of eligibility and providing for their subsequent submission by the issuees;

• 15(1)(e)

  providing for the conditions to be met before a disbursement in respect of a student loan may be made;

• 15(1)(e.1)

  defining the term “financial institutions” for the purposes of section 6.3 and providing for the circumstances under which financial institutions may disburse student loans to qualifying students;

• 15(1)(f)

  prescribing the maximum number of weeks or periods of studies that may elapse after which, notwithstanding anything in this Act, the principal amount of a student loan made to a full-time student, and interest thereon, commence to be payable by the borrower;

• 15(1)(f.1)

  respecting the circumstances in which an amount on account of principal or interest is not required to be paid in respect of student loans;

• 15(1)(g)

  prescribing the circumstances in which a borrower is or ceases to be a full-time student;

• 15(1)(h)

  respecting the subrogation of Her Majesty in right of Canada to the rights of a lender;

• 15(1)(i)

  prescribing the circumstances under which a loan or a certificate of eligibility may be denied to a student;