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APPLICATION

Marginal note: Certificates of eligibility

2.1 В (1)В No certificate of eligibility may be issued under this Act after the day on which section 12 of the Canada Student Financial Assistance Act comes into force.

Marginal note: Alternative payments

(2)В No payment may be made under section 16 of this Act for the loan year in which section 14 of the Canada Student Financial Assistance Act comes into force, or for any following loan year.

GUARANTEED STUDENT LOANS

Marginal note: Maximum amount of loan

3. В (1)В Subject to this Act and the regulations, a guaranteed student loan may be made by a lender to a qualifying student for a period of studies in an amount not exceeding

(a )В in the case of a full-time student, one hundred dollars per week; or

(b )В in the case of a part-time student, an amount that results in the aggregate of outstanding principal of guaranteed student loans made to that borrower as a part-time student being equal to two thousand five hundred dollars.

Marginal note: Adjustment of maximum

(2)В For any loan year, the Minister may adjust the amount of one hundred dollars per week referred to in paragraph (1)(a ) or the amount of two thousand five hundred dollars referred to in paragraph (1)(b ), or both of those amounts, by multipliers equal to or smaller than the multipliers calculated in accordance with formulas prescribed to reflect annual changes in the average cost to students of pursuing in Canada studies at a post-secondary school level.

Marginal note: Publication of maximum

(3)В The Minister shall cause to be published in the Canada Gazette. before the commencement of each loan year, the amounts referred to in subsection (2) as adjusted pursuant to that subsection for that loan year.

  • R.S. c. S-17, s. 3;
  • R.S. c. 42(1st Supp.), s. 2;
  • 1972, c. 15, Sch. (Fin.) vote 1;
  • 1974-75-76, c. 36, Sch. (Fin.) vote 1d;
  • 1980-81-82-83, c. 49, s. 2, c. 155, s. 2.

PERIODS FREE OF INTEREST OR REPAYMENT

Marginal note: Interest-free period for full-time students

4. В (1)В Subject to the regulations, no interest is payable by a borrower on a guaranteed student loan made before August 1, 1993 to a full-time student in respect of

(a )В any period of studies during which the borrower is a full-time student; or

(b )В any subsequent period ending on the last day of the sixth month after the month in which the borrower ceases to be a full-time student.

Marginal note: Idem

(2)В Subject to the regulations, no interest is payable by a borrower on a guaranteed student loan made on or after August 1, 1993 to a full-time student in respect of

(a )В any period of studies during which the borrower is a full-time student; or

(b )В any subsequent period ending on the last day of the month in which the borrower ceases to be a full-time student.

Marginal note: Idem

(3)В Notwithstanding subsection (1) but subject to the regulations, where a borrower has ceased to be a full-time student as described in that subsection and thereafter again becomes a full-time student, no interest is payable by the borrower on a guaranteed student loan made and consolidated before August 1, 1993 in respect of the period commencing on the prescribed day and ending on the last day of the sixth month after the month in which the borrower again ceases to be a full-time student.

Marginal note: Idem

(4)В Notwithstanding subsection (1) but subject to the regulations, where a borrower has ceased to be a full-time student as described in that subsection and thereafter again becomes a full-time student, no interest is payable by the borrower on a guaranteed student loan made before August 1, 1993 and consolidated after that day in respect of the period commencing on the prescribed day and ending on the last day of the month in which the borrower again ceases to be a full-time student.

  • R.S. 1985, c. S-23, s. 4;
  • 1993, c. 12, s. 3.

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