The Saskatchewan Student Loan Program Regulations

Transcription

1 SASKATCHEWAN STUDENT LOAN PROGRAM D-7.1 REG 7 1 The Saskatchewan Student Loan Program Regulations Repealed by Saskatchewan Regulations 58/2016 (effective June 23, 2016). Formerly Chapter D-7.1 Reg 7 (effective November 19, 1986). NOTE: This consolidation is not official. Amendments have been incorporated for convenience of reference and the original statutes and regulations should be consulted for all purposes of interpretation and application of the law. In order to preserve the integrity of the original statutes and regulations, errors that may have appeared are reproduced in this consolidation.

2 2 D-7.1 REG 7 SASKATCHEWAN STUDENT LOAN PROGRAM Table of Contents 1 Title 2 Interpretation 3 Agreements with financial institutions 4 Guaranteed student loans 5 Loans made by minister 6 Interest-free period 7 No payments required 8 Interest payable by minister 9 Guarantee 10 Interest subsidy 11 Obligations of student 12 Consequences of breach 13 Further interest relief 14 Special incentive for particular students

3 SASKATCHEWAN STUDENT LOAN PROGRAM D-7.1 REG 7 3 CHAPTER D-7.1 REG 7 The Department of Advanced Education and Manpower Act Title 1 These regulations may be cited as The Saskatchewan Student Loan Program Regulations. Interpretation 2 In these regulations: (a) Canada Student Loan means a loan made to a student pursuant to the Canada Student Loans Act, as amended from time to time; (b) educational institution means an educational institution approved by the minister or by any person designated by the minister for the purposes of these regulations; (c) financial institution means: (i) a bank to which the Bank Act (Canada), as amended from time to time, applies; and (ii) a credit union incorporated or continued pursuant to The Credit Union Act, 1985; which has entered into an agreement with the minister pursuant to section 3; (d) loan means a loan made to a student by a financial institution pursuant to section 4 and guaranteed by the minister pursuant to section 9 and includes a loan made to a student by the minister pursuant to section 5; (e) student means: (i) a student in respect of whom the department would be able to issue a certificate of eligibility pursuant to the Canada Student Loans Act, as amended from time to time; (ii) a student who would qualify for assistance in the form of a loan pursuant to The Student Assistance and Student Aid Fund Act; and (iii) a student mentioned in subsection 14(1). 28 Nov 86 cd-7.1 Reg 7 s2. Agreements with financial institutions 3 The minister is hereby authorized to enter into any agreement with any financial institution or group of financial institutions or any representative of any financial institution or group of financial institutions that may be necessary to carry out the intent of these regulations. 28 Nov 86 cd-7.1 Reg 7 s3.

4 4 D-7.1 REG 7 SASKATCHEWAN STUDENT LOAN PROGRAM Guaranteed student loans 4(1) Subject to subsection (2), a financial institution may make a loan in accordance with these regulations to a student to be used by the student in connection with his studies at an educational institution in an amount not exceeding the amount prescribed by the minister. (2) The total of all loans, including Canada Student Loans, made to one student shall not exceed the amount prescribed from time to time by the minister. 28 Nov 86 cd-7.1 Reg 7 s4. Loans made by minister 5(1) Subject to these regulations, the minister may make loans to students on any terms and conditions that he considers appropriate. (2) The minister may provide an interest subsidy in any amount and in any manner that he considers appropriate on loans made pursuant to subsection (1). (3) The minister may from time to time, by order, prescribe: (a) the rate of interest that is payable on loans made pursuant to subsection (1); and (b) the repayment period and any other terms and conditions that he considers necessary respecting repayment of loans made pursuant to subsection (1). (4) The minister may assign a loan made pursuant to this section to a financial institution on any terms and conditions that he may consider appropriate and may guarantee the repayment of any loan so assigned. 28 Nov 86 cd-7.1 Reg 7 s5. Interest-free period 6 No interest is payable by a student on a loan in respect of any period during which he is studying at an educational institution or in respect of any subsequent period ending on the last day of the sixth month after the month in which he ceases to be a student. 28 Nov 86 cd-7.1 Reg 7 s6. No payments required 7 No amount on account of principal or interest in respect of a loan made to a student is required to be paid by the student until the last day of the seventh month after the month in which he ceases to be a student. 28 Nov 86 cd-7.1 Reg 7 s7. Interest payable by minister 8 The minister shall pay to the financial institution, in respect of each loan made by it to a student or acquired by it pursuant to subsection 5(3), interest thereon for the period during which no interest is payable by the student and at the rate set when the student obtained the loan. 28 Nov 86 cd-7.1 Reg 7 s8.

5 SASKATCHEWAN STUDENT LOAN PROGRAM D-7.1 REG 7 5 Guarantee 9 Subject to these regulations and to the terms of any agreement pursuant to section 3, the minister may guarantee the repayment of any loan. 28 Nov 86 cd-7.1 Reg 7 s9. Interest subsidy 10(1) In this section, course of study means a course of study not exceeding 52 weeks at an educational institution. (2) The minister may provide an interest subsidy in accordance with subsection (3) on every loan and every Canada Student Loan obtained from a financial institution by a student in Saskatchewan with respect to a course of study commencing on or after May 1, 1986 and on or before July 31, 1989 for any period determined by the minister pursuant to subsection (3) and commencing on the first day of the seventh month after the month in which the student ceases his studies. (3) An interest subsidy pursuant to this section shall be calculated and paid in any amount and in any manner that the minister may determine. 28 Nov 86 cd-7.1 Reg 7 s10. Obligations of student 11 Every student shall, in connection with obtaining a loan: (a) with respect to each period in which a disbursement of a Canada Student Loan may be negotiated, negotiate the full amount of each disbursement of the Canada Student Loan for which he is eligible for that period before he negotiates a loan; (b) apply on the form provided by the department for: (i) approval to negotiate a loan with a financial institution; or (ii) a loan from the minister; (c) provide to the department any information that the department may require to determine his eligibility for a loan; (d) in the case of a loan from a financial institution: (i) on receipt of approval from the department, negotiate his loan with the branch of the financial institution in Saskatchewan which has provided his Canada Student Loan, if any; (ii) negotiate the loan within 30 days after the date of the approval or before the end of the period of study for which the loan is approved, whichever comes first; (iii) deal only with one branch of one financial institution in Saskatchewan for the purposes of obtaining loans and Canada Student Loans, if any; and (iv) authorize the financial institution to provide any information about his loan, any of his Canada Student loans and himself that the department may require from time to time;

6 6 D-7.1 REG 7 SASKATCHEWAN STUDENT LOAN PROGRAM (e) provide the financial institution or the department, as the case may be, with a confirmation of continued enrollment at the educational institution before obtaining each disbursement of the loan; (f) attend any meeting with the financial institution or the department or their agents for the purposes of discussing his loans; and (g) authorize any educational institution, financial institution or employer to provide to the department or its agents any information that the department may require from time to time. 28 Nov 86 cd-7.1 Reg 7 s11. Consequences of breach 12(1) Where a student is convicted of an offence against the Canada Student Loans Act, as amended from time to time, no interest subsidy is payable to him pursuant to section 10 on and after the date of that conviction. (2) Where a student: (a) contravenes these regulations or breaches any term of any agreement that the department may require him to enter in connection with obtaining a loan; (b) provides false or misleading information in connection with his application for, or for approval to negotiate, a loan; the full amount of all loans made to that student is due and payable together with interest on the outstanding balance of the loan at the rate payable to the financial institution and calculated as of and from the date of the contravention, the breach or the provision of false or misleading information, as the case may be. 28 Nov 86 cd-7.1 Reg 7 s12. Further interest relief 13(1) Where the minister or any person designated by the minister is satisfied that a person is unable to pay amounts due under a repayment agreement in respect of a loan because the person is: (a) unemployed; or (b) suffering from an illness or disability rendering him incapable of working; the minister or his designate may authorize a period of interest relief for that person with respect to that repayment scheme. (2) For the purposes of this section, a person is deemed to be unemployed if: (a) during the four-week period preceding his application for interest relief, he was without work or worked less than 80 hours; and (b) he is actively seeking work. (3) No person is entitled to interest relief pursuant to subsection (1) for any periods that exceed in the aggregate 18 months.

7 SASKATCHEWAN STUDENT LOAN PROGRAM D-7.1 REG 7 7 (4) The minister or his designate shall take into consideration the family income of every person who applies for interest relief pursuant to this section. (5) Where the minister authorizes interest relief pursuant to this section for a person with respect to a repayment scheme on a loan, no amount on account of interest or principal is required to be paid pursuant to that repayment scheme by that person until one month after the expiration of the period of interest relief. 28 Nov 86 cd-7.1 Reg 7 s13. Special incentive for particular students 14(1) In this section, qualifying student means a student who is: (a) in the Northern Training Program administered by the department; (b) in the Non-status Indian and Metis Program administered by the department; (c) in the Vocational Rehabilitation of Disabled Persons Program administered by the department; (d) in the Saskatchewan Urban Native Teachers Employment Program administered by the department; or (e) a single parent. (2) Where the minister or any person designated by the minister is satisfied that a qualifying student: (a) has successfully completed his first year of post-secondary study, he may convert any loan approved for the student in respect of that year to a bursary; (b) has successfully completed his second year of post-secondary study, he may convert 50% of any loan approved for the student in respect of that year to a bursary. (3) Where the minister or any person designated by the minister is satisfied that a student in the Adult Basic Education Program administered by the department has successfully completed his first year of post-secondary study, he may convert any loan approved for that student in respect of that year to a bursary. 28 Nov 86 cd-7.1 Reg 7 s14.

8 8 D-7.1 REG 7 SASKATCHEWAN STUDENT LOAN PROGRAM REGINA, SASKATCHEWAN Printed by the authority of THE QUEEN S PRINTER Copyright 1996