Canada Student Financial Assistance Act — S-22.7 14
be issued in any loan year by the appropriate authorities for participating provinces, and (b) to persons pursuant to regulations made under paragraph 15(1)(p), excluding (c) 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 (d) any provincial share paid pursuant to an agreement or arrangement made under subparagraph 18(b)(ii), B is the aggregate of (a) the estimated amount of interest calculated in that loan year in respect of outstanding loans referred to in the description of A made under an agreement entered into under section 6.1, at the rate of interest fixed or determined in accordance with subsection 20(2), (b) the amount by which the outstanding principal in respect of all loans referred to in paragraph (a) has been reduced in that loan year in accordance with the regulations, (c) the amount of the outstanding principal and interest in respect of all loans referred to in paragraph (a) for which the borrower’s obligations have terminated in that loan year as a result of the death or disability of the borrower, and (d) the amount of the outstanding principal and interest in respect of all loans referred to in paragraph (a) for which the Minister has commenced collection action in that loan year, minus the amount of the outstanding principal and interest in respect of loans referred to in that paragraph for which the Minister has ended collection action in that loan year due to the occurrence of an event set out in the regulations that resulted in the removal of restrictions to financial assistance, C is the aggregate of all amounts received by or on behalf of Her Majesty in right of Canada in that loan year, including any amount received pursuant to the Financial Administration Act , in respect of loans referred to in the description of A, other than loans made under an agreement entered into under section 6.1, excluding (a) any amounts received 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 (b) any amounts received by or on behalf of Her Majesty in right of Canada in respect of a provincial share paid pursuant to an agreement or arrangement made under subparagraph 18(b)(ii), and D is the aggregate of (a) the amount of interest received by or on behalf of Her Majesty in right of Canada in that loan year in respect of loans referred to in the description of A that were made under an agreement entered into under section 6.1, and (b) any amounts received in that loan year pursuant to collection action taken by the Minister in respect of loans referred to in paragraph (a). ( coût net total du programme ) Exception (7) 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: (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; (b) amounts in relation to programs established by regulations made under paragraph 15(1)(l), (m) or (p); and (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 borr