Ontario Student Opportunity Grant
 33. (1) This section applies if an individual receives (and is entitled to receive) student loans under this Regulation or loans under the Canada Student Financial Assistance Act for at least two academic terms during a 12-month period that begins on or after August 1, 2001 but before August 1, 2017. O. Reg. 72/17, s. 18 (1). (1.1) Despite subsection (1), this section does not apply in respect of student loans that have been successfully rehabilitated under section 42.5 of this Regulation, as it read on March 9, 2017, or section 54 of the 2017 Regulation. O. Reg. 72/17, s. 18 (1). (2) In the case of a 12-month period that begins on or after August 1, 2001 but before August 1, 2010, after the 12-month period expires, the principal amount of the loans given to the individual for all academic terms that began during the period is reduced by the amount, if any, greater than zero that is calculated using the formula, (A + B) – ($3,500 × C) in which, “A” is the total principal amount of the student loans that the individual received and was entitled to receive under this Regulation for all academic terms that began during the 12-month period, “B” is the total principal amount of the loans that the individual received and was entitled to receive under the
Canada Student Financial Assistance Act for all academic terms that began during the 12-month period, and “C” is the number of academic terms that began during the 12-month period and in respect of which the individual received a student loan under this Regulation or a loan under the Canada Student Financial Assistance Act. O. Reg. 268/01, s. 33 (2); O. Reg. 119/07, s. 22 (1); O. Reg. 123/10, s. 8 (2); O. Reg. 72/17, s. 18 (2, 3). (3) Despite subsection (2) and subject to subsection (4), if the individual described in that subsection is granted a scholarship under subsection 27 (1) of the Budget Implementation Act, 1998
(Canada) for one or more of the academic terms that begin during the 12-month period, the principal amount of the student loans given to the individual for all academic terms that begin during that period is reduced by the amount that is the greater of, (a) $25; or (b) the amount calculated by adding $500 to the amount calculated in accordance with the formula set out in subsection (2).  O. Reg. 268/01, s. 33 (3). (4) Subsection (3) does not apply if the amount calculated under clause (3) (b) is less than zero.  O. Reg. 268/01, s. 33 (4). (4.1) In the case of a 12-month period that begins on or after August 1, 2010 but before August 1, 2015, after the 12-month period expires, the principal amount of the loans given to the individual for all academic terms that began during the period is reduced by the amount, if any, greater than zero that is calculated using the formula, (A + B) – ($3,650 × C) in which, “A” is the total principal amount of the student loans that the individual received and was entitled to receive under this Regulation for all academic terms that began during the 12-month period, “B” is the total principal amount of the loans that the individual received and was entitled to receive under the
Canada Student Financial Assistance Act for all academic terms that began during the 12-month period, and “C” is the number of academic terms that began during the 12-month period and in respect of which the individual received a student loan under this Regulation or a loan under the Canada Student Financial Assistance Act. O. Reg. 123/10, s. 8 (3); O. Reg. 254/14, s. 7 (2); O. Reg. 72/17, s. 18 (4, 5). (4.2) In the case of a 12-month period that begins on or after August 1, 2015 but before August 1, 2017, after the 12-month period expires, the principal amount of the loans given to the individual for all academic terms that began during the period is reduced by the amount, if any, greater than zero that is calculated using the formula, (A + B) – (C × D) in which, “A” is the total principal amount of the student loans that the individual received and was entitled to receive under this Regulation for all academic terms that began during the 12-month period, “B” is the total principal amount of the loans that the individual received and was entitled to receive under the
Canada Student Financial Assistance Act for all academic terms that began during the 12-month period, “C” is the number of academic terms that began during the 12-month period and in respect of which the individual received a student loan under this Regulation or a loan under the Canada Student Financial Assistance Act, and “D” is the amount calculated under subsection (4.3). O. Reg. 254/14, s. 7 (3); O. Reg. 72/17, s. 18 (6-8). (4.3) The variable “D” in subsection (4.2) is the amount calculated using the formula, (E + F) × G × 0.6 in which, “E” is the maximum weekly amount of a loan for a single student for the academic year, as calculated under section 17, “F” is the maximum weekly amount of a federal student loan for a single student for the academic year, and “G” is 17 weeks, which is the typical length of one academic term. O. Reg. 254/14, s. 7 (3); O. Reg. 72/17, s. 18 (9). (4.4) If the amount calculated under subsection (4.3) is not a multiple of $50, the amount shall be rounded up or down to the nearest amount that is a multiple of $50. O. Reg. 254/14, s. 7 (3). (5) If the individual withdrew or was expelled from one or more academic terms during the 12-month period before completing the term, the term is not considered for the purposes of this section and any loan or scholarship the individual received for the term must not be included in the calculations under subsections (2), (3), (4.1) and (4.2).  O. Reg. 268/01, s. 33 (5); O. Reg. 123/10, s. 8 (4); O. Reg. 254/14, s. 7 (4). (6) The Minister may determine that subsection (5) does not apply with respect to an individual’s academic term, after the Minister considers the particular facts and the special circumstances of the individual.  O. Reg. 268/01, s. 33 (6). (7) For the purposes of this section, the number of academic terms during a 12-month period is determined using the following Table, and is based on the number of weeks during the 12-month period in which the individual is enrolled in an approved program of study at an approved institution. table Number of Weeks of Enrolment   Number of Academic Terms 

  Less than 12 weeks   0 

  12 weeks or more, up to 21 weeks   1 

  21 weeks or more, up to 41 weeks   2 

  41 weeks or more, up to and including 52 weeks   3 O. Reg. 268/01, s. 33 (7); O. Reg. 119/07, s. 22 (2). (8) Despite subsections (1), (2), (4.1) and (4.2), the principal amount of student loans given to an individual for all academic terms that begin during the 12-month period shall not be reduced under this section until, (a) the individual and his or her expected contributors file with the Canada Revenue Agency an income tax return with respect to the period in question; and (b) the Minister has verified with the Canada Revenue Agency the financial information provided by the individual and his or her expected contributors in the individual’s application for a certificate of loan approval for that period. O. Reg. 168/04, s. 19 (2); O. Reg. 123/10, s. 8 (5); O. Reg. 254/14, s. 7 (5). (9) Despite anything in this section, an individual shall not receive a reduction in the principal amount owing on his or her student loans under this section if he or she, (a) was granted repayment assistance at the debt reduction stage in respect of the student loans under sections 36 to 47 of the 2017 Regulation or under sections 35 to 40.7 of this Regulation, as those sections read on March 9, 2017, and he or she is not an individual described in clause (b); (b) has a permanent disability and was granted repayment assistance at the debt reduction stage in respect of the student loans under sections 36 to 47 of the 2017 Regulation or under sections 35 to 40.7 of this Regulation, as those sections read on March 9, 2017, and at least 60 months has elapsed since he or she last was a qualifying student; or (c) was granted a reduction of the amount outstanding under the student loans under section 40.2 of this Regulation, as it read on October 31, 2010 or under section 9.4 of the pre-2001 Regulation, as it read on October 31, 2010. O. Reg. 333/10, s. 14; O. Reg. 72/17, s. 18 (10). (9.1) An individual who fails to meet the requirements under clauses (8) (a) and (b) within six years of the end of the 12-month period during which the individual received student loans is not entitled to a reduction under this section.  O. Reg. 123/10, s. 8 (6). (9.2) After the Minister considers the particular facts and the special circumstances of an individual and his or her expected contributors, if any, the Minister may determine that clauses (8) (a) and (b) do not apply with respect to the individual or his or her expected contributors. O. Reg. 280/13, s. 4. (10) An individual who, before May 11, 2004, became a bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada) or entered into a recognized arrangement for debt settlement shall not be entitled to a reduction under this section of any principal amount of a student loan received by the individual that was outstanding at the time the bankruptcy occurred or the arrangement was entered into.  O. Reg. 168/04, s. 19 (2). (11) In this section, “federal student loan” means a loan made by the Government of Canada under the Canada Student Financial Assistance Act  or the Canada Student Loans Act. O. Reg. 72/17, s. 18 (11).