1994, c. 28 Canada Student Financial Assistance Act 1 (1) Subparagraphs 5(a)(i) and (ii) of the  Canada Student Financial Assistance Act  are repealed. (2) Subparagraph 5(a)(iii) of the Act is replaced by the following: (iii) amounts in respect of  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, (3) Subparagraph 5(a)(vii) of the Act is replaced by the following: (vii) the  adjusted  amount  in respect of a student loan, where an inadvertent error concerning the amount to be repaid is made by the lender in drawing up the consolidated student loan agreement or the student loan agreement, (4) Paragraph 5(d) of the Act is repealed. 2 (1) Paragraph 6.2(1)(c) of the Act is repealed. (2) Subsection 6.2(2) of the Act is replaced by the following: Receipt and Deposit of Public Money Regulations, 1997 (2) Despite section 3 of the  Receipt and Deposit of Public Money Regulations, 1997 , the portion of the money that is public money and is collected or received electronically by a service provider that has entered into an agreement under subsection (1) as repayment of financial assistance or repayment of a  guaranteed student loan , as defined in subsection 2(1) of the  Canada Student Loans Act , 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 . 3 The heading before section 7 and sections 7 to 9.1 of the Act are replaced by the following: Interest and Deferral  Period No interest 7 (1) No interest is payable by a borrower on a student loan in respect of any period of studies,  whether  the borrower is a full-time or part-time student. No fees (2) No fee of any kind may be charged to a borrower on a student loan in respect of any period of studies. Payment deferred for full-time students 8 (1) Subject to the regulations, no amount 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. Payment deferred for part-time students (2) Subject to the regulations, no amount 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. 4 (1) The description of B in the definition  net costs  in subsection 14(6) of the Act is replaced by the following: B is the estimated aggregate of (a) the amount by which the outstanding amount in respect of all loans referred to in  the  description  of A  has been reduced in that loan year in accordance with the regulations, (b) the amount outstanding in respect of all loans referred to in  the description of 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 (c) the amount outstanding in respect of all loans referred to in  the description of A  for which the Minister has commenced collection action in that loan year, minus the amount outstanding in respect of loans referred to in that  description  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, (2) The description of D in the definition  net costs  in subsection 14(6) of the Act is replaced by the following: D is the estimated aggregate of any amounts received in that loan year pursuant to collection action taken by the Minister in respect of loans referred to in  the description of A . ( coût net ) 5 (1) The description of B in the definition  total program net costs  in subsection 14(6) of the Act is replaced by the following: B is the aggregate of (a) the amount by which the outstanding  amount  in respect of all loans referred to in  the description of A  has been reduced in that loan year in accordance with the regulations, (b) the amount outstanding in respect of all loans referred to in  the description of 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 (c) the amount outstanding in respect of all loans referred to in  the description of A  for which the Minister has commenced collection action in that loan year, minus the amount outstanding in respect of loans referred to in that  description  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, (2) The description of D in the definition  total program net costs  in subsection 14(6) of the Act is replaced by the following: D is the aggregate of any amounts received in that loan year pursuant to collection action taken by the Minister in respect of loans referred to in  the description of A . ( coût net total du programme ) 6 (1) Paragraphs 14(7)(a) and (b) of the Act are replaced by the following: (a) amounts that are determined as a result of the application of subparagraph 5(a)(viii) or section 10 or 11; (b) amounts in relation to programs established by regulations made under paragraph 15(1)(l), (m) or (p);  (2) Paragraph 14(7)(d) of the Act is repealed. 7 (1) Paragraphs 15(1)(f) and (f.1) of the Act are replaced by the following: (f) prescribing the maximum number of weeks or periods of studies that may elapse after which,  despite  anything in this Act, the amount of a student loan made to a full-time student  commences  to be payable by the borrower; (f.1) respecting the circumstances in which an amount is not required to be paid in respect of student loans; (2) Paragraphs 15(1)(i) to (k.3) of the Act are replaced by the following: (i) prescribing the circumstances under which a loan or a certificate of eligibility may be denied to a student; (j) prescribing student loans to which section 8, 10 or 11 or subsection 12(4) applies; (k) respecting the circumstances in which no
amount is required to be paid by members of the reserve
force in respect of their student loans; (3) Paragraphs 15(1)(m) and (n) of the Act are replaced by the following: (m) despite  any other provision of this Act, providing for the operation of a student loan program for part-time students, including the determination of a student’s status, terms of repayment of the loans, the advancement of loan funds and the maximum number of weeks or periods of studies that may elapse after which the loans commence to be payable by the borrowers; 8 Section 16.01 of the Act is replaced by the following: Right of recovery by Minister 16.01 A student loan that is made to a borrower who is not of full age under an agreement entered into under section 6.1 is recoverable by the Minister from the borrower as though the borrower had been of full age at the time the agreement was entered into. 9 (1)  Paragraph 17.1(1)(b) of the Act is repealed. (2) Paragraphs 17.1(1)(c) and (d) of the Act are replaced by the following: (c) deny the person the deferral of payments under section 8 for a prescribed period, or terminate the deferral; (3) Paragraph 17.1(1)(f) of the Act is repealed. 10 Subsection 20(2) of the Act is repealed. R.S., c. S-23 Canada Student Loans Act  11 Section 4 of the  Canada Student Loans Act  and the heading before it are replaced by the following: Interest  and Deferral Period No Interest 4 No interest is payable by a borrower on a guaranteed student loan made on or after
August 1, 1993 in respect of any period of studies,  whether  the borrower is a full-time or  a part-time  student.
 12 Sections 5 to 5.2 of the Act are replaced by the following: Payment deferred 5 Subject to the regulations, no amount in respect of a guaranteed student loan made to a full-time  or 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. 13 Section 6 of the Act is repealed. 14 (1) Paragraph 7(d) of the Act is replaced by the following: (d) no fee, service charge or charge of any kind was by the terms of the loan payable in respect of the loan, except as provided in the regulations in any case where the borrower is in default; (2) Subparagraphs 7(e)(i) and (ii) of the Act are replaced by the following: (i) in the case of a loan made to a full-time student, subject to the regulations, in accordance with practices of the lender in respect of repayment, subject to the right of the borrower to repay at any time all or any part of the amount of the loan outstanding at that time, and (ii) in the case of a loan made to a part-time student, within a period of not more than two years after the loan was made, subject to the right of the borrower to repay at any time all or any part of the amount of the loan outstanding at that time; and (3) Paragraph 7(f) of the Act is replaced by the following: (f) the loan was made in accordance with an agreement in prescribed form between the borrower and the lender making the loan, containing provisions respecting payment of the amount of the loan by the borrower as described in section 5 and  any  other prescribed provisions. 15 Section 7.1 of the Act is replaced by the following: Payments in respect of errors 7.1 Subject to the regulations, the Minister may pay to a lender the amount of the loss sustained by it as a result of a loan made to a qualifying student if an error concerning the amount to be repaid was made by the lender in drawing up the agreement for the loan and the Minister considers that the error was inadvertent and that the loss was not affected by the error. 16 The heading before section 10 and sections 10 and 11 of the Act are repealed. 17 (1) Subsection 12(1) of the Act is replaced by the following: Death of borrower 12 (1) All obligations of a borrower in respect of a guaranteed student loan terminate if the borrower dies, and the Minister shall pay to any lender whose rights against the borrower are terminated under this section the amount determined in the prescribed manner to have been payable by the borrower on the day of the borrower’s death. (2) Subsection 12(2) of the French version of the Act is replaced by the following: Décès non signalé (2) Toutefois, si le prêteur n’est pas averti du décès dans les trente jours qui suivent la date de celui-ci, le ministre paie au prêteur la somme, déterminée conformément aux règlements, qui est exigible à la date qu’il fixe conformément aux règlements. (3) Subsection 12(3) of the Act is replaced by the following: Disappearance of borrower (3) If a borrower disappears under circumstances that, in the opinion of the Minister, raise a presumption that the borrower is dead, then all the borrower’s obligations in respect of a guaranteed student loan terminate on the day on which the Minister forms that opinion, and the Minister shall pay to any lender whose rights against the borrower are terminated under this subsection the amount determined in the prescribed manner to have been payable by the borrower on a day that is fixed by the Minister in accordance with the regulations. (4) Subsection 12(5) of the English version of the Act is replaced by the following: Date fixed is after this subsection comes into force (5) However, if the Minister fixes a day under subsection (2) — as it read immediately before this subsection comes into force — that is later than the day on which this subsection comes into force, then the day that is fixed is the day on which the amount is determined in the prescribed manner to be payable under subsection (2) or (3). 18 Subsection 13(1) of the Act is replaced by the following: Severe permanent disability 13 (1) If the Minister is satisfied, on the basis of prescribed information provided by or on behalf of a borrower, that the borrower, by reason of severe permanent disability, is unable to repay a guaranteed student loan and will never be able to repay it, all rights of any lender against the borrower in respect of that guaranteed student loan terminate, and the Minister shall pay to any lender whose rights against a borrower are terminated under this section the amount determined in the prescribed manner to have been payable by the borrower at the time the borrower provided the Minister with the information required under this section. 19 (1) Subparagraph 16(2)(a)(i) of the Act is replaced by the following: (i) subject to subsection (3), the aggregate of all amounts paid by the Minister in that loan year to lenders pursuant to sections 7, 8, 12 and 13, and to collection agencies, in respect of guaranteed student loans made pursuant to certificates of eligibility issued or caused to be issued by the appropriate authorities for participating provinces that issued or caused to be issued such certificates in that loan year, minus all amounts collected by or on behalf of His Majesty in that loan year in respect of those loans, (2) Subsection 16(3) of the Act is replaced by the following: Exception (3) The amounts described in subparagraph (2)(a)(i) that were paid or collected in respect of a loan made to a part-time student shall be included in the calculation set out in subparagraph (2)(a)(i) only if the government of the province satisfies the Minister that the provincial student loan plan includes provisions having substantially the same effect as the provisions of this Act relating to loans to part-time students. (3) Paragraph (a) of the definition  net costs  in subsection 16(6) of the Act is replaced by the following: (a) the estimated aggregate of all amounts paid by the Minister in that loan year to lenders pursuant to sections 7, 8, 12 and 13, and to collection agencies, in respect of 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 (4) Paragraph (a) of the definition  total program net costs  in subsection 16(6) of the Act is replaced by the following: (a) the aggregate of all amounts paid by the Minister in that loan year to lenders pursuant to sections 7, 8, 12 and 13, and to collection agencies, in respect of 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 (5) Subsection 16(7) of the Act is replaced by the following: Exception (7) The amounts described in paragraphs (a) and (b) of the definition  net costs  in subsection (6) that were paid or received in respect of a loan made to a part-time student shall be included in the calculation described in that definition only if the government of the province satisfies the Minister that the provincial student loan plan includes provisions having substantially the same effect as the provisions of this Act relating to loans to part-time students. 20 (1) Paragraphs 17(e) and (f) of the Act are repealed. (2) Paragraph 17(g) of the Act is replaced by the following: (g) prescribing, in the event of default in the repayment of a guaranteed student loan, the measures to be taken by the lender and the procedures to be followed for the collection of the amount of the loan outstanding; (3) Paragraphs 17(k) and (k.1) of the Act are replaced by the following: (k) prescribing the maximum number of periods of studies that may elapse after which,  despite  anything in this Act, the amount of a guaranteed student loan made to a full-time student shall commence to be payable by the borrower; (k.1) respecting the circumstances in which an amount is not required to be paid in respect of guaranteed student loans; (4) Paragraph 17(m) of the Act is replaced by the following: (m) prescribing circumstances, related to the conduct of a student in obtaining or repaying a guaranteed student loan, under which a new loan may be denied to a student; (5) Paragraph 17(s.1) of the Act is repealed.  (6) Paragraphs 17(s.2) and (s.3) of the Act are replaced by the following: (s.2) respecting the circumstances in which no amount is required to be paid by members of the reserve force in respect of their guaranteed student loans; 21 (1) Paragraph 18.1(1)(a) of the Act is repealed. (2) Paragraphs 18.1(1)(b) and (c) of the Act are replaced by the following: (b) deny the person the deferral of payments under section 5 for a prescribed period, or terminate the deferral; 22 Section 19 of the Act is replaced by the following: Right of recovery by lender 19 A guaranteed student loan made by a lender to a borrower not of full age is recoverable by the lender from the borrower as though the borrower had been of full age at the time the loan was made. 2014, c. 20, s. 483 Apprentice Loans Act 23 Subsection 5(2) of the  Apprentice Loans Act  is replaced by the following: Receipt and Deposit of Public Money Regulations, 1997 (2) Despite section 3 of the  Receipt and Deposit of Public Money Regulations, 1997 , the portion of the money that is public money and is collected or received electronically by a service provider that has entered into an agreement under subsection (1) as repayment of an apprentice loan must be paid to the credit of the Receiver General by depositing it, within two business days after the day on which it is collected or received, in an account established under subsection 17(2) of the  Financial Administration Act . 24 Section 8 of the Act and the heading before it are replaced by the following: No  Interest and Deferral  Period No Interest 8 (1) No interest is payable by a borrower on an apprentice loan. Deferral period (2) No amount in respect of an apprentice loan is required to be paid by the borrower until the end of the prescribed period. 25 (1) Paragraph 12(1)(f) of the Act is repealed. (2) Paragraph 12(1)(g) of the Act is replaced by the following: (g) prescribing the circumstances under which an apprentice loan may be denied to an eligible apprentice; (3) Paragraph 12(1)(i) of the Act is replaced by the following: (i) prescribing the maximum period that may elapse after which, despite anything in this Act, the amount of an apprentice loan begins to be payable by the borrower; (4) Paragraph 12(1)(k) of the Act is repealed 26 Section 14 of the Act is replaced by the following: Right of recovery by Minister 14 An apprentice loan that is made to a borrower who is not of full age  is  recoverable by the Minister from the borrower as though the borrower had been of full age at the time the agreement was entered into. Transitional Provision 27 The  Canada Student Financial Assistance Act , the  Canada Student Loans Act , the  Apprentice Loans Act  and the regulations made under those Acts, as they read immediately before the day on which this Act comes into force, continue to apply in respect of principal and interest on a student loan or an apprentice loan that were payable by a borrower before that day until the borrower has repaid them.