Master student financial assistance agreement
 21. (1) The Minister may enter into a master student financial assistance agreement in accordance with this section where an individual applies for a grant or student loan and the Minister is satisfied that the individual is entitled to a grant or student loan and has a notice of assessment. O. Reg. 70/17, s. 21 (1). (2) Where a master student financial assistance agreement has been entered into by an individual, the agreement applies to all grants and student loans received under the Act, except for micro-credential grants and micro-credential student loans, by the individual on or after the date on which the agreement was entered into. O. Reg. 70/17, s. 21 (2); O. Reg. 83/23, s. 6 (1). (3) The terms of a student loan are the terms set out in this section and sections 23 to 35, 49, 50, 57, and 58 and in the master student financial assistance agreement that the individual enters into. O. Reg. 70/17, s. 21 (3). (4) The terms of a grant are the terms set out in this section and sections 22 to 35, 49, 50, 57, and 58 and in the master student financial assistance agreement that the individual enters into. O. Reg. 70/17, s. 21 (4). (5) Subject to subsection (6), the Minister may amend the terms of the master student financial assistance agreement. O. Reg. 70/17, s. 21 (5). (6) Amendments to the terms of the master student financial assistance agreement are subject to both of the following rules: 1.  For the amendments to be valid, the Minister must give notice by posting the amended terms on a website of the Government of Ontario. 2.  The amendments shall only apply to grants and student loans issued for a period of study commencing on or after the August 1 that is immediately after the posting referred to in paragraph 1. O. Reg. 70/17, s. 21 (6). (7) Despite subsection (2), an individual shall enter into a new master student financial assistance agreement if two or more years have elapsed since the individual ceased to be both a qualifying student and an Ontario Learn and Stay Grant student. O. Reg. 83/23, s. 6 (2). (8) A new master student financial assistance agreement entered into under subsection (7) applies to all grants and student loans received under the Act, other than micro-credential grants and micro-credential student loans, on or after the date on which the individual entered into the new master student financial assistance agreement. O. Reg. 83/23, s. 6 (2). (9) If an individual who entered into a master student financial assistance agreement under section 20 of the 2023 Regulation or a master student loan agreement under section 20 of the 2001 Regulation is issued a notice of assessment under this Regulation, the individual’s master student financial assistance agreement or master student loan agreement is deemed to be a master student financial assistance agreement for the purposes of this Regulation if, (a)  the individual has not ceased to be an Ontario Learn and Stay Grant student since the master student financial assistance agreement under section 20 of the 2023 Regulation was entered into or, if the individual has ceased to be an Ontario Learn and Stay Grant student, less than two years have elapsed since the individual ceased to be an Ontario Learn and Stay Grant student; or (b)  the individual has not ceased to be a qualifying student under section 27 of the 2001 Regulation since the master student loan agreement under section 20 of the 2001 Regulation was entered into or, if the individual has ceased to be a qualifying student under the 2001 Regulation, less than two years have elapsed since the individual ceased to be a qualifying student. O. Reg. 83/23, s. 6 (2). Conversion of Grant into Student Loan