Conversion of grant into student loan
 22. (1) The Minister may convert all or part of a grant that was issued for a period of study into a student loan if,  (a)  the individual ceases to be enrolled in an approved program of study at an approved institution or ceases taking the minimum required course load within thirty days following the first day of the period of study; (b)  the circumstances of the individual or the individual’s expected contributors have changed resulting in a determination that the individual is no longer eligible to receive a grant or is not entitled to the amount of the grant issued; or (c)  the Minister cannot, to his or her satisfaction, verify with the Canada Revenue Agency or through other means the financial information reported by the individual or the individual’s expected contributors. O. Reg. 70/17, s. 22 (1). (2) With respect to a grant issued for a period of study beginning before August 1, 2019, the conversion of a grant into a student loan in the circumstances described in clause (1) (a) or (b) occurs on the earlier of, (a)  the fifth business day of the sixth month immediately following the month in which the individual ceased to be enrolled in an approved program of study at an approved institution or ceased taking the minimum required course load; and (b)  the fifth business day after the last day of the academic year in which the period of study commenced. O. Reg. 70/17, s. 22 (2); O. Reg. 70/19, s. 2 (1). (3) Despite subsection (2), if the period of study for which the grant was issued starts in one academic year and ends in the next academic year and the individual ceased to be enrolled in an approved program of study at an approved institution or ceased taking the minimum required course load in the second academic year, the conversion occurs on the fifth business day of the month immediately following the month in which the individual ceased to be enrolled in an approved program of study at an approved institution or ceased taking the minimum required course load. O. Reg. 70/17, s. 22 (3). (3.1) With respect to a grant issued for a period of study beginning on or after August 1, 2019, the conversion of a grant into a student loan in the circumstances described in clause (1) (a) or (b) occurs on the fifth business day of the month immediately following the month in which the individual ceased to be enrolled in an approved program of study at an approved institution or ceased taking the minimum required course load. O. Reg. 70/19, s. 2 (2). (4) The conversion of a grant into a student loan in the circumstances described in clause (1) (c) occurs on the first anniversary of the fifth business day of the month immediately following the month in which the individual’s period of study began. O. Reg. 70/17, s. 22 (4). (5) The Minister may cancel or amend the conversion of a grant into a student loan if in his or her opinion there are such other exceptional circumstances of an individual or the individual’s expected contributors. O. Reg. 70/17, s. 22 (5). (6) If part of a grant is converted into a student loan under this section, the remainder of the grant may be subsequently converted into a student loan. O. Reg. 70/17, s. 22 (6). (7) The Minister shall notify an individual of the conversion of any grant issued to the individual into a student loan, and of any cancellation or amendment of a conversion. O. Reg. 70/17, s. 22 (7). (8) If an individual is issued a grant and the grant is subsequently converted into a loan under this section, he or she is required to enter into a consolidated loan agreement under section 28 after the individual ceases to be both a qualifying student and an Ontario Learn and Stay Grant student. O. Reg. 70/17, s. 22 (8); O. Reg. 83/23, s. 7. (9) If, before a conversion described in subsection (4) occurs, the individual enters into a consolidated loan agreement under section 28 or an arrangement is established by the Minister under section 29 that applies to all of the individual’s student loans, then the individual is not required to enter into a further consolidated loan agreement under section 28 with respect to the converted student loan, and section 29 applies to the student loan. O. Reg. 70/17, s. 22 (9). Maintaining Status as a Qualifying Student