O. Reg. 221/18: ONTARIO STUDENT GRANTS AND ONTARIO STUDENT LOANS
filed April 6, 2018 under Ministry of Training, Colleges and Universities Act, R.S.O. 1990, c. M.19Skip to content
ontario regulation 221/18
made under the
Ministry of Training, Colleges and Universities Act
Made: March 27, 2018
Filed: April 6, 2018
Published on e-Laws: April 9, 2018
Printed in The Ontario Gazette: April 21, 2018
Amending O. Reg. 70/17
(ONTARIO STUDENT GRANTS AND ONTARIO STUDENT LOANS)
1. Ontario Regulation 70/17 is amended by adding the following section:
Grant or loan directed to institution
20.1 (1) The Minister may direct all or part of an individual’s grant or student loan for a period of study to an approved institution to apply toward any amounts listed in subsection (2) that the individual owes to the institution if,
(a) the period of study commences on or after August 1, 2019 and the individual is eligible to receive a grant or loan for the period of study; and
(b) the institution requests the direction in a manner approved by the Minister.
(2) For the purposes of subsection (1), the amounts are,
(a) tuition and other compulsory fees;
(b) repayments for emergency loans made by the institution to the individual;
(c) deferred fees;
(d) residence fees pursuant to an agreement between the individual and the institution; and
(e) other fees that the individual has authorized the institution to collect.
2. (1) The definition of “rehabilitation period” in section 51 of the Regulation is revoked and the following substituted:
“rehabilitation period” means the period, as determined under subsection 52 (4), over which a student loan is to be rehabilitated; (“période de régularisation”)
(2) Section 51 of the Regulation is amended by adding the following definition:
“total rehabilitation payment” means the payment determined under subsection 52 (3). (“versement total de régularisation”)
3. Subsections 52 (3) and (4) of the Regulation are revoked and the following substituted:
(3) The payment schedule shall include,
(a) the amount of the total rehabilitation payment required to rehabilitate the loan, which is equal to
(A × 2) + B
“A” is the monthly amount calculated by amortizing the outstanding principal over 114 months at an interest rate equal to the prime rate as of the date of application plus one per cent, and
“B” is the amount of interest in arrears as of the date of the application; and
(b) the amount of the monthly rehabilitation payments required to satisfy the total rehabilitation payment if paid over a period of two, three, four, five or six months.
(4) An individual who receives a payment schedule described in subsection (3) determines the rehabilitation period by selecting whether to make monthly rehabilitation payments over two, three, four, five or six months, and shall make the monthly rehabilitation payments, in accordance with the payment schedule, on or before the end of the number of months selected.
4. (1) Paragraph 3 of subsection 54 (1) of the Regulation is amended by striking out “the total of six monthly rehabilitation payments” and substituting “the total rehabilitation payment”.
(2) Clause 54 (3) (b) of the Regulation is amended by striking out “the total of six monthly rehabilitation payments” in the portion before subclause (i) and substituting “the total rehabilitation payment”.
5. (1) Subject to subsection (2), this Regulation comes into force on the day it is filed.
(2) Sections 2, 3, and 4 come into force on the later of August 1, 2018 and the day this Regulation is filed.