ONTARIO REGULATION 401/00
made under the
Ministry of Colleges and
Universities Act
Made: June 21, 2000
Filed: June 26, 2000
Amending Reg. 774 of R.R.O. 1990
(Ontario Student Loans)
Note: Since the end of 1998, Regulation 774 has been amended by Ontario Regulation 86/00. Previous amendments are listed in the Table of Regulations in the Statutes of Ontario, 1998.
1. (1) Section 9.2 of Regulation 774 of the Revised Regulations of Ontario, 1990 is amended by adding the following subsections:
(1.1) Despite subsection (1), if a borrower received and was entitled to receive loans under this Regulation or the Canada Student Financial Assistance Act for at least two academic terms, each of which began in the 12–month period that began on August 1, 1999, and the borrower was granted a scholarship under subsection 27 (1) of the Budget Implementation Act, 1998 (Canada) for one or more academic terms that began in that 12–month period, the total principal amount owing on the borrower’s student loans in respect of the academic terms that began during that 12–month period shall be reduced by the amount calculated in accordance with the following formula:
A = ((B + C – D) – ($3,500 × E)) + $500
where,
A = the amount of the reduction,
B = the total principal amount of the loans that the borrower received and was entitled to receive under this Regulation in respect of academic terms that began in the 12–month period,
C = the total principal amount of the loans that the borrower received and was entitled to receive under the Canada Student Financial Assistance Act in respect of academic terms that began in the 12–month period,
D = the amount of the scholarship that the borrower was granted under subsection 27 (1) of the Budget Implementation Act, 1998 (Canada) in respect of academic terms that began in the 12–month period,
E = the number of academic terms in respect of which the borrower received loans under this Regulation or the Canada Student Financial Assistance Act in respect of academic terms that began in the 12–month period.
(1.2) If the borrower was granted a scholarship under subsection 27 (1) of the Budget Implementation Act, 1998 (Canada) for one or more academic terms that began in the 12–month period beginning on August 1, 1999 and the amount of the reduction calculated in accordance with the formula set out in subsection (1.1) is greater than zero but less than $25, the amount of the reduction required by subsection (1.1) in respect of the academic terms that began during that 12–month period shall be deemed to be $25.
(2) Subsection 9.2 (2) of the Regulation is amended by,
(a) striking out “Subsection (1) does not apply” at the beginning and substituting “Subsections (1) and (1.1) do not apply”; and
(b) striking out “subsection (1) should apply” at the end and substituting “subsection (1) or (1.1) should apply”.
(3) Subsection 9.2 (3) of the Regulation is revoked and the following substituted:
(3) Subsection (1) or (1.1) applies only if the amount of the reduction required by that subsection is greater than zero.
(4) Subsection 9.2 (4) of the Regulation is amended by striking out “subsection (1)” and substituting “subsection (1) or (1.1)”.
2. Subsection 12 (5) of the Regulation is amended by striking out “on more than three occasions” and substituting “on more than five occasions”.
3. (1) Subject to subsection (2), this Regulation comes into force on the day it is filed.
(2) Section 2 comes into force on August 1, 2000.