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O. Reg. 121/10: Ontario Student Loans made before August 1, 2001

filed April 1, 2010 under Ministry of Training, Colleges and Universities Act, R.S.O. 1990, c. M.19

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ontario regulation 121/10

made under the

Ministry of Training, Colleges and Universities Act

Made: March 29, 2010
Filed: April 1, 2010
Published on e-Laws: April 6, 2010
Printed in The Ontario Gazette: April 17, 2010

Amending Reg. 774 of R.R.O. 1990

(Ontario Student Loans made before August 1, 2001)

1. Section 9.2 of Regulation 774 of the Revised Regulations of Ontario, 1990 is amended by adding the following subsection:

(7.1) An individual who fails to meet the requirements under clauses (6) (a) and (b) within six years of the end of the 12-month period during which the individual received student loans is not entitled to a reduction under this section. 

2. Section 11 of the Regulation is amended by adding the following subsection:

(1.1) The individual must be a Canadian citizen or a permanent resident within the meaning of the Immigration and Refugee Protection Act (Canada).

3. (1) Subsections 16 (3) and (3.1) of the Regulation are revoked and the following substituted:

(3) The rate of interest payable by a borrower pursuant to a consolidated student loan agreement or, if the borrower fails to enter into a consolidated student loan agreement in accordance with section 8, pursuant to a student loan agreement shall,

(a) commence at the prime rate in effect on the first day of the seventh month immediately following the month in which the borrower ceased to be a student, plus one per cent; and

(b) continue at the prime rate plus one per cent in accordance with changes in the prime rate.

(2) Subsection 16 (5) of the Regulation is revoked and the following substituted:

(5) No interest is payable by a student on a student loan in respect of any period while he or she is a student or in respect of the period from the day he or she ceases to be a student to the last day of the sixth month after the month in which he or she ceases to be a student.

4. This Regulation comes into force on the later of August 1, 2010 and the day this Regulation is filed.