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O. Reg. 123/10: Ontario Student Loans made after July 31, 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 123/10

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 O. Reg. 268/01

(Ontario Student Loans made after July 31, 2001)

1. Subsection 5 (2) of Ontario Regulation 268/01 is amended by striking out “program of study taught in American Sign Language” and substituting “program of study taught in American Sign Language (ASL) or Quebec Sign Language (QSL)”.

2. Clause 7 (3) (b) of the Regulation is amended by striking out “American Sign Language (ASL)” at the end and substituting “American Sign Language (ASL) or Quebec Sign Language (QSL)”.

3. Subsection 13 (3) of the Regulation is revoked and the following substituted:

(3) The Minister shall not have regard to the following benefits received by an individual in determining the individual’s financial resources under subsection (2):

1. The Universal Child Care Benefit.

2. The Ontario Child Benefit.

3. The Canada Child Tax Benefit.

4. The Ontario Child Benefit Equivalent.

5. A housing allowance or financial supplement received under the Rental Opportunities for Ontario Families Program.

4. Subsection 15 (3) of the Regulation is revoked and the following substituted:

(3) The Minister shall not issue a certificate of loan approval to an individual who,

(a) was granted, under section 40.2 or under section 9.4 of Regulation 774 of the Revised Regulations of Ontario, 1990 (Ontario Student Loans made before August 1, 2001) made under the Act, a reduction of the principal amount outstanding under a consolidated loan agreement respecting a previous period of study; and

(b) has not repaid all amounts due under that agreement.

5. Section 24 of the Regulation is amended by adding the following subsection:

(1.1)  The individual must continue to meet the requirements of clause 5 (1) (a).

6. Subsection 30 (1) of the Regulation is amended by striking out “until the last day of the month in which he or she ceases to be a qualifying student” at the end and substituting “until the first day of the seventh month immediately following the month in which the individual ceased to be a qualifying student”.

7. Section 31 of the Regulation is amended by adding the following subsection:

(3) The obligation to repay a student loan terminates upon the death of the borrower.

8. (1) Subsection 33 (1) of the Regulation is revoked and the following substituted:

(1) This section applies if an individual receives (and is entitled to receive) student loans under the Act or loans under the Canada Student Financial Assistance Act for at least two academic terms during a 12-month period that begins on or after August 1, 2001.

(2) Subsection 33 (2) of the Regulation is amended by striking out the portion before the formula and substituting the following:

(2) In the case of a 12-month period that begins on or after August 1, 2001 but before August 1, 2010, after the 12-month period expires, the principal amount of the loans given to the individual for all academic terms that began during the period is reduced by the amount, if any, greater than zero that is calculated using the formula,

(3) Section 33 of the Regulation is amended by adding the following subsection:

(4.1) In the case of a 12-month period that begins on or after August 1, 2010, after the 12-month period expires, the principal amount of the loans given to the individual for all academic terms that began during the period is reduced by the amount, if any, greater than zero that is calculated using the formula,

(A + B) – ($3,650 × C)

in which,

  “A” is the total principal amount of the student loans that the individual received and was entitled to receive under the Act for all academic terms that began during the 12-month period,

  “B” is the total principal amount of the loans that the individual received and was entitled to receive under the Canada Student Financial Assistance Act for all academic terms that began during the 12-month period, and

  “C” is the number of academic terms that began during the 12-month period and in respect of which the individual received a student loan under the Act or a loan under the Canada Student Financial Assistance Act.

(4) Subsection 33 (5) of the Regulation is amended by striking out “subsections (2) and (3)” at the end and substituting “subsections (2), (3) and (4.1)”.

(5) Subsection 33 (8) of the Regulation is amended by striking out “Despite subsections (1) and (2)” at the beginning and substituting “Despite subsections (1), (2) and (4.1)”.

(6) Section 33 of the Regulation is amended by adding the following subsection:

(9.1) An individual who fails to meet the requirements under clauses (8) (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. 

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