O. Reg. 345/16: PRESCRIBED FINANCIAL INSTITUTIONS AND ONTARIO STUDENT LOANS MADE AFTER JULY 31, 2001

Français

ontario regulation 345/16

made under the

Ministry of Training, Colleges and Universities Act

Made: October 5, 2016
Filed: October 18, 2016
Published on e-Laws: October 18, 2016
Printed in The Ontario Gazette: November 5, 2016

Amending O. Reg. 268/01

(PRESCRIBED FINANCIAL INSTITUTIONS AND ONTARIO STUDENT LOANS MADE AFTER JULY 31, 2001)

1. (1) Section 40 of Ontario Regulation 268/01 is amended by adding the following subsection:

(1.1) For the purposes of this section,

(a) Table 2 applies if the repayment assistance period commences on or after November 1, 2016 or if the application for repayment assistance is received on or after November 1, 2016; and

(b) Table 1 applies in all other cases.

Table 1
Threshold amount for Family Income: before November 1, 2016

Column 1 Number of Family Members	Column 2 Threshold Amount
1	$1,684
2	$2,631
3	$3,399
4	$4,009
5 or more	$4,569

 

Table 2
Threshold amount for Family Income: on and After November 1, 2016

Column 1 Number of Family Members	Column 2 Threshold Amount
1	$2,083
2	$3,254
3	$4,205
4	$4,959
5 or more	$5,652

 

(2) Subsection 40 (2) of the Regulation is amended by striking out “Column 2 to the Table to this subsection” and substituting “Column 2 of Table 1 or Table 2 to subsection (1.1)”.

(3) The Table to subsection 40 (2) of the Regulation is revoked.

(4) Subsection 40 (3) of the Regulation is amended by striking out “Column 2 to the Table to subsection (2)” in the portion before clause (a) and substituting “Column 2 of Table 1 or Table 2 to subsection (1.1)”.

(5) The definition of “B” in clause 40 (3) (b) of the Regulation is amended by striking out “Column 2 to the Table to subsection (2)” and substituting “Column 2 of Table 1 or Table 2 to subsection (1.1)”.

2. Subsection 40.2 (1) of the Regulation is revoked and the following substituted:

(1) If a borrower is granted repayment assistance, the six-month repayment assistance period shall commence,

(a) at the beginning of the month in which the application for repayment assistance is received by the service provider; or

(b) at the beginning of the month following the month described in clause (a), if the application for repayment assistance is received by the service provider in,

(i) the month immediately before the individual is required under subsection 30 (1), 30.1 (1) or 30.3 (1) to start paying interest under a student loan agreement, a master student loan agreement or a consolidated loan agreement, or

(ii) the last month of the most recent repayment assistance period.

Commencement

3. This Regulation comes into force on the later of November 1, 2016 and the day it is filed.

 

Français