O. Reg. 72/19: ONTARIO STUDENT LOANS MADE BEFORE AUGUST 1, 2001
filed April 12, 2019 under Ministry of Training, Colleges and Universities Act, R.S.O. 1990, c. M.19
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made under the
Ministry of Training, Colleges and Universities Act
Made: April 11, 2019
Filed: April 12, 2019
Published on e-Laws: April 12, 2019
Printed in The Ontario Gazette: April 27, 2019
Amending Reg. 774 of R.R.O. 1990
(ONTARIO STUDENT LOANS MADE BEFORE AUGUST 1, 2001)
1. (1) Subsection 16 (3) of the Revised Regulations of Ontario, 1990 is revoked and the following substituted:
(3) The rate of interest payable on any day 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 is the prime rate on that day plus 1 per cent.
(2) Subsection 16 (5) of the Regulation is revoked and the following substituted:
(5) A student is not required to make payments towards interest on a student loan,
(a) in respect of any period while he or she is a student; or
(b) in respect of the period in which the interest is accruing 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.
2. Subsection 16.1 (1) of the Regulation is amended by striking out “pay interest” and substituting “make payments toward the interest accruing”.
3. Subsection 16.3 (1) of the Regulation is amended by striking out “pay interest” in the portion before clause (a) and substituting “make payments toward the interest accruing”.
Commencement
4. This Regulation comes into force on the later of September 1, 2019 and the day it is filed.