P-21 - Student Loans and Scholarships Act

Section 5 Disposition versions

1989-07-01

5. The Government is authorized to pay to any credit institution which has made an approved loan the interest on the balance of such loan at the rate fixed by the regulations, as long as the borrower is a student unless the certificate indicates that the interest is payable by the student during the course of his studies.

For the purposes of the preceding paragraph, a borrower who terminates his studies before 1 July in any year shall be deemed to remain a student until 31 December of the same year; a student who terminates his studies after 1 July in one year shall be deemed to remain a student until 30 June of the following year.

For the purposes of this section, the word “student” includes any person who has formerly received a loan under this Act and who is enrolled on a full-time basis in a secondary school within the meaning of the Education Act (chapter I-13.3) an of the Education Act for Cree, Inuit and Naskapi Native Persons (chapter I-14) or in an institution governed by the Act respecting private education (chapter E-9) providing general or vocational education at the secondary level.

1966-67, c. 70, s. 5; 1976, c. 37, s. 3; 1977, c. 5, s. 14; 1985, c. 30, s. 68; 1988, c. 84, s. 698.

1985-06-20

5. The Government is authorized to pay to any credit institution which has made an approved loan the interest on the balance of such loan at the rate fixed by the regulations, as long as the borrower is a student unless the certificate indicates that the interest is payable by the student during the course of his studies.

For the purposes of the preceding paragraph, a borrower who terminates his studies before 1 July in any year shall be deemed to remain a student until 31 December of the same year; a student who terminates his studies after 1 July in one year shall be deemed to remain a student until 30 June of the following year.

For the purposes of this section, the word “student” includes any person who has formerly received a loan under this Act and who is enrolled on a full-time basis in a secondary school within the meaning of the Education Act (chapter I-14) or in an institution governed by the Act respecting private education (chapter E-9) providing general or vocational education at the secondary level.

1966-67, c. 70, s. 5; 1976, c. 37, s. 3; 1977, c. 5, s. 14; 1985, c. 30, s. 68.

1977-12-31

5. The Government is authorized to pay to any credit institution which has made an approved loan the interest on the balance of such loan at the rate fixed by the regulations, as long as the borrower is a student unless the certificate indicates that the interest is payable by the student during the course of his studies.

For the purposes of the preceding paragraph, a borrower who terminates his studies before 1 July in any year shall be deemed to remain a student until 31 December of the same year; a student who terminates his studies after 1 July in one year shall be deemed to remain a student until 30 June of the following year.

1966-67, c. 70, s. 5; 1976, c. 37, s. 3; 1977, c. 5, s. 14.