Canada Student Financial Assistance Act

Marginal note:No accrual of interest

• 7 (1) Beginning on April 1, 2023, no interest is payable by a borrower on a student loan.

• Marginal note:Clarification

  (1.1) For greater certainty, nothing in this section relieves a borrower from liability for interest that accrued before April 1, 2023 on a student loan.

• Marginal note:No fees

  (2) No fee of any kind may be charged to a borrower on a student loan in respect of any period of studies during which the borrower is a full-time or part-time student or in respect of any subsequent period ending on

  • (a) in the case of a student loan that is made to a full-time student, the last day of the sixth month after the month in which the borrower ceases to be a full-time student; and

  • (b) in the case of a student loan that is made to a part-time student, the last day of the sixth month after the month in which the borrower ceases to be a student, whether a part-time or full-time student.