Canada Student Financial Assistance Regulations (SOR/95-329)

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Regulations are current to 2023-10-31 and last amended on 2023-08-01. Previous Versions

PART VIIGeneral

40.05 (1) Subject to subsection (2), for the purposes of paragraphs 17.1(1)(a), (b), (d), (f) and (g) of the Act, the prescribed period is as follows:
- (a) if the amount of assistance awarded in excess of the amount to which the person would have otherwise been entitled is
  - (i) less than $4,000, one year,
  - (ii) $4,000 or more but less than $6,000, two years,
  - (iii) $6,000 or more but less than $8,000, three years,
  - (iv) $8,000 or more but less than $10,000, four years, and
  - (v) $10,000 or more, five years;
- (b) if the person is not a qualifying student, five years; and
- (c) if administrative measures have already been taken in respect of the person under section 17.1 of the Act or section 18.1 of the Canada Student Loans Act, five years.
(2) If more than one period applies to the person under subsection (1), the prescribed period is the longest applicable period.

40.1 (1) Where the Minister makes a payment to a lender pursuant to subparagraph 5(a)(viii) or (ix) of the Act in respect of a risk-shared loan, Her Majesty in right of Canada is subrogated in and to all the rights of the lender in respect of the risk-shared loan and, without limiting the generality of the foregoing, all rights and powers of the lender in respect of
- (a) the risk-shared loan;
- (b) any judgment obtained by the lender in respect of the risk-shared loan; and
- (c) any security held by the lender for the repayment of the risk-shared loan.
(2) Her Majesty in right of Canada is entitled to exercise all the rights, powers and privileges that the lender had or may exercise in respect of the loan, judgment or security, including the right to commence or continue any action or proceeding, to execute any release, transfer, sale or assignment, or in any way collect, realize or enforce the loan, judgment or security.