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This enactment would implement reforms to the Canada Student
Loans Program, make amendments to the Canada Student Loans Act
and provide for its repeal by order in council when it eventually
becomes spent.
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The responsible Minister will be authorized to enter into agreements
with lenders for risk-sharing in respect of financial assistance that the
lenders provide to students. The enactment provides for the calculation
of the maximum dollar amount of some types of loans and of other
forms of financial assistance, for a maximum global dollar amount of
outstanding student loans, and abolishes the existing provincial loan
allocation formula. The Minister will have the power to give directives
to each ``appropriate authority'' on how they are to perform their
functions, and to enter into agreements with the provinces to harmonize
the financing and administration of federal and provincial student
financial assistance programs. Alternative payments will be made to
provinces that choose not to participate in the Canada Student Loans
Program.
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The enactment provides authority to do the following by regulations:
to establish a scheme, for any province, of loans that are repayable on
an income-contingent basis; to provide for subsidized or unsubsidized
loans that may or may not be subject to needs-testing, financed by the
private sector or directly by the federal government; to allow borrowers
special interest-free or interest-reduced periods; to give grants to
specified classes of persons; to provide deferred grants to eligible
students with high debt loads; and to provide financial assistance to
part-time students.
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