Financial Administration Act

FORGIVENESS OF STUDENT LOANS REGULATION

[includes amendments up to B.C. Reg. 523/2004, December 3, 2004]

Definitions

1 In this regulation:

"branch" means the Finance and Administrative Services Branch of the Ministry of Education;

"student loan" means a debt or obligation to the government owed by a student as a result of a loan, including a direct loan, guaranteed loan and risk shared loan, made to the student under the British Columbia Student Assistance Program.

Forgiveness of student loans

2 Subject to section 3, all or part of a student loan may be forgiven by the following persons:

(a) the Minister of Advanced Education;

(b) the Deputy Minister of Advanced Education;

(c) the director of the branch if, in respect of the student loan, the total amount of principal and interest forgiven is not more than $40 000;

(d) a manager of the branch if, in respect of the student loan, the total amount of principal and interest forgiven is not more than $20 000.

Eligible student loan programs

3 For the purposes of section 2, this regulation applies only to student loans in respect of the following programs:

(a) the British Columbia Permanent Disability Benefits Program;

(b) the British Columbia Debt Reduction in Repayment Program;

(c) the British Columbia Loan Remission Program;

(d) the British Columbia Loan Forgiveness Program for Nursing and Medical Students;

(e) the British Columbia Loan Reduction Program.

[am. B.C. Reg. 523/2004.]

[Provisions of the Financial Administration Act, R.S.B.C. 1996, c. 138, relevant to the enactment of this regulation: section 18 (2)]

Copyright (c) Queen's Printer, Victoria, British Columbia, Canada