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Volume 44, No. 21

B.C. Reg. 236/2001

The British Columbia Gazette,

Part II

October 23, 2001

B.C. Reg. 236/2001, deposited October 12, 2001, pursuant to the FINANCIAL ADMINISTRATION ACT [Section 18 (2)]. Order in Council 905/2001, approved and ordered October 11, 2001.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the attached Forgiveness of Student Loans Regulation is made.

— G. COLLINS, Minister of Finance; G. CAMPBELL, Presiding Member of the Executive Council.

FORGIVENESS OF STUDENT LOANS REGULATION

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.

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