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Chapter S-20.5 Current as of May 4, 2022 STUDENT FINANCIAL ASSISTANCE ACT

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Note All persons making use of this consolidation are reminded that it has no legislative sanction, that amendments have been embodied for convenience of reference only. The official Statutes and Regulations should be consulted for all purposes of interpreting and applying the law. Regulations The following is a list of the regulations made under the Student Financial Assistance Act that are filed as Alberta Regulations under the Regulations Act Alta. Reg.

Amendments Student Financial Assistance Act Foundational Learning Assistance ................. 148/2021 ......... 157/2022, 57/2024, 142/2025 Student Financial Assistance .......................... 298/2002 ......... 246/2003, 79/2006, 196/2006, 278/2006, 29/2007, 149/2007, 68/2008, 153/2008, 244/2009, 31/2012, 103/2012, 79/2014, 111/2015, 13/2020, 149/2021, 89/2022, 157/2022, 13/2023, 58/2024, 142/2025 158/2025

1 STUDENT FINANCIAL ASSISTANCE ACT

Chapter S-20.5 Table of Contents 1

Interpretation 2 Application

Part 1 Administration 3 Minister’s general responsibilities

Part 2 Provisions Applicable to Financial Assistance Generally 8 Agreements with public or private entities 9 Agreements with other fi nancing institutions 10 Direct assistance from Government 11 Agreements with service providers 12 Eligibility and terms and condit ions for financial assistance 13 Minority 14 Limitation of actions 14.1 Limitation period suspension 15 Fraud and failure to provide information

Part 3 Provisions Applicable Only to Loans 16 Application of Part and form of loans 17 Loan limits 18 Agreements with students 19 Certificates of eligibility 20 Payment, reducti on and write-off 21 Subrogation

Section 1

Chapter S-20.5 STUDENT FINANCIAL ASSISTANCE ACT 2

Part 4 Miscellaneous Provisions 22 Regulations 23 Transitional and savings provisions 24 Consequential amendments 25 Repeals 26 Coming into force HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows:

Interpretation 1(1) In this statute, (a) “agreement” means an agree ment entered into under this Act; (

b) repealed 2017 c16 s9; (c) “eligible student” means a student who is eligible under

section 12(1) for financial assistance; (d) “financial assistance” mean s monetary assistance, in all or any of its forms as the case may be, that has been or that may be provided under this Act; (e) “financing institution” means (

i) with respect to financial assistance other than a loan, th e Government, and (ii) with respect to a loan , the Government or a bank, treasury branch, credit union, loan corporation or trust corporation; (f) “lender” means a financing institution referred to in clause (e)(ii) and includes any other person or entity that has acquired the rights of the creditor under a loan; (g) “loan” means financial assi stance involving the lending and borrowing of money; (

h) repealed 2017 c16 s9; (i) “Minister” means the Minist er determined under

section 16 of the Government Organization Act as the Minister responsible for this statute;

Section 2

Chapter S-20.5 STUDENT FINANCIAL ASSISTANCE ACT 3 (j) “non-government financing institution” means a financing institution other than the Government; (k) “prescribed” means prescrib ed or otherwise provided for by the regulations; (l) “repealed legislation” means the Students Finance Act, the Student Loan Act and the regulations made under them, or any of those enactments, as the case may be; (m) “student” means an individual who is enrolled in a program of study at an educational institution, both the program and the institution having been approved by the Minister for the purposes of this clause; (n) “this Act” includes the regulations.

(2) References in this statute to a federal Act include references to the regulations under that Act.

(3) References in this statute to the issuing of a certificate refer to the issuing of a certificate of eligibility, or the authorization of a loan by any other means, under

section 19(1), and “certificate” includes those means.

(4) The Lieutenant Governor in Council may, for the purposes of this statute or specified provisions of this statute, by regulation define any expression used in this statute but not defined, and the expression has the meaning so defined. 2002 cS-20.5 s1;2017 c16 s9 Application 2(1) This Act does not apply with respect to scholarships within the meaning of the Alberta Heritage Scholarship Act or scholarships and awards under the Queen Elizabeth II Platinum Jubilee Recognition Act.

(2) This Act binds the Government. 2002 cS-20.5 s2;2022 cQ-0.7 s9

Part 1 Administration Minister’s general responsibilities 3 The Minister is responsible for (

a) the operation and administ ration of financial assistance programs and of programs under the Canada Student Loans Act (Canada) and the Canada Student Financial Assistance

Section 8

Chapter S-20.5 STUDENT FINANCIAL ASSISTANCE ACT 4 Act (Canada) whose operation and administration have been assigned to the Minister or the Government, and (

b) the apportionment and distribution of financial assistance and of monetary assistance under any such federal program. 4 to 7 Repealed 2017 c16 s9.

Part 2 Provisions Applicable to Financial Assistance Generally Agreements with public or private entities 8 Subject to the Government Organization Act, the Minister may enter into agreements with any department, branch or agency of the Government or any other public or private organization or agency, including the government of Canada or of a province or any non-government financing institution, to establish, and to facilitate the administration, operation and enforcement of, financial assistance programs. Agreements with other financing institutions 9 The Minister (

a) may enter into an agreem ent with a non-government financing institution respecting the provision of financial assistance to eligible students, and (

b) shall pay to that institu tion, in accordance with that agreement, any amount that is payable by the Government to the institution under the agreement. Direct assistance from Government 10 The Minister may enter into agreements with eligible students under which the Government will provide financial assistance to them. Agreements with service providers 11 The Minister may enter into an agreement with a corporation legally entitled to carry on business in Alberta respecting the administration and enforcement of any financial assistance and financial assistance programs.

Section 12

Chapter S-20.5 STUDENT FINANCIAL ASSISTANCE ACT 5 Eligibility and terms and conditions for financial assistance 12(1) Financial assistance in any form may be provided only (

a) to students who meet the eligibility criteria prescribed, and (

b) on the terms and conditions prescribed, for that form of financial assistance.

(2) Any agreement entered into with a view to providing financial assistance (

a) must comply with the applicable criteria and terms and conditions referred to in subsection (1), (

b) must contain any terms and conditions whose inclusion is prescribed as required, and (

c) may contain any other terms and conditions considered appropriate.

(3) The Minister may in writing specify a maximum amount that any student may receive in any one academic year in the form of grants of the kind so specified. Minority 13 Notwithstanding any other law, a minor is bound by the terms and conditions of financial assistance contracted by or on behalf of the minor, and this Act applies as if the minor were of full age at the time. Limitation of actions 14 The Limitations Act applies to claims, within the meaning of that Act, arising under this Act except that, instead of the 2-year period referred to in sections 2(2)(

b) and 3(1)(

a) of the Limitations Act, a 6-year period applies for the purposes of this Act. Limitation period suspension 14.1 The operation of a 6-year limitation period referred to in

section 14 for making a claim, within the meaning of the Limitations Act, arising under this Act is suspended during the period beginning on March 17, 2020 and ending on September 30, 2020 and resumes on October 1, 2020. 2020 c13 s14

Section 15

Chapter S-20.5 STUDENT FINANCIAL ASSISTANCE ACT 6 Fraud and failure to provide information 15(1) A person who, intentionally and for the purpose of obtaining financial assistance or a certificate, (

a) makes a false statement or a misrepresentation, orally or in writing, (

b) gives false or misl eading information, or (

c) fails to provide any information that this Act or any agreement requires to be provided within the period or before the time limit imposed by this Act or the agreement, is guilty of an offence and liable to a fine not exceeding $5000.

(2) A prosecution for an alleged offence against subsection (1) may not be instituted later than 3 years after the alleged commission of the offence.

Part 3 Provisions Applicable Only to Loans Application of Part and form of loans 16(1) This Part applies only where financial assistance is in the form of a loan.

(2) A loan may be in the form of (

a) a loan from the Government, (

b) a loan made by a non-govern ment financing institution for which the Government pays a risk premium for making the loan, (

c) a loan made by a non-govern ment financing institution all or part of which is guaranteed by the Government, or (

d) a loan in any other f orm that is prescribed.

(3) When a non-government financing institution makes a loan referred to in subsection (2)(c), the Minister may give the guarantee referred to in that clause. Loan limits 17 The Minister may, subject to the regulations, establish (

a) the maximum amount that a student may receive in any one academic year in the form of loans, and

Section 18

Chapter S-20.5 STUDENT FINANCIAL ASSISTANCE ACT 7 (

b) the maximum amount that a student may receive during the student’s lifetime in the form of loans. 2002 cS-20.5 s17;2005 c33 s2 Agreements with students 18 A financing institution shall not make a loan except pursuant to an agreement entered into between it and the eligible student. Certificates of eligibility 19(1) Subject to this section, the Minister authorizes the making of a loan by issuing a certificate of eligibility or by any other prescribed means.

(2) The Minister may issue a certificate only in accordance with any terms and conditions that are prescribed and only to an eligible student.

(3) A certificate must meet the prescribed requirements as to form and substance.

(4) The issuing of a certificate authorizes the financing institution lender to make the loan to the eligible student identified in the certificate in accordance with the certificate, this Act and the applicable agreement referred to in

section 18. Payment, reduction and write-off 20 The Minister may, on the basis and in the manner prescribed, pay, reduce or write off all or part of any outstanding loans made under this Act, the Canada Student Loans Act (Canada) or the Canada Student Financial Assistance Act (Canada). Subrogation 21 Where a borrower fails to make a required payment on a loan and the Government makes the payment to the lender, the Government has the same rights to collect the amount paid from the borrower as the lender would have had if the Government had not made the payment.

Part 4 Miscellaneous Provisions Regulations 22(1) The Lieutenant Governor in Council may make regulations

Section 22

Chapter S-20.5 STUDENT FINANCIAL ASSISTANCE ACT 8 (

a) empowering the Minister to set up processes for the hearing of appeals against, or the review or reconsideration of, decisions under this Act; (

b) notwithstanding anything in this statute, imposing duties or restrictions on the Minister with respect to financial assistance programs, including restrictions on the Minister’s authority to enter into agreements; (

c) establishing different forms of financial assistance for s ome or all of the purposes of this Act; (c.1) respecting the maximum amounts of loans for the purposes of

section 17; (

d) respecting the form of an y documents, records or other information provided for with respect to financial assistance programs, including matters relating to electronic signatures; (

e) respecting the liability of the Government in the event of prescribed occurrences; (

f) respecting guarantees on, and risk premiums to be paid for, loans by non-government financing institutions; (

g) respecting the consolidatio n of loans, including loans made under the repealed legislation, into new loans under new agreements and requiring applicants for new loans to enter into agreements to effect such consolidation; (

h) respecting loan repayments by borrowers and interest on loans, including, without limitation, regulations prescribing or providing for a method of determining the rate at which interest is payable on the balance of a loan under an agreement referred to in

section 10 that remains unpaid after March 31, 2020 or a later date specified in the regulations; (

i) respecting the payment of legal and other fees, costs, expenses and disbursements incurred by financing institutions in endeavouring to recover loans; (

j) respecting the acquisition by other persons and entities of loans previously made by financing institutions; (

k) prescribing or otherwise respecting any matter or thing th at by this statute may or is to be prescribed; (

l) providing for any aspect relating to the transition from t he repealed legislation to this Act.

Section 23

Chapter S-20.5 STUDENT FINANCIAL ASSISTANCE ACT 9

(2) Regulations under subsection (1) may vary according to the different matters established under subsection (1)(c).

(3) An interest rate prescribed by or determined under regulations under subsection (1)(

h) applies notwithstanding the terms and conditions of an agreement referred to in

section 10 under which the loan was made or any vested rights of the borrower. 2002 cS-20.5 s22;2005 c33 s3;2019 c18 s18 Transitional and savings provisions 23(1) Notwithstanding

section 25, the whole of the repealed legislation, as it existed immediately before the commencement of

section 25 but as amended, if applicable, under subsection (2), continues to apply with respect to student financial assistance within the meaning of, and provided before that time under, the repealed legislation as if the repealed legislation had not been repealed.

(2) The Lieutenant Governor in Council may make regulations amending the repealed legislation to the extent that it is saved by, and continues to apply as a result of, subsection (1).

(3) Notwithstanding

section 1(1)(a), an agreement entered into under the repealed legislation continues to apply with respect to financial assistance under, and other monetary assistance referred to in, this Act until replaced by a corresponding agreement entered into under this Act. 24 (This

section amends other Acts; the amendments have been incorporated into those Acts.) Repeals 25 The Students Finance Act and the Student Loan Act are repealed. Coming into force 26 This statute, except

section 24(4) and (5), comes into force on Proclamation. (NOTE: Proclaimed in force September 1, 2003.)

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