Marginal note:Permanent disability of borrower
13 (1) Where the Minister is satisfied, on the basis of prescribed information provided by or on behalf of a borrower, that the borrower, by reason of permanent disability, is or will be unable to repay a guaranteed student loan without exceptional hardship, taking into account the borrower’s family income, all rights of any lender against the borrower in respect of that guaranteed student loan terminate, and the Minister shall pay to any lender whose rights against a borrower are terminated under this section the amount of principal and interest determined in prescribed manner to have been payable by the borrower at the time the borrower provided the Minister with the information required under this section.
Marginal note:Meaning of certain expressions
(2) The Governor in Council may make regulations defining the expressions "permanent disability" and "family income" for the purposes of subsection (1).
- 1980-81-82-83, c. 155, s. 7
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