Canada Student Financial Assistance Regulations

5 (1) Subject to section 15, in order to obtain a student loan, a qualifying student to whom a certificate of eligibility as a full-time student has been issued and who has no outstanding student loan or guaranteed student loan made to that student as a full-time student shall

• (a) obtain, on the confirmation of enrolment portion of that certificate of eligibility, the signature of an officer of the designated educational institution at which the student is enrolled or the signature of the appropriate authority that issued the certificate of eligibility, where the designated educational institution has authorized that authority to act as an agent of that institution for such a purpose and has notified the Minister of that authorization;

• (b) sign the consent and certification portion;

• (c) within 30 days after the signing of the confirmation of enrolment but before the end of the confirmed period, submit the certificate of eligibility and, where section 4 applies, the written authorization referred to in that section,

  • (i) in order to obtain a risk-shared loan,

    • (A) to the branch of the lender to which the student is indebted under any student loan agreement or guaranteed student loan agreement entered into as a part-time student, if any, or

    • (B) to a lender of the student's choice, in any other case,

  • (ii) in order to obtain a direct loan,

    • (A) to the Minister, and

    • (B) to the branch of the lender to which the student is indebted under any student loan agreement or guaranteed student loan agreement entered into as a part-time student, if any,

• (d) enter into

  • (i) a full-time risk-shared loan agreement with the lender, or

  • (ii) a full-time direct loan agreement with the Minister.

(2) A qualifying student who meets the requirements set out in subsection (1) becomes a full-time student on the day on which the full-time risk-shared loan agreement or the full-time direct loan agreement, as the case may be, is entered into.