Saskatchewan MSFAA terms and conditions 2012
Official Title: MSFAA terms and conditions for Saskatchewan residents – June 20, 2012
Part A: Your information
Full Name of Student and Mailing Address
Area Code and Telephone Number
Date of birth (YYYY/MM/DD)
Social Insurance Number
Permanent address and Telephone Number
Part B: Terms and conditions of your MSFAA-Canada and MSFAA-Saskatchewan
This integrated Master Student Financial Assistance Agreement ("MSFAA") is comprised of two separate loan contracts between you ("you" or "your"), as identified in Part A, and: (1) Her Majesty the Queen in Right of Canada, as represented by the Minister of Human Resources and Skills Development ("Canada"), made pursuant to the CSFAA and called the Master Student Financial Assistance Agreement for Canada ("MSFAA-Canada"); and (2) Her Majesty the Queen in Right of the Province of Saskatchewan as represented by the Minister of Advanced Education ("Saskatchewan") and called the Master Student Financial Assistance Agreement for Saskatchewan ("MSFAA-Saskatchewan"). All applicable provisions of SASAFA as amended from time to time, some of which are not cited herein, are incorporated as part of this agreement and in the event of conflict with the provisions of this agreement, SASAFA shall prevail.
In consideration of Canada and Saskatchewan providing Financial Assistance under the MSFAA-Canada and the MSFAA-Saskatchewan, and, by signing Part D below, you agree to the Terms and Conditions of each of these loan contracts. The MSFAA is comprised of:
- Part A: Your Information
- Part B: Terms and Conditions of your MSFAA-Canada and MSFAA-Saskatchewan
- Part C: Electronic Funds Transfer
- Part D: Your Acknowledgement and Signature
- Part E: Definitions
- Part F: Additional Terms and Conditions of your MSFAA-Canada and MSFAA-Saskatchewan
The terms in this MSFAA will form part of each of your MSFAA-Canada and your MSFAA-Saskatchewan, to the extent applicable.
2. Agreement to repay
You promise to pay your total Outstanding Loan Balance in accordance with the Terms and Conditions of the MSFAA-Canada and the MSFAA- Saskatchewan.
You certify that all information provided in your application(s) for Financial Assistance and on this MSFAA is true and complete to the best of your knowledge.
Where required by law, you authorize Canada and Saskatchewan to collect, use and disclose information related to any of your Canada Student Loan(s) or Student Grant(s) or Saskatchewan Student Loan(s), as applicable, (i) for the purposes of carrying out the administration and enforcement of the CSFAA or CSLA , or the SASAFA , as applicable, or (ii) in accordance with sections F.10(c), F.10(d) and F.10(e) of this MSFAA.
5. Ratification of terms and conditions
At any time, Canada or Saskatchewan may amend the Terms and Conditions of the MSFAA-Canada or the MSFAA-Saskatchewan, respectively. You should review the Terms and Conditions on the MSFAA page upon each application for Financial Assistance. You acknowledge that your acceptance of any disbursement made under this MSFAA will ratify your acceptance of any revised Terms and Conditions.
Part C: Electronic funds transfer
The approved amount of any Financial Assistance disbursed under the MSFAA-Canada and the MSFAA-Saskatchewan will be electronically deposited into your bank account as entered below, which must be held in your name, solely or jointly. Electronic withdrawals may also be made from this bank account when payment is triggered, as per section F.7(c)(iii), subject to your right of revocation, as per section F.7(e). If you fail to provide this bank account information, disbursement of your Financial Assistance will be delayed and may not proceed.
Transit Number / Bank ID / Account Number (Refer to bottom of personal cheque)
Name and Address of Financial Institution:
Or Attach a Void Cheque
Part D: Acknowledgement and required signature
This MSFAA is a legal document that outlines your responsibility related to your MSFAA-Canada and MSFAA-Saskatchewan. This MSFAA does not specify the actual amount(s) that will be disbursed to you or the amount(s) you will be required to repay. The amount(s) that will be disbursed to you under this MSFAA will be determined based on needs assessment(s) of your application(s) for Financial Assistance in accordance with federal and provincial legislation and policies. You will be responsible under this MSFAA for paying your Outstanding Loan Balance.
By signing Part D, you freely provide your consent(s), certification(s) and ratification(s) set out in this MSFAA and you agree to all the Terms and Conditions set out in this MSFAA. You understand that if you fail to sign this MSFAA, you will not receive any Financial Assistance.
Part E: Definitions
“Canada Student Grant” means a grant made under the CSFAA .
“Canada Student Loan” means a Direct Loan made under the CSFAA or Student Loan made under the CSFAA or CSLA .
“ CSFAA ” means the Canada Student Financial Assistance Act and the Canada Student Financial Assistance Regulations, as in effect at any given time.
“ CSLA ” means the Canada Student Loans Act and the Canada Student Loans Regulations, as in effect at any given time.
“Direct Loan” means any loan made by Canada under section 6.1 of the CSFAA on or after August 1, 2000.
“Financial Assistance” (a) when used in the MSFAA-Canada, means Direct Loans, Canada Student Grants, repayment assistance, interest-free periods and any other form of financial assistance provided under the CSFAA , directly or indirectly to you; or (b) when used in the MSFAA-Saskatch- ewan, means any other form of Financial Assistance provided under the SASAFA , directly or indirectly to you.
“Full-Time Student” status is maintained for a person, (a) (i) who is enrolled in a minimum 60 percent full course load; or (ii) who has a permanent disability, is enrolled in courses that constitute between 40 percent and 60 percent of a full course load and applies to be considered as a Full-Time Student; (b) whose primary occupation is the pursuit of studies in those courses; and (c) when used (i) in the MSFAA-Canada, who otherwise com- plies with the requirements of the CSFAA , and (ii) in the MSFAA-Saskatchewan, who otherwise complies with the requirements of the SASAFA .
“Lender” means a financial institution that is a party to an agreement with Canada, entered into under the CSFAA or the CSLA .
“NSLSC” means the National Student Loans Service Centre which administers parts of the Financial Assistance programs on behalf of Canada and Saskatchewan.
“Outstanding Loan Balance” means: (a) when used in the MSFAA-Canada, the principal amount of your full-time Direct Loans outstanding at any time, including any Canada Student Grant amount(s) converted to a Direct Loan, together with all interest on those amounts; or (b) when used in the MSFAA-Saskatchewan, the principal amount of your Saskatchewan Direct Student Loans outstanding at any time and the principal amount forming part of any Saskatchewan Direct Student Loan amounts, together with all interest on those amounts.
“Past Saskatchewan Student Loan” when used in the MSFAA-Saskatchewan means any loan made under the SASAFA and The Lender-financed Saskatchewan Student Loans Regulations or The Student Assistance and Student Aid Fund Regulations, 2001.
“Prime Rate” means the variable reference rate of interest as calculated by Canada, based on the average of the middle three of the largest five Canadian financial institutions’ prime rate.
“ SASAFA ” means The Student Assistance and Student Aid Fund Act, 1985.
“Saskatchewan Direct Student Loan” means any loans made under the SASAFA pursuant to The Saskatchewan Student Direct Loans Regulations.
“Saskatchewan Student Loan” means any loans made under the SASAFA pursuant to The Saskatchewan Student Direct Loans Regulations, The Lender-financed Saskatchewan Student Loans Regulations, or The Student Assistance and Student Aid Fund Regulations, 2001.
“Student Loan” when used in the MSFAA-Canada and in the definition of Canada Student Loan, means any loan made to you by a Lender under the CSFAA or the CSLA , prior to August 1, 2000.
“Terms and Conditions” when used in the MSFAA-Canada means the applicable sections found in Parts A, B, C, D, E, and F of this MSFAA, and when used in the MSFAA-Saskatchewan means the applicable sections found in Parts A, B, C, D, E and F of this MSFAA, and as may be amended from time to time in accordance with these agreements. Note certain sections contained in this MSFAA will only form part of your MSFAA-Canada or only form part of your MSFAA-Saskatchewan, respectively.
Part F: Additional terms and conditions of your MSFAA-Canada and MSFAA-Saskatchewan
6. General principles
Subject to the Terms and Conditions of the MSFAA-Canada and the MSFAA-Saskatchewan, and the requirements of the CSFAA or SASAFA , as applicable, you may be eligible for Financial Assistance (with limits on amount and time), and you are not required to make payments nor will interest accrue on the principal amount of your Outstanding Loan Balance while you are a Full-Time Student.
7. Return of money
- Refund of Loan Proceeds: You authorize your educational institution to refund to Canada, as applicable, any fees that have been paid with the proceeds of your Canada Student Loan or Student Grant for credit against any Outstanding Loan Balance you may have.
- Early Payment: You may pay all or any part of your Outstanding Loan Balance at any time without notice, penalty or bonus.
Payment Terms: Unless you enter into an agreement to alter payment terms, you agree to pay your Outstanding Loan Balance according to the standard payment terms, which are as follows:
- Principal and Interest: your Outstanding Loan Balance;
Interest Rate: simple interest will accrue on the principal amount of your Outstanding Loan Balance as follows:
- at a floating rate equal to the Prime Rate plus two and one-half (2½) percent for your Canada Student Loan, accruing daily and calculated monthly, unless you enter into an agreement with a fixed interest rate equal to the Prime Rate plus five (5) percent; and
- at a floating rate equal to the Prime Rate for your Saskatchewan Student Loan, accruing daily and calculated monthly, unless you enter into an agreement with a fixed interest rate equal to the Prime Rate plus two and one-half (2½) percent.
- Payment Trigger Date: is the first day of the seventh month following the month in which you cease to be a Full-Time Student;
- Loan Payment Due Date: is, at the latest, the last day of each month, starting on the seventh month following the month in which you cease to be a Full-Time Student;
- Loan Payment Amount: is the monthly payment amount calculated using these payment terms, with a minimum monthly payment of $25 per month for combined MSFAA-Canada and MSFAA-Saskatchewan loan payments;
- Amortization Period: nine and one-half (9½) years or such lesser period of time as is required to support a minimum combined monthly loan payment amount of $25;
- Payment Allocation: payment amounts under this MSFAA will be allocated to the Outstanding Loan Balance at: 60 percent to the Canada Direct Loan and 40 percent to the Saskatchewan Direct Student Loan. The payment amount allocated to the Outstanding Loan Balance under each of the MSFAA-Canada and the MSFAA-Saskatchewan may be applied first to interest and then to principal;
- Final Lump Sum Payment: any amount of your Outstanding Loan Balance that remains at the end of your Amortization Period; and
- Prime Rate Variance: if the Prime Rate changes significantly it may result in: (1) your loan being paid in full early; (2) the lengthening of your Amortization Period (to a maximum of fourteen and one-half (14½) years); or (3) you being required to pay a Final Lump Sum Pay- ment.
- Interest up to Payment Trigger Date: Unless you pay the interest that accrues between the end of your Full-Time Student status and the Pay- ment Trigger Date, that interest will be added to the principal amount of your Outstanding Loan Balance.
Personal Pre-Authorized Debit: Unless you otherwise agree in writing, upon the Payment Trigger Date, you authorize Canada and Saskatch- ewan to debit the bank account you have identified in Part C of this MSFAA (or such other bank account as you have advised in writing) in order to collect your Outstanding Loan Balance as follows:
You grant your revocable authority and direction to Canada and Saskatchewan and any financial institution which holds such a bank account, to:
- exchange the financial information necessary to facilitate such Personal Pre-Authorized Debits according to the Canadian Payments Association Rule H1; and
- debit the bank account on each Loan Payment Due Date, for the Loan Payment Amount in accordance with the payment terms of the MSFAA-Canada and MSFAA-Saskatchewan and to remit that as payment to Canada and Saskatchewan.
You waive any requirement to receive written pre-notification of Personal Pre-Authorized Debits. You may revoke your authorization at any time, subject to providing 30 days notice. You have certain recourse and reimbursement rights if any debit does not comply with the terms of this section. To obtain a sample cancellation form, or for more information on your right to revoke this authorization and your recourse rights to dispute or receive reimbursement for any debit that is not authorized or is not consistent with the terms of this section, you may contact your financial institution or visit the Canadian Payments Association website. Revocation of your authorization does not terminate your responsibility to pay your Outstanding Loan Balance; it only terminates the method of payment.
- Return of Money to You: Subject to any right of set-off, if you have overpaid $10 or more than your Outstanding Loan Balance, under each of the MSFAA-Canada and the MSFAA-Saskatchewan, respectively, you will be issued a refund. Refunds of less than $10 will only be issued on your request.
8. Interest-free period
Subject to sections F.8(c), F.8(d), F.8(e), F.11 and F.12, and the requirements of the CSFAA and the SASAFA :
- Interest-Free Period: Interest will not accrue while you are a Full-Time Student.
- Interest-Free Period Ends: Interest will start to accrue on the principal amount of your Outstanding Loan Balance on the first day of the month following the month in which you cease to be a Full-Time Student.
Interest-Free Period Upon Return to Full-Time Studies: If you return to Full-Time Student status, and you confirm your enrolment as re- quired by the
- you may be returned to interest-free status for the applicable period;
- any obligations you have in respect of your Outstanding Loan Balance up to your confirmation of enrolment may be suspended for the applicable period; and
- if you are returned to interest-free status, you will not be required to make payments nor will interest accrue on the principal amount of your Outstanding Loan Balance while you remain a Full-Time Student; all as specified under the CSFAA or the SASAFA , as applicable.
- Maximum Number of Weeks of Interest-Free Status: You are entitled to no more than the maximum number of weeks of interest-free status, as prescribed by the CSFAA or the SASAFA . If you return to Full-Time Student status after you have reached the maximum number of weeks, interest will accrue, but you will not be required to start making payments on your Outstanding Loan Balance until the Payment Trigger Date, and you may not be eligible for certain Financial Assistance.
- Interest-Free Period Terminated or Denied: Interest will accrue while you are a Full-Time Student if your Interest-Free Period is terminated or denied. Termination or denial of an Interest-Free Period can result if you do not meet the requirements for interest-free status under the CSFAA or the SASAFA .
9. Conversion of Canada Student Grant to loan
You acknowledge that all or a portion of your Canada Student Grant(s), may be converted into a Direct Loan if you withdraw from full-time studies within 30 days after the first day of classes or you receive a Canada Student Grant disbursement that exceeds your eligibility for that grant, and will be added to your Outstanding Loan Balance which you agree to repay in accordance with all applicable Terms and Conditions of the MSFAA-Canada.
- Notification: You agree to promptly notify Canada or Saskatchewan of any change to your family status, financial situation or Full-Time Stu- dent status, or to information you have provided in your application for Financial Assistance or in this MSFAA.
- Complete Disclosure: You confirm that, to the best of your knowledge, all information that you have disclosed relating to any previous Canada Student Loan(s) or Student Grant(s) or Saskatchewan Student Loan(s) is accurate and complete.
- Acknowledgment and Consent: You acknowledge that Canada, and any of its contractors or agents, may collect, use, and retain your personal information directly from you, or indirectly from a third party. Your personal information will only be used for the purpose of administering your Financial Assistance under the MSFAA-Canada, and administering and enforcing the CSFAA or CSLA. Your personal information may be exchanged with and disclosed to Saskatchewan, financial institutions, lenders, educational institutions, employers, credit bureaus and Canada Revenue Agency. The collection, use, exchange and disclosure will be undertaken as required and in compliance with the Privacy Act, and Part 4 of the Department of Human Resources and Skills Development Act. Where your consent is required by law to permit the direct or indirect col- lection, retention, use or disclosure of personal information, by your signature on this agreement, you provide your consent.
- Authorization: You authorize: (a) Canada, all corporations, institutions (including financial and educational institutions), organizations, govern- ments, government agencies and individuals (“others”) to release to Saskatchewan, and (b) Saskatchewan to collect, use and disclose to each other and to others, any of your personal information (including but not restricted to income tax information, your Social Insurance Number and personal health information) required by Saskatchewan for the administration and collection of your loans and for the purposes of improving government programs and services relating to education, personal counselling, training and employment including financial benefits and statistical analysis associated with such programs and services. You acknowledge that your personal information is being collected for the purposes described in this paragraph.
- Authorization: You authorize any of your current, past or future employers to release to Canada or its contractors or agents, and to Saskatch- ewan or their respective contractors or agents, information to locate you including your name, Social Insurance Number, date of birth, banking information, permanent and alternate address, telephone number, employer, and educational institution address for the purpose of enforcing your obligations pursuant to each of the MSFAA-Canada and MSFAA-Saskatchewan.
11. Denial, termination and immediate repayment under your MSFAA-Canada and MSFAA-Saskatchewan
You agree that the following events may result in you being denied further Financial Assistance, interest-free status or you being required to im- mediately pay all or part of your Outstanding Loan Balance:
- You fail to make a regularly scheduled loan payment by the Loan Payment Due Date in accordance with the payment terms of the MSFAA-Canada and MSFAA-Saskatchewan, and that failure continues for two consecutive months;
- You fail to make any regularly scheduled loan payment(s) by the Loan Payment(s) Due Date in accordance with the payment terms of the MSFAA- Canada and MSFAA-Saskatchewan, and Canada and Saskatchewan demand that you make the payment(s) and you demonstrably and unequivo- cally refuse to do so;
- You file for or have filed against you any bankruptcy-related proceeding;
- You seek relief under a provincial law relating to the orderly payment of debts that includes a Canada Student Loan and Saskatchewan Direct Student Loan;
- You are found guilty of an offence under any Act of Parliament by reason of your conduct in obtaining or repaying a Student Loan, Saskatchewan Student Loan or Financial Assistance; or
- You knowingly provided information or made representation related to your application(s) or other document upon which the Minister takes administrative measures under section 17.1(1) or (2) of the CSFAA , you agree to immediately repay the outstanding amount of your Canada Student Loan(s), Canada Student Grant(s) and Saskatchewan Student Loan(s) obtained on false or misleading information.
12. Denial, termination and immediate repayment under your MSFAA-Saskatchewan
- In consideration of receiving a portion of your MSFAA-Saskatchewan, you shall repay through the NSLSC or as otherwise directed all amounts erroneously paid to you or erroneously credited to your account by or on behalf of Saskatchewan, are payable upon the error coming to your at- tention.
- You may be required to immediately repay all of the Saskatchewan Direct Student Loan you receive if your assessment is found to be inaccurate, even if such inaccuracy is a result of an inadvertent error on your part or on the part of your spouse, your parents, your educational institution, or the Ministry of Advanced Education.
- Saskatchewan may hire others to collect this Saskatchewan Direct Student Loan or any of your Past Saskatchewan Student Loans under the SASAFA (your loans) or assign your loans to others.
The MSFAA-Canada and the MSFAA-Saskatchewan will remain in force notwithstanding your entry into or fulfillment of an agreement to alter payment terms or the full payment by you of your Outstanding Loan Balance, subject to the CSFAA and the SASAFA .
- Ratification: If you have entered into any Canada Student Loan or Saskatchewan Student Loan agreements while you were a minor, by signing this MSFAA , you ratify those agreements.
Previous Outstanding Student Loan Amounts:
- you agree that all amounts you owe on previous Canada Direct Loans or Saskatchewan Direct Student Loans will be administered and paid under the Terms and Conditions of the MSFAA-Canada and the MSFAA-Saskatchewan and that all such amounts are consolidated into and form part of your Outstanding Loan Balance, as applicable.
- you acknowledge that none of the amounts you owe on any Student Loan or Past Saskatchewan Student Loan will be administered or paid under the Terms and Conditions of the MSFAA-Canada, and that no such amounts form any part of your Outstanding Loan Balance.
- Further Funding: If you return to Full-Time Student status after the Payment Trigger Date, and you apply for Financial Assistance, funding may be disbursed to you under this MSFAA or you may be required to enter into a new MSFAA.
- Death: All your rights and obligations under the MSFAA-Canada and the MSFAA-Saskatchewan in respect of your Outstanding Loan Balance will terminate upon your death.
- Governing Law: Subject to the CSFAA and the CSLA and any laws of Canada and the SASAFA , the MSFAA-Canada and the MSFAA-Saskatchewan will be governed by the laws of Saskatchewan.
- Limitation Period: You acknowledge that the period for the limitation of actions will be six years.
- Use of Financial Assistance: You acknowledge that the Financial Assistance provided to you under this MSFAA is for the purpose of providing necessities for your education and maintenance.
- Severability: Any provision that becomes void or unenforceable will be severed from this MSFAA , and the validity and enforceability of all other provisions will not be affected.
- Interest and Costs: You agree to pay all legal fees and disbursements incurred by Canada or by Saskatchewan to collect any amount of your Outstanding Loan Balance owing under this MSFAA , and you agree to pay interest, as per section F.7(c)(ii), before and after default and delin- quency. You agree to pay interest before and after judgment.
Notice of collection of personal information
The personal information under the control of Canada is collected and used for administration of the Canada Student Loans Program (CSLP) under the authority of the CSFAA and the CSLA, and in accordance with the Privacy Act and Part 4 of the Department of Human Resources and Skills Development Act. The personal information under the control of Saskatchewan is administered in accordance with The Freedom of Information and Protection of Privacy Act (FOIPPA).
Administration and enforcement of the CSLP means development and operation of the program, including investigations into allegations of wrong- doing, audits, and policy analysis, research and evaluation. These activities may involve the matching of various sources of data that are under the control of the Government of Canada.
The Social Insurance Number (SIN) is collected by the Minister of Human Resources and Skills Development under the express authority of the CSFAA and in accordance with the Treasury Board Secretariat Directive on Privacy Protection regarding use of the SIN. The SIN will be used for the administration of the CSLP under the CSFAA. The SIN will be used as a file identifier and, along with the other information you provide, will also be used to validate your application, and to administer and enforce the CSLP. You must provide your SIN and the other personal information requested on this form to be considered for the CSLP.
You have the right to the protection of and access to your personal information. It will be retained in Personal Information Bank HRSDC PPU 030. Instructions for obtaining this information are outlined in the government publication entitled Info Source. Info Source may also be accessed on-line at any Service Canada Centre.
The personal information on the MSFAA-Saskatchewan, or subsequently collected from you, by or on behalf of Saskatchewan, relevant to the MSFAA-Saskatchewan, is collected under the authority of section 26(c) of the FOIPPA for the purposes of administering Financial Assistance and enforcing your obligations under the MSFAA-Saskatchewan, and SASAFA. Questions about the collection and use of the personal information on the MSFAA-Saskatchewan, or subsequently collected from you, can be directed to the Government of Saskatchewan, call 1-800-597-8278 (toll-free in Canada/USA)
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