Apprentice Loans Regulations

Marginal note:No interest accrues

3 Subject to section 6, no interest accrues under a borrower’s apprentice loan in respect of the following periods:

• (a) in the event that no interest has accrued when a technical training period begins for which confirmation of enrolment is submitted to the Minister, the period that begins on the first day of the technical training period and ends on the day that is 12 months after the last day of that technical training period;

• (b) in the event that six months or less have passed between the day on which interest started accruing and the day on which confirmation of enrolment is submitted to the Minister for a technical training period, the period that begins on the day that interest started accruing and ends on the day that is 12 months after the last day of that technical training period;

• (c) in the event that more than six months have passed between the day on which interest started accruing and the first day of a technical training period for which confirmation of enrolment is submitted to the Minister, the period that began on the day that the technical training period begins and ends on the day that is 12 months after the last day of that technical training period, in the case where the apprentice pays to the Minister the unpaid interest accrued to the day before the first day of that technical training period;

• (d) in the event that more than six months have passed between the day on which interest started accruing and the day on which confirmation of enrolment is submitted to the Minister for a technical training period that began within the six-month period that began on the day on which interest started accruing, the period that begins on the day on which confirmation of enrolment is submitted and ends on the day that is 12 months after the last day of that technical training period in the case where the apprentice

  • (i) pays to the Minister the unpaid interest accrued under their apprentice loan agreement to the day before the day on which confirmation of enrolment is submitted to the Minister, or

  • (ii) directs the addition of the interest referred to in subparagraph (i) to the outstanding principal;

• (e) in the event that no interest has accrued when confirmation of continued apprenticeship is submitted to the Minister or six months or less have passed between the day on which interest started accruing and the day on which confirmation of continued apprenticeship is submitted to the Minister, the period that begins on the day that interest started or starts accruing and ends on the day that is 12 months after the last day of the month in which the confirmation of continued apprenticeship is submitted; and

• (f) in the event that more than six months have passed between the day on which interest started accruing and the day on which confirmation of continued apprenticeship is submitted to the Minister, the period that begins on the day on which the confirmation of continued apprenticeship is submitted and ends on the day that is 12 months after the last day of the month in which the confirmation of continued apprenticeship is submitted, in the case where the apprentice

  • (i) pays to the Minister the unpaid interest accrued under their apprentice loan agreement to the day before the day on which confirmation of continued apprenticeship is submitted, or

  • (ii) directs the addition of the interest referred to in subparagraph (i) to the outstanding principal.