15. The Minister shall issue, to a student who is enrolled or deemed to be enrolled within the meaning of the regulations, a guarantee certificate in respect of a loan contracted by the student with a financial institution recognized by the Minister.
The loan shall be disbursed in monthly or periodic payments, in accordance with the terms and conditions determined by the Minister. The Minister shall notify the student and the financial institution of the amount of each of these payments and of the time at which they may be disbursed.
The Minister may specify that the guarantee certificate is valid in respect of a loan contracted by the student for any subsequent year of allocation.
1990, c. 11, s. 15; 2003, c. 17, s. 11.