The Student Loan Agreement serves as the primary legal instrument for facilitating educational financing in Canada, used when a student requires financial assistance to pursue post-secondary education. This document is essential for both government-backed and private student loans, establishing the legal relationship between the lender and the student borrower. The agreement must comply with the Canada Student Financial Assistance Act at the federal level and relevant provincial education financing legislation. It typically includes detailed terms regarding loan amount, interest calculations, repayment schedules, grace periods, and default provisions. The document also addresses modern considerations such as electronic communications and privacy protection. This standardized yet customizable agreement ensures transparency and legal protection for all parties while facilitating access to education funding.

1. Parties: Identifies the lender and the student borrower, including their full legal names and contact information

2. Background: Explains the context of the agreement - that the borrower is a student seeking financial assistance for educational purposes

3. Definitions: Defines key terms used throughout the agreement including 'Academic Year', 'Educational Institution', 'Program of Study', etc.

4. Loan Amount and Purpose: Specifies the principal amount of the loan and confirms its use for educational purposes

5. Interest Rate and Calculations: Details the applicable interest rate, how it's calculated, and whether it's fixed or variable

6. Term and Repayment: Outlines the loan term and repayment schedule, including payment amounts and frequency

7. Grace Period: Describes the period after graduation before repayment must begin

8. Prepayment Rights: Explains the borrower's right to make early payments without penalty

9. Default and Consequences: Defines what constitutes default and the consequences thereof

10. Representations and Warranties: Contains borrower's confirmations about their eligibility and intended use of funds

11. Privacy and Information Sharing: Explains how the borrower's personal and financial information will be handled

12. Notices: Specifies how and where official communications between parties should be sent

13. General Provisions: Contains standard legal provisions including governing law, amendment process, and severability