A-13.3, r. 2 - Regulation respecting the interest rate to be applied to certain measures provided for in the Act respecting financial assistance for education expenses and the Regulation respecting financial assistance for education expenses owing to the Covid-19 pandemic for the 2020-2021 and 2021-2022 years of allocation

Updated to 12 December 2023

This document has official status.

chapter A-13.3, r. 2

Regulation respecting the interest rate to be applied to certain measures provided for in the Act respecting financial assistance for education expenses and the Regulation respecting financial assistance for education expenses owing to the Covid-19 pandemic for the 2020-2021 and 2021-2022 years of allocation

Act respecting financial assistance for education expenses

(chapter A-13.3, s. 57, 1st par., subpars. 14 and 15).

DIVISION I GENERAL

O.C. 387-2021, Div. I.

1. The Minister pays to the financial institution, on behalf of the borrower, the interest on the balance of the guaranteed loan and any capitalized interest, accrued during the period beginning on 1 April 2021 and ending on 31 March 2022, at the rate provided for in section 73 of the Regulation respecting financial assistance for education expenses (chapter A-13.3, r. 1).

O.C. 387-2021, s. 1.

2. A borrower who wishes to reduce the payments applicable to the repayment of the balance of the borrower’s guaranteed loan for the period referred to in section 1 from the amount of interest paid by the Minister under that section must apply to the financial institution. Failing such application, the amount of the interest paid by the Minister is deducted from the balance of the principal of the borrower’s guaranteed loan.

O.C. 387-2021, s. 2.

DIVISION II FINAL

O.C. 387-2021, Div. II.

3. This Regulation applies despite any inconsistent provision of the Regulation respecting financial assistance for education expenses (chapter A-13.3, r. 1).

O.C. 387-2021, s. 3.

4. (Omitted).

O.C. 387-2021, s. 4.

REFERENCES

O.C. 387-2021, 2021 G.O. 2, 1180