A-13.3, r. 1 - Regulation respecting financial assistance for education expenses

Full text
74.1. A borrower is also in a precarious financial situation if the monthly payment necessary for the borrower to repay the balance of the principal and interest of his or her loan within 180 months following the end of the partial exemption period is greater than the minimum monthly payment the borrower is able to make in his or her situation, and the borrower expects the situation to remain such for the following 5 months.
For the purposes of the first paragraph, the amount of the minimum monthly payment is computed by multiplying the borrower’s monthly income by the percentage obtained by
(1)  subtracting, from the borrower’s monthly income, the amount computed in accordance with section 74;
(2)  dividing the amount obtained under subparagraph 1 by the number 25,000 increased, if applicable, by 7,500 for each child of the borrower and by 10,000 if the borrower has no spouse and lives with his or her child; and
(3)  adding 0.02 to the number obtained under subparagraph 2.
Despite the second paragraph, the amount of the minimum monthly payment may not exceed 20% of the borrower’s monthly income.
The rate of interest applicable to the computation of the monthly payment necessary for the borrower to repay the balance of the principal and interest of his or her loan within the time fixed in the first paragraph is a variable rate that fluctuates as provided in section 73.
O.C. 1009-2011, s. 15; 1086-2017O.C. 1086-2017, s. 23.
74.1. A borrower is also in a precarious financial situation if the monthly payment necessary for the borrower to repay the balance of the principal and interest of his or her loan within 180 months following the end of the partial exemption period is greater than the minimum monthly payment the borrower is able to make in his or her situation, and the borrower expects the situation to remain such for the following 5 months.
For the purposes of the first paragraph, the amount of the minimum monthly payment is computed by multiplying the borrower’s monthly income referred to in Schedules I and II by the percentage obtained by
(1)  subtracting, from the borrower’s monthly income referred to in Schedules I and II, the amount computed in accordance with section 74;
(2)  dividing the amount obtained under subparagraph 1 by the number 25,000 increased, if applicable, by 7,500 for each child of the borrower and by 10,000 if the borrower has no spouse and lives with his or her child; and
(3)  adding 0.02 to the number obtained under subparagraph 2.
Despite the second paragraph, the amount of the minimum monthly payment may not exceed 20% of the borrower’s monthly income referred to in Schedules I and II.
The rate of interest applicable to the computation of the monthly payment necessary for the borrower to repay the balance of the principal and interest of his or her loan within the time fixed in the first paragraph is a variable rate that fluctuates as provided in section 73.
O.C. 1009-2011, s. 15.