Summary

The section Student Loan Debt provides a breakdown of your student loan debt. The two tables in this section provide details on your debt load to date and on your debt load per award year. The type of loans that make up the debt are also specified.

There are four types of loans:

• Student loan: loan awarded under the Loans and Bursaries Program
• Computer loan: loan awarded prior to September 1, 2004, for the purchase of a computer under the Loans and Bursaries Program
• Loan for part-time studies: loan awarded under the Loans Program for Part-Time Studies
• Loan for part-time studies and computer loan: loan awarded prior to September 1, 2004, for the purchase of a computer under the Loans Program for Part-Time Studies

Important:

If you qualify for financial assistance under the Loans and Bursaries Program, your total financial assistance amount (i.e. the loan portion and, if applicable, the bursary portion) will be paid to you in the form of a loan. Following verification of your income with Revenu Québec at the end of the school year, the government will then repay your financial institution the bursary portion of your financial assistance. This is the way in which the government awards bursaries (i.e. like a kind of loan remission). This procedure is know as a loan-to-bursary conversion.If you qualify for monthly installments, your financial assistance will be deposited into your account on the first day of the month. If you are entitled to one installment per study period, your financial assistance will be deposited into your account at the beginning of the study period.

Debt Load to Date

Below is a list of definitions of the type of amounts appearing in the table. These amounts constitute the updated student loan debt. By adding or subtracting them, you can find out the total amount of your debt to date.

Debt Load per Award Year

Below is a list of definitions of the type of amounts appearing in the table. These amounts constitute the student loan debt at the beginning of the current award year. By adding or subtracting them, you can find out the total amount of your debt as at the beginning of the award year.

Définitions

• Loan balance on the first day of study of the award year: balance of the student loans contracted under the Loans and Bursaries Program prior to the first say of study of the current award year. This balance also includes amounts granted for previous years, to be issued after the first day of study of the current award year. These amounts do not include the portion of financial assistance to be converted into a bursary. The balance does not include amounts granted for the current award year or for the subsequent award year (i.e. amounts that may have been granted prior to the first day of study of the current award year).

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• Outstanding loan balance: balance of the student loans contracted under the Loans and Bursaries Program and for which the exemption period for the repayment of interest charges has expired. The student becomes responsible for the interest on this balance as of the month following the completion of his or her full-time studies. The student must start repaying the principal on his or her student loan six months after the completion of his or her full-time studies.

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• Unmatured loan balance: balance of the student loans contracted under the Loans and Bursaries Program and for which the government pays the interest.

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• Loan amounts to be issued for the current award year and previous award years: loan amount to be issued by Aide financière aux études according to the last assessment made for the current award year, a previous award year or previous award years.

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• Balance of bursary overpayments: balance owing on a bursary overpayment or on bursary overpayments. This balance is to be paid back to Aide financière aux études.

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• Balance of amounts to be recovered: balance to be recovered on loan amounts repaid by Aide financière aux études to the financial institution because the student failed to honour the terms and conditions of his or her repayment agreement. This balance is to be repaid by the student to Aide financière aux études.

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• Balance of amounts to be recovered under the Deferred Payment Plan (DPP) befor May 1999: balance to be recovered on an amount repaid by Aide financière aux études to the financial institution for a student admitted to the DPP before May 1999 because the student failed to honour the terms and conditions of his or her repayment agreement and qualifies under the DPP. This balance is to be repaid by the student to Aide financière aux études.

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• Recovered amount for the current award year : projected recovered amount for the year in question related to assistance overpayments in previous years.

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• Bursary portion of the assistance awarded the previous award year: amount of financial assistance corresponding to the bursary awarded for the previous year. This amount was awarded to the student in the form of a loan and has not yet been converted into a bursary (i.e. Aide financière aux études has not yet paid the financial institution this amount).

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