Canada Student Financial Assistance Regulations

14.3 A certificate of eligibility is to be denied to a qualifying student

• (a) who

  • (i) is 22 years of age or more when applying for the first time for financial assistance,

  • (ii) in the 36 months before making the application, has had at least three instances when an instalment on three or more loans or other debts each of which is higher than $1,000 was more than 90 days overdue, and

  • (iii) had control over the circumstances that led to the overdue instalments; or

• (b) who is qualified for enrolment or is enrolled as a part-time student and who has an annual family income that is more than the applicable income threshold set out in Table 2 of Schedule 3.