11. Every person shall be eligible for a loan for full-time studies at the postsecondary level provided that
(1) he is a Canadian citizen or, within the meaning of the Immigration and Refugee Protection Act (Statutes of Canada, 2001, chapter 27), a permanent resident or a protected person, or he belongs to another class of persons determined by regulation;
(2) he resides or is deemed to reside in Québec within the meaning of the regulation;
(3) he has been admitted to an educational institution designated by the Minister or the Minister of Education, Recreation and Sports, according to their respective jurisdictions, for the granting of loans and bursaries or loans only, in order to pursue studies recognized by either minister on a full-time basis;
(4) he is, at the beginning of the year of allocation, within the period of eligibility for a loan as established by regulation;
(5) his financial means are determined to be insufficient according to the rules established by this Act;
(6) he has not, at the beginning of the year of allocation, reached the maximum level of indebtedness determined by regulation.