OSAP - Additional Information
- You will receive only one notification from our Ministry’s OSAP office. It is your responsibility to periodically check your OSAP status during the school year as you will not be notified of any reassessments to your original OSAP entitlement. However, the OSAP website allows you to choose an email option which will alert you to when changes are made your OSAP assessment.
- You will need your OSAP account number (OAN) and password to access your information online. If you forget your challenge questions or OAN, you must go to the Financial Aid Office with your SIN card and valid Government I.D. and have your password reset.
- In most cases you will receive 60% of your entitlement during the first semester and the remaining 40% halfway through your study period. Please plan carefully.
Course Load Requirements:
- To be eligible for OSAP assistance you must maintain a minimum course load of 60%. If you have a documented permanent disability, you must maintain a minimum course load of 40%.
- If you do drop courses to less than the required course load for the semester and program, it is considered a withdrawal from full-time studies and y our OSAP entitlement will be reassessed.
- Further funding for the academic year may be suspended.
- Your loan may be repayable 6 months from the date of your change in course load (This policy applies to a reduced course load for any reason including course exemption- advance standing OR when you stop attending college full-time).
Satisfactory Scholastic Standard:
- You must maintain a satisfactory scholastic standard to continue to be eligible for OSAP funding (successful completion of at least 60% of a full course-load per year or 40% for students with a permanent disability).
- Failure to achieve scholastic standard will result in a probation period.
- OSAP eligibility would continue for that period of study, however, all courses must be successfully completed to maintain eligibility for OSAP.
- You will lose eligibility for a minimum of 1 year if you do not successfully complete courses during your probation period.
Changes That May Affect Your OSAP Entitlement:
- Any income to be received during the school year from scholarships, bursaries, work-study, investments, etc. must be declared on your application and will be used to calculate your entitlement.
- You are required to notify the Financial Aid Office, in writing, of any change to your study-period, academic, financial or family status.
- If you apply for your OSAP funding and then wish to extend your study period during the same academic year (September through August), please contact your Financial Aid Office to complete the appropriate form. Do not complete another OSAP form unless instructed to do so by the Financial Aid Office.
The Student Support Branch, Ministry of Training, Colleges & Universities will audit all OSAP files.
- Income information will be verified with Canada Revenue Agency.
- Vehicle ownership will be verified with the Ministry of Transportation.
- SIN, name, date of birth, and gender will be verified with Human Resources Skills Development Canada.
- Credit status will be checked with a consumer reporting agency.
Note: If changes to your file result in an overpayment for two years of study, you will not be eligible for further funding.
Maintaining Your Interest-Free Status:
- You are required to keep the National Student Loans Service Centre (NSLSC) informed of your status as a full-time student.
- If you negotiate a new OSAP loan, this will update your status with the NSLSC.
Remember: If you have not negotiated a new OSAP loan, you must complete a Schedule 2 (Continuation of Interest-Free Status form) for each semester you are registered as a full-time student.
- Please make sure you update your permanent mailing address with both the Financial Aid Office as well as with the Registration Office. Please note: that changing your address with the Registration and Records Office does not update your OSAP file.
- You can also update your address for your OSAP records directly online at the OSAP website.
Ontario Student Opportunity Grants:
- The Ontario Student Opportunity Grant is intended to assist students with managing their debt-load.
- For more detailed information on the Ontario Student Opportunity Grant program visit the OSAP website.
- It is your responsibility to contact the NSLSC to arrange repayment of your loan, within 6 months of your semester’s end date, or the last Schedule 2 completed. Please note: it is payment free for six months, not interest-free. The interest on the Canada Loan portion starts the first day of the month after you stop being a full-time student. The Ontario Loan portion is interest-free for the first 6 months after you stop being a full-time student.
- Your Consolidation Agreement (produced for you by the (NSLSC) establishes the terms and conditions of your repayment schedule.
- If you are unable to make your loan payments, it is critical that you contact the NSLSC immediately to discuss alternatives. You may be able to revise the terms of repayment or apply for the Repayment Assistance Plan.
- For students who have received loans from the Ontario Student Assistance Program (OSAP) during your academic life, the following information is being sent to you to help you understand ‘what happens next’:
The National Student Loan Service Centre (NSLSC) is providing Repayment Webinars to help students understand the options for repaying their student loan.
We encourage you to look at the following dates to see which webinar best works for your schedule. These presentations are given by the NSLSC and are one hour in length.
To register, click on the link provided below, choose the time and date that works best for you. You will then receive an e-mail confirmation with the webinar login information.
Best wishes for your future success!