Estimating your OSAP loan repayments
You can use the Repayment Calculator available on the government OSAP website to estimate what your monthly loan repayments will be once your full-time studies end.
OSAP loan repayments and the grace period
OSAP loan borrowers are not required to make loan payments for the first six months after leaving their post-secondary studies. These six months are known as the grace period. When the grace period ends, your OSAP loans become repayable.
For example, if you were to finish full-time studies in April, then your six-month grace period would conclude on October 31 of that year and loan payments would begin in November.
During the grace period interest will accumulate on your Canada Student Loan, but not on your Ontario student loan.
Grace period extension for non-profit workers
If your grace period has not yet elapsed and you are working (paid or volunteer) with an eligible not-for-profit organization in Ontario, you may apply for a six-month extension to your grace period, to a total of twelve months. During that extension, no payments will be required on your OSAP Loans, and no interest will accumulate on your Ontario or Canada Student Loans. The extension application form and instructions are available on the government OSAP website.
Continuation of interest-free status
To keep your previous student loans interest-free while you continue your studies you must inform the National Student Loans Service Centre (NSLSC) or any other previous lender that you are a still registered as a full-time student.
To make your full-time status known to the NSLSC, on or after the first day of classes, you can either apply online or by submitting a paper form.
- Log in to your OSAP account.
- Under Interest-free status, click Apply for interest-free status.
- Follow the instructions in the application.
Applying by submitting the paper form
- Download and print this Continuation of Interest-Free Status / Confirmation of Enrolment (Schedule 2) form.
- Complete Section 1 of the form. Sign and date it.
- Leave the form in the OSAP Documents drop box in the Bennett Centre for Student Services (open 24 hours) or fax it to 416-736-5386.
York University then checks your registration status and posts the update to your OSAP record. The information is sent electronically to the NSLSC and/or previous lenders.
The Continuation of Interest-Free Status form cannot be submitted or posted to your OSAP record before the first day or after the last day of your study period.
National Student Loans Service Centre (NSLSC)
NSLSC administers your OSAP loan. Once your loan has been authorized, the NLSCS disburses the funds, and once you are no longer a full-time student, your loan repayments will be made to them. You can set up an account with NSLSC to track your account.
We encourage you to register online for one of NSLSC's regular loan repayment webinars.
NSLSC contact information:
The National Student Loan Service Centre
P.O. Box 4030
Mississauga, ON L5A 4M4