Step 8. Repay your loan or continue interest-free status

Responsibilities of receiving OSAP loans and consequences of defaulting on repayments
Upon receiving any OSAP loan aid, you assume the following responsibilities:
  • To read and follow all the terms and conditions in the Master Student Financial Assistance Agreement (MSFAA) form.
  • Agree to use this loan aid first to pay your academic fees to York University, then to cover other educational and living expenses related to your studies. . . . continue reading »
OSAP loan repayments, grace periods and continuation of interest-free status
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 borrowers are not required to make loan payments for the first six months after leaving their post-secondary studies. . . . continue reading »
Student loan relief options

You may have, or expect to have, difficulty making OSAP loan repayments.  If so, then you should look into the OSAP loan relief option known as the Repayment Assistance Plan.