When you receive any Canada Student Loan or Ontario Student Loan, you assume the following responsibilities:
- To read and follow all the terms and conditions of the Canada Student Loan and Ontario Student Loan as outlined on the back of each loan document.
- Agree to use this loan assistance to pay your academic fees to York University first and then to cover any other educational and living expenses related to your studies.
- To make appropriate repayment arrangements with your lender when you cease full-time studies.
- To promptly advise our office if:
- You reduce your course load
- You change your program of study
- You fail to progress academically
- You withdraw from your studies
- There is a change in your marital status
- Your (or your family’s) financial situation changes
Both the provincial and federal governments take these responsibilities very seriously. If you fail to meet your obligations, any of the following may occur:
- Reassessment of your OSAP entitlement
- No future student loan assistance
- Bad credit rating
- Additional interest charges
- Collection proceedings
- Legal action
- Loss of income tax refunds