You have six months after you graduate or leave full-time studies before you need to start repaying your OSAP loan with the National Student Loan Service Centre (NSLSC).
Read more about loan repayment and relief on the Government of Ontario website.
OSAP six-month grace period
You are not required to make loan payments for the first six months after graduating or leaving full-time post-secondary studies. These six months are known as the grace period. The NSLSC uses your last confirmed study period with OSAP to determine when that grace period ends and repayment starts.
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 the Ontario portion of your student loan.
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.
Grace period extensions
There are two ways in which you can extend your repayment grace period by an additional six months: if you own or co-own a new business in Ontario, or if you work for or volunteer with a non-profit organization. Visit the government OSAP website for details on these extensions.
Get Repayment Assistance
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.
I'm Still in Full-time Studies
To put previous student loans in interest-free and payment-free status while you are registered in full-time studies, you must apply online for one of the following applications:
- Full-time OSAP (apply for interest/payment-free status + OSAP funding)
- Continuation of Interest-Free Status (apply only for interest/payment-free status)
Confirmation of enrolment of either a full-time OSAP application or Continuation of Interest-Free Status application will notify the NSLSC electronically that you are in full-time studies.
Continuation of interest-free status
Apply online on or after the first day of classes. The deadline to submit a Continuation of interest-free status application is 21 days before the end of your current full-time study period.
- Log in to your OSAP account.
- Under Continuation of Interest-free status, click Apply for interest-free status.
- Follow the instructions in the application.
- To facilitate the processing of your application, ensure to include your York University student number when prompted in the online application.
- Log into your OSAP account to see the current status of your application.
York University will complete confirmation of enrolment within 1-3 weeks from the date of submission. This information will then be sent electronically from OSAP to the NSLSC and/or previous lenders.
Note: Full-time loans will defer interest for part-time loans, however, part-time loans will not defer interest and payments for full-time loans.