Responsibilities of receiving OSAP loans
Upon receiving any OSAP loan aid, you assume the following responsibilities:
- 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.
- To promptly notify York University Student Financial Services if you:
- reduce your course load
- change your program of study
- fail to progress academically
- withdraw from your studies
- experience a change in marital status
- experience a change in your personal or familial financial situation
Repay your loan or continue interest-free status
When your studies end, you must arrange to make repayments of OSAP loan aid. Read more about loan repayment and relief on the Government of Ontario website.
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 full-time 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 OSAP loans.
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.
Average processing time is 1 - 3 weeks.
- 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
Average processing time is 3 - 6 weeks.
- 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.
Note: The Bennett Centre for Student Services is currently closed due to the COVID-19 pandemic. We strongly encourage you to submit your CIFS application online through your OSAP account for timely processing. If you are unable to submit your application online, you can send a copy of your completed paper application in pdf format to email@example.com.
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 application should be submitted once you are enrolled in a full-time course load. The deadline to submit an application is 21 days prior to the end of your current full-time study period.
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.
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.