Assistance for Full-Time Students

Canada-Ontario Integrated Student Loan

If you are a full-time student, your OSAP student loan is called a Canada-Ontario Integrated Student Loan. It is a single loan that is issued through the National Student Loans Service Centre. The Government of Ontario funds a portion of your loan and the Government of Canada funds the other portion of your loan.

The government pays your loan interest charges while you are in school. Interest starts to accrue on your loan when you finish your program. Interest rates are different on the provincial and federal portion of your loan. The interest rate on the provincial portion of your loan is the prime rate of interest plus 1%. On the federal portion of your loan, you can choose between the two rates.

• A fixed rate that is locked in at 5% plus the prime rate of interest when you start repaying your loan
• A floating rate of prime plus 2.5% that changes as the prime rate of interest changes.

Receiving a Canada-Ontario Integrated Student Loan requires applying for OSAP funding and meeting the loan eligibility criteria.