Getting a postsecondary education is about . . .

Choosing a school and program wisely

Choose your school and program carefully. Postsecondary education costs you time, money, and effort. It is a big investment, so you should evaluate carefully the postsecondary institution you plan to attend and the programs you intend to enroll in. Check out the graduation rates and graduate employment rates to find out how successful graduates have been in completing their programs. You may also wish to check out the default rates for the institution you plan to attend.

Checking out funding options

Loans, grants. bursaries, and scholarships may be available to you through OSAP, but it is not the only source. You should check with your postsecondary institution to find out about institution-specific funding options. Corporations and community-based agencies also have special bursaries and scholarships.

Completing your education

Getting an education is an important part of ensuring that you can compete for a job in today’s economy. Potential employers are interested in learning that you have successfully completed your program and are ready to take on the challenges of a career. Maintaining successful academic progress while you are in school is the important first step towards graduation. As well there are consequences for your OSAP funding if you don’t maintain your academic goals.

Repaying your loans

So you got that wonderful career and now it is time to trade that old clunker in for a new sports model! But don’t forget about your student loans – they must be repaid. Failing to make regular payments or defaulting on your loans may jeopardize your chances of getting a loan in the future. When many people will be changing their career path several times in their life, you could find yourself back in school. Not being able to get a loan, grant, bursary, or scholarship may make a real difference in being able to pay for that education. You may wish to check out the default rates for the institution you plan to attend.

Help with repaying your loans

You’ve started repaying your loan, but if you’re having difficulty making your monthly loan payments, help may be available. Repayment assistance is offered in various forms. If you are having problems, you can ask your financial institution or the National Student Loans Service Centre about lowering your monthly payments by revising your repayment terms. If you have low income, you may be eligible to have your monthly payments suspended for periods of six months through interest relief. And, if you’ve received all available interest relief assistance and you’ve been out of school at least five years, you may be eligible to have your Canada and/or Ontario loan debt reduced through the Debt Reduction in Repayment program.