Canada-Ontario Integrated Student Loan (COISL)
The Canada-Ontario Integrated Student Loan (COISL) provides eligible full-time postsecondary students with federal and provincial loans to help them pay for their education-related costs such as tuition, books, mandatory fees, living costs and transportation. It’s available to full-time students attending a postsecondary school that is approved for OSAP purposes.
This is a single integrated student loan, where a portion is funded by the Government of Ontario and a portion by the Government of Canada. The loan is issued through the National Student Loans Service Centre (NSLSC).
COISL: Canada portion
The maximum amount that you may receive from the Canada portion of this loan is $210 for each week of your study period.
COISL: Ontario portion
The maximum amount that you may receive from the Ontario portion of this loan for each week of your study period is:
- $160 per week for a single student with no dependents
- $360 per week for a student who is married or who is a sole-support parent.
Who Can Get This Aid
This loan is available to students taking 60% or more of a full course load (or 40% or more of a full course load for students who self-identify as having a permanent disability).
You must meet the eligibility requirements for OSAP for Full-Time Students to be considered for the Canada portion of this loan. In addition, to be eligible for the Ontario portion of this loan, you must be attending one of the following:
- An approved public college or university in Ontario.
- An approved private postsecondary school in Ontario or an Ontario hairstyling school.
- An approved public college or university in another Canadian province or territory.
How to Apply
You’ll need to provide the required documents for your 2016-2017 OSAP Application for Full-Time Students before your application can be processed and you can be considered for this loan.
The deadlines for the 2016-2017 OSAP Application for Full-Time Students are as follows:
Your application must be received by your financial aid office no later than 60 days before the end of your study period.
All required documents must be received by your financial aid office no later than 40 days before the end of your study period.
Note: Documents received after your deadline date will not be considered.
Any review request must be received no later than 40 days before the end of your study period.
Your eligibility for this loan is determined as part of the processing of your OSAP application. Once your application is received, it’s processed in several stages that include:
- Confirming all required information and documents have been provided.
- Determining whether you meet all the eligibility requirements.
- Verifying the following information:
- Your Social Insurance Number and personal identification information (name, date of birth, and gender) is verified with the Social Insurance Registry.
- Your credit history is verified with a credit reporting agency (Equifax).
When determining your eligibility, your income (and that of your spouse or parent(s), if applicable) will be verified with Canada Revenue Agency (CRA). Results from the CRA income verification process may impact your eligibility for this loan if any income information is not accurately reported on your application.
You can log into the OSAP website at any time to see what stage your OSAP Application for Full-Time Students is at.
What Needs To Be Done Before You Can Get Your Aid
Your OSAP Application for Full-Time Students along with all required documents must be received and processed before any funding is released. In addition, your school must confirm your enrolment before any of your funding can be disbursed.
Note: No funds are released until on or after your study period start date.
How and When You Get Your Aid
You will usually get your funding in two instalments. The first installment normally occurs when you begin your studies and the rest occurs half way through your study period. See the Steps to Getting Your OSAP Funding factsheet for further information.
How to Check the Status of Your Application
Log into the OSAP website to see the current status of your application. You can log in at any time even if you requested that the ministry mail your information on the status of your application.
How a Change to Your Situation Affects Your Aid
Any change to your family, financial, and/or study period status could result in your application being reassessed, which could impact the amount of aid you are eligible to receive.
After Your Current Study Period Ends
If You’re Continuing in Full-Time Studies
You must submit an OSAP Application for Full-Time Students for each academic year that you wish to be considered for funding.
- If you receive further full-time loan funding, your previous loans will automatically go into interest-free status for that study period as long as the break between your study periods is 6 months or less.
- If you don’t apply or qualify for further full-time loan funding, you can apply to have your existing loans placed into interest-free status while you are in full-time studies.
If You’ve Completed Your Full-Time Studies
Six months after you graduate or stop being a full time student, you must start to repay the loan funding that you received. The amount that you must repay may be reduced through the Ontario Student Opportunity Grant. You are automatically considered for this grant as part of your OSAP Application for Full-Time Students.
The Repayment Assistance Plan is available if you have difficulty in repaying your loans.