When and How Funding is Released

When Funding is Released

You will usually get your funding in two instalments:

    • 1st installment: when you begin your studies (e.g., September).

    • 2nd installment: half way through your study period (e.g., January).

When it is time for your funding to be released, the ministry will send notification to the National Student Loans Service Center (NSLSC) who will deposit the funds into your bank account. The bank account is the one you filled out on your MSFAA that you submitted to a designated Canada Post outlet. If for any reason the NSLSC is unable to deposit the funds into your bank account (e.g., due to invalid account number), it will create a cheque and mail it to you. Therefore, it is very important that you keep your bank account information up to date with the NSLSC. Contact the NSLSC directly at 1-888-815-4514 for any questions about the deposit of your funding and/or your bank account information.

On your application if you didn’t decline the redirection of funds, a portion of your funding may be sent directly to your school to pay your tuition and education-related fees on your behalf. If so, the amount will be displayed in the “Funding Released to Date” section.

There are 4 steps that must be completed before your funding can be released.

Step 1: Submit Your Master Student Financial Assistance Agreement (MSFAA)

The MSFAA is a lifetime student loan agreement for full-time students that only has to be completed once during your postsecondary studies. The agreement contains the terms and conditions you need to agree to in order to receive and repay your OSAP loan.

    How do I get my MSFAA?

    Once you've submitted your online application you can print your personalized MSFAA. It is provided as a PDF and you’ll need your OSAP password to open it. Please ensure that it prints legibly. If you applied using a paper application or if you requested that the ministry to mail all forms to you, it will automatically be mailed to you. However, you always have the option of printing it yourself.

    Take it to a Canada Post Outlet

    Sign your MSFAA then take page 1 (the other pages are for your reference) to a designated Canada Post Outlet. Do it right away – don’t wait for classes to begin. You must present two pieces of documentation to prove your identity:

    1. Proof of your Social Insurance Number (SIN):

        • Your Social Insurance card, or
        • An official Government of Canada document that contains your Social Insurance Number (e.g., a Canada Revenue Agency Notice of Assessment, a Canada Pension Plan Statement of Contributions, or a Confirmation of Social Insurance Number from Service Canada).

    2. One piece of valid photo ID issued in Canada by the federal, provincial or territorial government.

    Examples of acceptable ID: Canadian passport, permanent resident or citizenship card, Ontario photo card, valid driver's licence or provincial health card with photo. Student ID cards are not acceptable.

    Going to School Outside Canada?

    If you’re not in Canada and can’t get to a designated Canada Post outlet or if there isn’t one near you, mail page 1 of your MSFAA and photocopies of two pieces of documentation to prove your identity (see list above) to:

            National Student Loans Service Centre

            PO Box 4030

            Mississauga, ON L5A 4M4

Step 2: Submit All Required Documents

Generally, declaration and signature pages and other documents are required to support the information you provided on your application (e.g., marriage certificate). A list of what documents you must provide is available under “Required Documents”.

Step 3: School Confirms Your Enrolment

Your school must confirm that you have enrolled and started classes. For most students, this will happen at the start of their studies (e.g., September) and then again halfway through their study period (e.g., January).

Step 4: Confirm Your Income

Most students have to confirm their income before the release of the second half of funding, which is generally halfway through the study period (e.g., January). Instructions are sent about a month before funding is to be released.