2022-23 OSAP Application for Full-time Students
You need to repay your OSAP if:
You may need to start paying back your OSAP loan six months after your study period ends.
You’ll be making payments to the National Student Loans Service Centre (NSLSC), not to OSAP.
You don’t need to start paying back your OSAP loan if your school confirms your enrolment for the next study period and we approve your application for one of the following programs:
A grant or bursary overpayment is when you receive more grant or bursary funds than you should have (e.g., your study period plans changed after you received your money).
Your financial aid office or the ministry will let you know when and how you need to repay the overpayment.
You may need to repay the overpayment before you can be considered for more funding from OSAP.
If you need to start paying back your OSAP loans, here’s how:
You have six months after you graduate or leave full-time studies before you need to start repaying your OSAP loan. During this 6-month grace period, you will:
The interest rates on your first payment date are used to figure out the monthly payment for your loan (Ontario = prime rate + 1%, Canada = prime rate + 2.5%). The interest rates on your first payment date are used to figure out the monthly payment for your loan (Ontario = prime rate + 1%, Canada = prime rate + 2.5%).
If interest rates change, your monthly payment stays the same. However, the amount applied to your loan balance (“principal”) will change.
With your account, you can:
Within 6 months after you graduate or leave full-time studies, you’ll get a package from the National Student Loans Service Centre with information about:
You make loan payments to the National Student Loans Service Centre, not to OSAP.
Your payments are based on a 9 ½ year pay-back schedule. This pay-back schedule is the average amount of time it takes to pay back OSAP student loans.
You can make payments on your loan at any time to repay it faster.
If you’re having trouble repaying your loan, you might be able to get repayment assistance.
If you have a severe permanent disability and you can’t attend work or school, you can apply for the Severe Permanent Disability Benefit. Contact the NSLSC.
You can lower your monthly payments by extending your repayment period from 9 ½ up to 14 ½ years. Log in to your National Student Loans Service Centre account.
Once you’re finished paying off your loan, you’ll get a notice from the National Student Loans Service Centre.
You can apply to lower your monthly loan payments for six months at a time through the Repayment Assistance Plan.
We calculate the new amount of your payment by considering your:
If your application is approved, you and both the provincial and federal governments will be making payments on your loans.
Your payments will grow gradually as your income grows but are never more than 20% of your family income.
Use the Repayment Assistance Estimator to see if you could be eligible for repayment assistance.
There are two ways you can apply for the Repayment Assistance Plan.
You can:
You have to re-apply to the Repayment Assistance Plan every six months.
If you received OSAP loans for the 2016-17 academic year, you will not owe more than:
Go to the Ontario Student Opportunity Grant page for complete details.
If you don't make your loan payments, you will be in default.
Being in default means:
Your OSAP debt will only be erased when you have paid it off in full.
National Student Loans Service Centre
The collection agency listed on your collection notice
You can confirm which collection agency holds your account by calling:
The collection agency listed on your collection notice
You can confirm which collection agency holds your account by calling the Account Management and Collections Branch, Ministry of Finance:
If you declare bankruptcy, you still have to pay your OSAP loan. This mean you must continue to make a regular monthly payment.
Apply to the Repayment Assistance Plan if you can’t make these monthly payments.
If you’ve been out of full-time studies for more than five years, you can ask a bankruptcy court to have your OSAP loan be discharged. Contact your bankruptcy trustee for help.