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You are responsible for planning for maintaining your "interest-free status" as you continue your studies or start the repayment process once you complete your studies.
For additional information and available resources, visit the Government of Canada's Student Financial Assistance website and OSAP website.
To maintain interest-free status for previous full-time OSAP loans, you must be confirmed with the National Student Loan Service Centre (NSLSC) as a registered full-time student in an OSAP-eligible program.
Confirmation of your enrolment is completed either through:
To be eligible for continuation of your interest-free status you must be:
If you have a restriction on your account that prevents the release of OSAP funding and are continuing with full-time registration, you must complete an interest-free status term.
Complete the "Continuation of interest-free status" forms through your OSAP account each academic year once registered.
Forms can be completed online beginning 15 days before the start of the study period/term and must be completed at least 21 days prior to the end of the study period/term.
Forms cannot be backdated to past terms.
It is your responsibility to ensure your interest-free status forms are submitted for all registered terms every academic year.
If you are enrolled in the current term as a part-time student in an OSAP-eligible program (20-50% course load), interest free status is available when:
Note: If you have previous full-time loans and decide to attend school part-time (50% course load or less) interest will accumulate and you will be required to make payments on your full-time loans; however payments on your previous part-time loans can be deferred.
If you are enrolled in the current term as a full-time student (60% course load or higher, or 40% course load or higher for students registered with OSAP with a permanent disability) in an OSAP-eligible program, interest accumulation of your previous part-time and full-time OSAP loans will be placed on hold if you have:
All repayment of funding is processed through the National Student Loan Service Centre (NSLSC).
The NSLSC offers:
The NSLSC is also on YouTube and Twitter! Check their channels for more information on the support they offer borrowers throughout their student loan experience.
A grant or loan overpayment is when you receive more grant or loan funds than you should have (e.g. you change your course load, withdraw from your study period or update your income reported on your application after you have received your OSAP funding).
Laurier student account credits that result from tuition adjustments (due to course load changes, drop to part-time studies or withdrawal) may be transferred on your behalf to the NSLSC to repay the grant or loan overpayment as per your OSAP agreement.
Normally, OSAP grants are money you do not need to repay. However, all or part of your OSAP grants may be converted into a loan if:
Grant to loan reviews may not be completed by the Ministry until after the end of the academic year and can take several months after this before final updates are communicated through your OSAP application and updated on your NSLSC account.
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