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					Repayment of OSAP Loans
When does repayment begin?
Six months from your end of full-time studies, provided your lender has up-to-date
information on your most recent study period. Should you complete your program earlier,
your repayment begins six months from that date. Your lender will mail you information
on repayment just prior to the end of the six months.

Update your Address:
Many students move after graduation. Ensure your lender has your current address:
      National Student Loans Service Centre 1-888-815-4514 or update on-line at:
      http://canlearn.ca/ and select NSLSC

If you borrowed OSAP loans prior to September 2001, you should also notify your bank:
        CIBC National Student Centre 1-800-563-2422
        Royal Bank Student Loan Centre 1-800-363-3822
        Bank of Nova Scotia Student Loan Administration 1-888-284-3044

Update your address on-line to OSAP at: http://osap.gov.on.ca/ and to the University at:
http://www.rosi.utoronto.ca/

How is interest charged?
While you are enrolled as a full-time student, the loans are interest-free. Once you have
finished your studies, interest is charged to you but you do not have to begin payment for
six months. You can choose to begin payment early. Repayment of the loans is “open”
and you can increase payments at any time. Most students who have borrowed OSAP
loans have both Canada and Ontario Student Loans. The floating interest rate for
repayment of Canada Student Loans is prime plus 2.5% and prime plus 1.0% for Ontario
Student Loans.

What if I can’t afford payments?
Contact your lender immediately for advice. You may be eligible for Interest Relief
which postpones interest and payments for six month periods. Your lender can mail you
an application. Or, you could ask for a Revision of Terms to lower monthly payments by
extending the amortization period of repayment.

What if I continue my studies?
Notify your lender(s) if you continue your full-time post-secondary studies by filing a
Continuation of Interest-Free Status form (Schedule 2) or by borrowing new OSAP loans.
Ensure you notify your lender as soon as classes begin to obtain interest-free status on
your previous loans.

Income tax:
Interest paid on your student loans is a tax credit claimable on your tax return.

Further information:
http://www.adm.utoronto.ca/fa/counselling/loan_repayment.htm

				
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