You must be registered in your courses before the University can confirm your enrolment. If you are not receiving OSAP, but are a full-time student for the current study period and have previous OSAP loans, you must submit a request to maintain interest-free status. You must request interest-free status for each semester you are in school full time but not receiving OSAP, including co-op terms. While you are in school, you are not required to make part-time loan payments but interest will accumulate on your loan.
To ensure that you remain payment free while you continue your studies, please submit a Schedule 2 form. The form is available online, or may be picked up at the Student Financial Services office. Note: If you are taking full-time OSAP, but have previous part-time loans, it is important to submit your Schedule 2 to keep your part-time loans payment free. Alternatively, you can bring the completed form to Student Financial Services, 3rd Floor, University Centre, or fax it to Out-of-province students should consult their home province's government aid website for specific information, and may visit Student Financial Services for a Schedule 2, interest-free form please bring your government-issued photo identification.
It is best to bring the form at the start of your study period. Please note that forms cannot be processed if they are submitted later than 21 days before the end of your study period.
You may also be asked to confirm your income on the OSAP website during your study period. You must report all external income, including part-time and Work Study jobs. It is important that you report your income promptly.
Delay in reporting income may result in reduced eligibility for further aid. Please note that you may not make further changes to your income after the study period has ended. It is very important to update your earnings before the end of your study period. Failure to update earnings can result in OSAP overpayments or restrictions.
If you have completed the online Income Update and you have further changes, you may visit Student Financial Services, 3rd Level, University Centre, or email finaid uoguelph. If you drop a course s your OSAP funding could be reduced, or you might lose eligibility for further funding.
You might also be placed on OSAP probation or restriction. Interest is currently being waived on the federal portion of your loan, but borrowers are still required to make monthly payments. If you are financially unable to make your regular monthly payments, you can apply for the Repayment Assistance Plan.
Submit your OSAP application, then print and sign the consents and declaration pages and upload them in the required documents section of the OSAP website. About two to three days after you submit your OSAP application, you will receive a welcome email from the National Student Loan Service Centre with instructions about how to complete the online identity verification process and provide your banking information.
Only full-time students making their first OSAP application for the school year, need to complete this module. If you choose to reapply to OSAP for the school year, you will not need to complete this module again.
The deadline to submit your OSAP application is 60 days before the end of the academic year. By electronically signing the MSFAA, you agree to the terms and conditions for holding federal and provincial funding.
In addition, it allows for the electronic release of OSAP funding. When you apply for OSAP for the first time, you will receive an email from the National Student Loan Service Centre with information about how to verify your identity online, electronically sign the agreement, and how to add your banking information. You should search for the name of the degree you will receive, as opposed to your major.
Your application will be processed more quickly if you choose the correct program from the list. U of T will verify your program details after you submit your application and required supporting documentation.
Most undergraduate and graduate programs leading to a certificate, diploma, or degree are eligible for OSAP funding. The following programs are not eligible for OSAP funding, since they are not approved for funding by the Ministry Colleges and Universities. In most cases, you will receive an estimate of your OSAP funding when you submit the application online.
The estimate may be delayed when the application is first launched, but the Ministry will notify you when it becomes available. Your estimated funding will be updated as new information becomes available. Submit any required documents by uploading to the OSAP website. For Ministry-generated documents such as the Consent and Declarations, please make sure the forms are printed with all your personal information displayed name, account, number, etc.
After all documentation has been processed and you have registered and enrolled in classes, U of T will confirm your enrolment in full-time studies with OSAP. At this point, your funds will be released. OSAP funding takes approximately business days to process after your enrolment has been confirmed.
Your OSAP funding will be sent directly to U of T to pay your tuition, incidental fees, and residence fees for the term. In other words, your fall term fees will be paid in fall term, and your winter term fees will be paid in winter term. For most students, your OSAP funding will be redirected in the first few weeks of classes. Important: If you have deferred your tuition payment, please wait until all OSAP payments are processed before paying your tuition in each term to avoid double payments.
If you are eligible for more OSAP than you owe to U of T for the term, the remainder will be deposited electronically in your bank account. Because you will have reduced your outstanding fees, less of your OSAP funding will be applied to your account. In other words, more of your OSAP funding will be deposited into your bank account.
For this reason, your Net Cost View and your Invoice may not match. Despite the information contained in your Net Cost View, your invoice is the official statement of your financial obligations to the U of T. For this reason, please ensure you regularly monitor your invoice. Each term, some or all of you OSAP funding will be redirected and applied towards your outstanding tuition, incidental fees, and residence fees for the term. This means that for your fall OSAP funding, your fall tuition and fees will be paid.
In winter , your winter tuition and fees will be paid. If you registered by paying the total amount of fall fees you owed, then the University of Toronto will not redirect any of your OSAP funding for fall. If you deferred the payment of your tuition fees while waiting for your OSAP to process, then some or all of your OSAP will be redirected to the University to pay your outstanding tuition and fees.
This includes all amounts that you have agreed to pay to U of T, including optional fees and residence fees. For more information about fees and payments, see the Student Accounts website. If your OSAP payment amount is lower than your tuition and fees owing for fall , you are responsible for paying the remaining tuition and fee amounts before the published deadline.
OSAP is an assistance program. You and your family are expected to supplement OSAP funding with your own resources. However, if after your OSAP and other resources, you still do not have enough to cover your financial needs, U of T has programs to assist you.
UTAPS is based on government-assessed costs. In addition, reach out to your college, faculty, or academic divisional for Financial Counselling. If you are experiencing a financial emergency, please contact your faculty, college, or academic division to apply for assistance.
Graduate students may seek out emergency funding from the School of Graduate Studies. No, it will not. If your OSAP payment amount is lower than your tuition and fees owing for fall, you are responsible for paying the remaining tuition and fee amounts before the published deadline. However, if your winter OSAP payment is greater than your winter tuition and fees owing, then the difference between what you owe and your OSAP payment will be deposited into your bank account by the National Student Loan Service Centre.
If your OSAP payment amount is lower than your tuition and fees owing for winter, you are responsible for paying the remaining tuition and fee amounts before the published deadline. If you deferred your tuition, interest is not charged until mid-February. To avoid double payments, please wait to make payments until all your OSAP funds have been processed. If your OSAP is delayed, you may choose to pay your fall tuition and fees yourself to avoid service charges.
When your OSAP is ready to be released, it will be sent directly to your bank account. However, you should be aware that bank payments can take five 5 or more days to be received by U of T and reflected on your ACORN account. You should apply for OSAP as soon as possible — do not wait until you have run out of money! Apply early: weeks prior to the start of classes provides ample time to process your application, and if there are any errors, time to make corrections.
OSAP applications may be submitted up to 60 days before the end of the academic session, but if you apply and receive your assessment early, you will be able to manage your budget better during the school year.
Once you submit your OSAP application, you must submit a signed letter to make changes to your application. Log in to your OSAP application at www. Write a letter indicating what changes or corrections you need to make including your name, student number, and your college or faculty.
If you do this, you will only be considered for the federal portion of OSAP funding. If there are delays in your OSAP funding, service charges may be assessed. Please refer to the Student Accounts website for information about the fee deadlines for your division. It can take a few days for OSAP to send us your payment, so be sure to check your OSAP account carefully for the amounts sent to the school to avoid double payments. Begin checking your OSAP status starting about weeks after you have uploaded your signed consent and declaration pages.
If your home province is not Ontario, you must apply for government funded financial aid through the Ministry or Department of Education in your home province. Your home province is the last province you lived in for at least 12 months without being a full-time university or college student, or the last province where your parents or spouse lived for 12 months without being a full-time college or university student.
If you are a dependent student i. Your loans will go into repayment anytime you are out of full-time studies for more than 6 months. If you receive more OSAP or submit a request for the continuation of interest-free status before the 6 months is up, no interest will be charged.
There are two ways to do so:. CIFS forms received outside of this period will not be accepted. When completing the form, indicate the start date of your study period as September 1, and end date of your study period as April 30, For more information, see the PEY website. Failure to notify Enrolment Services of any of the changes listed below may result in your restriction from receiving further OSAP funding:.
You must let OSAP know if any of your financial or other information changes. As part of your OSAP application you agree to provide income information that is complete and true. The funding available for graduate students varies depending on your department and your program. Check with your graduate department to find out whether your funding is paid out as a stipend or as employment income.
Typically funding received through stipends and fellowships is reported on a T4A. And, this funding should be reported as scholarship income on your OSAP application. Please note that if you have a funding package, OSAP funding will not be redirected to cover your tuition and fees, since you have an agreement in place with the University to cover your tuition and fees already. Find their contact information in the Financial Counselling Directory. If you did not receive the maximum amount of OSAP, there are a number of appeals available.
Please note the following is not an exhaustive list. If you are experiencing circumstances that may not have been taken into account in your OSAP assessment, and you are concerned about your ability to fund your studies this year, please contact us to have a Financial Aid Counsellor review your OSAP application and help you determine your options.
That means that students are required to successfully complete the academic requirements of their program to continue to be eligible for OSAP. For the next academic year, after the OSAP Probation was applied, your academic progress will be monitored closely by Enrolment Services.
However, you will be expected to remain in and pass the minimum course-load for the OSAP funded term s. If you meet the minimum course-load requirements, then the Academic Probation will be removed from your OSAP file at a later date. You will then be restricted from further OSAP funding for a minimum of 12 months.
If you drop or change courses after you apply, it will affect your OSAP entitlement and may cause delays in receiving your funding. After you are assessed and receive a Part-Time Student Loan or grant during the summer session , you cannot be reassessed for full-time OSAP aid if you add more courses.
This means that any tuition, fees, and book costs for those additional course s will not be considered. How to report changes to OSAP application information. To keep your previous student loans interest-free while you continue your studies you must inform the National Student Loans Service Centre NSLSC or any other previous lender that you are a still registered as a full-time student.
To make your full-time status known to the NSLSC, on or after the first day of classes, you can either apply online or by submitting a paper form. We strongly recommend that your submit your Continuation of Interest-free status application online to ensure your application is complete and to reduce the processing time of your submission. If you are unable to submit your application online, you can send a copy of your completed paper application in pdf format to findocs yorku.
Sign and date it. The deadline to apply is 21 days prior to your current study period end date. Global Search search box search button. What affects my OSAP eligibility and funding? Dropping to part-time status during the year.
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