OSAP
If you are a resident of Ontario, Canada, and you will be attending college, you need to know about the OSAP (Ontario Student Assistance Program) so that you can obtain Ontario student loans in Canada to help pay for your education. Even if you have a Registered Education Savings Plan, or RESP, you will probably need additional funds to finance your college education.
The Ontario Student Assistance Program, also known as OSAP, is a part of the Ontario Ministry of Training, Colleges, and Universities. Funds received through this department can be used for tuition, books, transportation, and living expenses while you are attending school.
How the OSAP Ontario Works
You can apply for Canadian federal student aid, including loans, grants, and bursaries, as well as Ontario student aid with one application. The federal loan will cover up to 60% of your financial need, with additional funds provided through Ontario. However, there are maximums that you can receive. These maximums are set to keep you from having too much debt when you finish college. For example, if your program is only two terms in length, you can only receive up to $7300 in aid.
It is vital that you understand that this Ontario student loan program was not established to fund your entire education, but instead to supplement the other sources of funding that you have in place for your education, including your RESP, grants, bursaries, scholarships, employment, and work/study programs, among other Canada financial sources.
However, if all of your education is not funded, and you are out of financial sources, you may be eligible for the Student Access Guarantee, provided by Ontario. Through this program, all colleges and Universities in Ontario are required to provide the financial assistance that you require, beyond what is provided by OSAP, so that you can get an education. Only the costs of tuition, books, and mandatory fees are covered under this program. If this funding is needed, and you are a first time student, this will be determined when you fill out your application for funding through the OSAP. If you need this funding, you will be instructed to fill out a separate application through your college or university. The college or university will provide these funds through bursaries, scholarships, summer employment programs, or work/study programs.
OSAP – Ontario Student Assistance Program Criteria
In order to be eligible for funding through OSAP, your program and school must be approved by OSAP, it must be at least a twelve week program that results in a diploma, certificate, or degree, and you must have financial need for the funding. Each program administered through the OSAP may have additional eligibility requirements that you must meet as well. If you have defaulted on a Canadian student loan, exceeded your lifetime maximum, or been less than truthful on your OSAP application, you may be barred from receiving financial aid through these programs.
When you have finished your education, and your grace period has ended, the loans that you obtained through the federal government and the Ontario government are managed through the National Student Loan Service Centre. For more information regarding Ontario Student Loans, visit the Ontario Student Assistance Program website. You can also obtain information through NSLSC student loans in Canada.
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