You must begin repaying your Canada and Ontario student government loans six months after you graduate, withdraw or stop being a full-time student.
After you graduate or leave school, you must contact the National Student Loans Service Centre (NSLSC) and complete a consolidation agreement. This agreement will confirm:
- The outstanding principal of all your student loans
- The interest rate(s)
- Your monthly payment amount
You can repay your Ontario Student Assistance Program (OSAP) loans as quickly as you like. The usual repayment period is nine-and-a-half years; however, you may take up to 15 years for repayment. If a lump-sum payment or your entire loan is paid off during the six-month period, you must still apply for loan consolidation to determine the amount of debt reductions (e.g., Ontario Student Opportunity Grant) to which you may be entitled.
While shortening your repayment period will result in higher monthly payments, you will save a significant amount of interest.
Learn more about OSAP loan repayment.