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OSAP repayment

Repaying a loan

Loan repayment will begin when you:

  • graduate from studies
  • leave school
  • take more than six months off school
  • transfer to part-time studies

You will receive a letter in the mail from the National Student Loans Service Centre (NSLSC) to notify you that your loan repayment is about to begin. If you receive a notice by mail, it is your responsibility to contact the loan provider.

You will have a six-month non-repayment period after leaving school. During this time you will not be required to start paying your loans although interest will accumulate during this period. You can choose to:

  • Begin making interest payments immediately.
  • Pay the six-month interest charges before you start making your regular payments.
  • Have the interest added to your loan after the six-month non-repayment period.

Full-time students receive an integrated student loan, with funding from both the governments of Canada and Ontario. Repayment can be made through the NSLSC. The NSLSC's Online Service allows you to see the status of your loan, update contact information, change monthly payment amounts and apply for a Repayment Assistance Plan (RAP).

How to pay a loan

Before the end of a six-month non-repayment period, you should review details about the:

  • amount of your loan
  • bank account that will be used to repay your loan
  • duration of your loan repayment
  • interest rate of your loan
  • method of repayment
  • monthly payments
  • payment dates

You will receive a repayment schedule with your mail notice. The schedule allows you to:

  • Make changes to the repayment schedule.
  • Confirm the repayment schedule.
  • Seek repayment assistance, if required.

If you need repayment assistance, you can apply for the Repayment Assistance Plan and receive an estimate of repayment using the Repayment Assistance Estimator.

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