What is OSAP? 

You are eligible for OSAP funding if you are a Canadian citizen, permanent resident, or protected person, who is registered for either full-time or part-time education in an OSAP-approved school. If you want to find out more information, check out OSAP: Ontario Student Assistance Program for all the details. 

How does OSAP work?

You can register for an OSAP account with your OAN (OSAP access number). Once you have registered, you will be able to apply starting in the spring of the year you are planning to attend university in September. Before then, if you would like to have a general idea of the amount of funding you will receive, you can complete the OSAP financial aid estimator here: OSAP Aid Estimator for Full-Time Students: Home Page. This will give you an idea of the amount of funding you will receive either in grants or loans, and will help you start planning out how you will finance your post-secondary education. Keep in mind that there are several factors that are taken into account when determining the amount of funding provided, including your program tuition, whether or not you’ll be living at home, and the income of your parents. 

OSAP is a great program to finance your university education, however, as with any loan or big financial decision, you should be aware of all the details. When you are studying, your loan is interest-free. This means that your loans are not accruing any interest, and that they are not growing. You only need to start repaying your loans 6 months after graduation, because that is when the interest will start accruing. That is what is said on the website, but in reality, you will be charged interest on the Ontario portion of your loan during your 6-month grace period, and this interest will be added to your loan balance. Knowing the ins and outs of any loan you are taking out is incredibly important, so that you can plan accordingly.

Make a plan

OSAP is a great tool for funding part of your university education. However, it is likely that your OSAP loans will not cover the entirety of your tuition and living expenses. Making a budget is one of the most important things that needs to be done while you plan your university experience. There are so many things that you should take into consideration, including how much student debt you are comfortable taking on, and how you are going to supplement your tuition, which you can learn more about here.                                                                                                                                                                                                                                                            
University or college is a very big change, and OSAP is just one of the tools that you can use to get you where you want to go. Hopefully this brief summary gives you a better understanding of OSAP and can better help you know your finance.