Repayment of OSAP

Students are responsible for repaying their OSAP loans starting on the first day of the seventh (7th) month the end of their full-time studies. There are a variety of repayment plans available to help students repay their student loans. For more information, please visit the National Student Loans Service Centre website.

For more information on repaying OSAP loans, watch this video from the National Student Loans Service Centre. 

How & When to Repay my OSAP

OSAP repayment starts six months from the end of your full-time studies – assuming your lender has the most up-to-date information about your most recent study period. Should you complete your program earlier, your repayment begins six months from that date. Your lender will mail you repayment information just prior to the end of the six months. 

The OSAP website has more information about repaying your OSAP. 

If you are experiencing financial difficulties in meeting your repayment obligations, there are programs to help. For more information about your repayment options, visit the National Student Loans Service Centre website or phone 1-888-815-4514. 

Repayment and Interest Accrual for OSAP for Micro-credentials

While a student is in studies (micro-credential, full-time, part-time) and has their OSAP application confirmed, their micro-credential student loan will be placed into interest-free status. This means that no payments are required and interest does not accrue.

The student’s grace period for their micro-credential student loan is the six-month period after they complete or withdraw from studies (micro-credential, full-time or part-time). During the grace period, students are not required to make loan or interest payments. However, interest will accrue on their micro-credential student loan during this time. 

Repayment of a micro-credential student loan begins on the first day of the seventh month after the student completes or withdrawals from studies. The student must begin repayment of their loans plus any accrued interest from the grace period once their loan repayment starts.

The interest rate on micro-credential student loans is prime plus 1%. If the student has OSAP loans from full-time or part-time studies, these loans are not eligible for interest-free status and remain repayable while the student is enrolled in a micro-credential.