Process and Deadlines for Continuation of Interest-Free Status on Full-Time Loans
OSAP loans are payment and interest-free while a student attends post-secondary school full time.
- Students must be enrolled in at least 60%** of a full course load (1.5** academic credits) each semester.
- Students with a permanent disability must be enrolled in at least 40%** of a full course load (1.0** academic credit) each semester.
- Graduate students must be registered in a graduate program as a full-time student.
**When calculating course load for OSAP purposes, co-op work term credits are not included.
If you are on a co-op work term, or in school but not taking OSAP for a semester, you must apply for Interest-Free status on your loans.
- To submit an Interest-Free status form online, log on to your OSAP account. Alternatively, you can download the paper form from the OSAP website and submit it to your host institution.
- Out-of-province students should consult their home province's government aid website for specific information, and may visit the Financial Aid office on the 3rd floor of the University Centre for a Schedule 2, interest-free form. Please bring your government-issued photo identification.
Deadlines for Interest-Free Status requests:
- Submit requests up to 15 days before the start of your study semester and no later than 21 days before the end of your study period.
- Late requests cannot be processed.
| Semester(s) | U of G Deadlines | Guelph-Humber Deadlines |
|---|---|---|
| Fall Only | Nov. 22, 2024 | Nov. 24, 2024 |
| Fall/Winter or Winter Only | March 31, 2025 | March 28, 2025 |
| DVM Students | March 31, 2025 | N/A |
Repayment after your studies have ended
- All payments are made to the National Student Loans Service Centre (NSLSC), phone 1-888-815-4514.
- There is a six month grace period after your last full-time study session. You will begin your repayments after the six month period expires.
- Interest accumulates on your loan during the six month grace period.
- You may start your repayments early, and save interest charges.
- If you cannot afford to start making payments, please contact the NSLSC or follow the Repayment Assistant Program links on the Financial Consumer Agency of Canada or OSAP websites.
Interest-Free Status for Part-Time Loans
- You are not required to make loan payments while you are in school.
- Please note that interest will accumulate on your part-time loan while you are in school.
How to maintain interest-only status & avoid repayment while in school:
- If you are taking more part-time loan funding, then the Government is signalled that you are in school when your loan is processed and no further action is required by you.
- If you are not taking any loans, or are taking full-time loans, and have previous part-time loans, it is important to keep your part-time loans in payment-free status.
- To keep your part-time loans payment free, please visit the Financial Aid office and ask for a Canada Student Financial Assistance Program Confirmation of Enrolment (Schedule 2).
- The Schedule 2 can be completed online; please visit the Student Aid section of the Government of Canada website.