Mobile sign in image
Sign in
OSAP Student Loan Repayments Are Now Back In Effect

The pause on student loans is finally coming to an end. As of October 1st, OSAP student loan repayments are now back in effect. 

After a six month pause that was put in place on March 30, interest rates were halted on loans and borrowers were not required to pay until after Septemer 30, 2020.

In an email to Narcity, a spokesperson for the Ministry of Colleges and Universities revealed that this pause would not be extended for the winter months. 

Editor's Choice: American's Tweet About 'Downtown Canada' Went Viral & The Girl Behind It Is Speaking Out

The repayment and interest accrual on OSAP loans will resume on October 1, 2020.

Ministry of Colleges and Universities

According to the OSAP information page, those with existing student loans can expect to see money withdrawn from their accounts on the first of the month if they are on pre-authorized debit. 

Others are asked to send their payments in on the first via online banking or cheques. 

However, those who may be struggling to put forward installments at this time are able to opt into a Repayment Assistance Plan through OSAP.

That way, your monthly dues could potentially be lowered. 

"While this deferral is ending, the Ontario Student Assistance Program (OSAP) continues to provide options for borrowers who may face challenges with OSAP loan payments," wrote the ministry. 

According to the Ministry of Colleges and Universities, the payment deferral has saved Ontarians $100 million on principal payments, along with $30 million on interest.

Stay Informed
Get Toronto's latest and greatest stories every day straight to your inbox.

It's hard to move on from student life and into the very adult world of career building, budgeting, and maybe even homeownership (if you're lucky) when you're still trying to pay off your OSAP loans.

OSAP, or Ontario's Student Assistance Program, provides financial aid to students who need some help paying for their college or university fees like tuition, books, and for full-time students, it can cover costs like living expenses, too.

Keep Reading Show less

The Feds Want To Extend Canada's Recovery Benefit But The Payouts Will Get Smaller

Changes to the benefits were proposed as part of the 2021 federal budget.👇💰

As part of the 2021 federal budget, Deputy PM and Minister of Finance Chrystia Freeland announced several changes to the existing Canada Recovery Benefit.

On April 19, 2021, Freeland confirmed that the benefit — which offers support to Canadians not covered by Employment Insurance — will remain available until September 25, 2021.

Keep Reading Show less

If you have federal student loans in Canada, help could be on the way because the government has proposed a bunch of ways it plans to assist students.

Minister of Finance Chrystia Freeland released Canada's 2021 budget which includes a $4.1 billion investment to help make post-secondary education more affordable and to support students who have the greatest needs.

Keep Reading Show less

These Are The Best Universities In Canada In 2021 & Some Are Considered World-Class

You can study at one of the world's best schools, right here in Canada. 🤩🇨🇦

If you’ve ever dreamed of studying at one of the best universities in the world, you can actually do it right here in Canada! 

A ranking of Canada’s best universities in 2021 shows that there are incredible schools all over the country to choose from and some are even considered to be world-class.

Keep Reading Show less