The Ontario Student Assistance Program (OSAP) is a financial aid program delivered by the government of Ontario

Ontario

Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....

, Canada

Canada

Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...

, for post-secondary education students. The provincial government and the government of Canada

Government of Canada

The Government of Canada, formally Her Majesty's Government, is the system whereby the federation of Canada is administered by a common authority; in Canadian English, the term can mean either the collective set of institutions or specifically the Queen-in-Council...

 fund OSAP to provide loans, grants, and scholarships on a needs-based formula.

OSAP is a program run by the Ontario Ministry of Training, Colleges and Universities, and funded by the provincial and federal governments. OSAP provides eligible Ontario students with financial assistance to help pay for their tuition, books, mandatory fees, living costs and transportation.

Loans

The loan is interest-free to pay for post secondary education as long as the student remains a full-time student (at a recognized institution) - the interest is paid by the government.

Loan repayment usually begins 6 months after the student ceases to be a (full-time) student. Interest paid on the Ontario loan(s) is prime rate

Prime rate

Prime rate or prime lending rate is a term applied in many countries to a reference interest rate used by banks. The term originally indicated the rate of interest at which banks lent to favored customers, i.e., those with high credibility, though this is no longer always the case...

 + 1%, provided the payments are made on time.

To be eligible, the student must be either a Canadian citizen, permanent resident or protected person and have resided in the province of Ontario for at least 12 consecutive months for when that person was not a postsecondary student. There is an ongoing debate in Canada in regards to how student loans adversely affect young people's financial situation upon graduation and reforming student loans.

Grants

There are specific grants targeted for the first year of students' initial entry into post-secondary education and the second year of a higher education program. On top of meeting the loan eligibility requirements, post-secondary students must meet additional criteria to be eligible for grants. That is, the education program must be at least two years in length and the student must start post-secondary education within four years of leaving secondary school. In addition, the student's parent(s) income must be below a set net income threshold in order for the student to be eligible for a grant.

• Canada Student Grant for Persons from Low-Income Families

Students from low-income families who qualify for a federal student loan and meet the specific grant eligibility requirements will receive $250 per month of study. This grant is available for all years of an eligible university undergraduate, college, or trade school program.

• Canada Student Grant for Persons from Middle-Income Families

Students from middle-income families who qualify for a federal student loan and meet the specific grant eligibility requirements will receive $100 per month of study. This grant is available for all years of an eligible university undergraduate, college or trade school program. (Please note that the eligibility thresholds for the low- and middle-income grants will be adjusted to reflect the cost of living in each province and territory for different family sizes).

• Canada Student Grant for Persons with Permanent Disabilities

Under this grant, students with permanent disabilities may receive $2,000 per academic year to help cover the costs of accommodation, tuition, and books.

• Canada Student Grant for Services and Equipment for Persons with Permanent Disabilities

Under this grant, students with permanent disabilities who have exceptional education-related costs such as tutors, note-takers, interpreters, braillers or technical aids may receive up to $8,000 per academic year.

• Canada Student Grant for Persons with Dependants

Under this grant, low-income students with children may receive $200 in grant assistance per month of study for each child under 12 years of age.

• Canada Student Grant for Part-Time Students with Dependants

Under this grant, part-time students with up to two children under 12 years of age may be eligible for $40 per week of study, and part-time students with three or more children may be eligible for $60 per week of study.

• Canada Student Grant for Part-Time Studies

Under this grant, part-time students may be eligible for up to $1,200 per school year.

• Transition Grant

Beginning on August 1, 2009, eligible recipients of a Canada Millennium Scholarship Foundation (CMSF) Millennium bursary in 2008–2009 may receive a transition grant which does not need to be paid back, for up to three additional years of undergraduate study. The transition grant will equal the difference between the CMSF Millennium bursary received during the 2008-2009 school year and a Canada Student Grant for Persons from Low-Income Families or Canada Student Grant for Persons from Middle-Income Families.

See also

• List of colleges in Ontario
• List of universities in Ontario
• Student loans in Canada
  Student loans in Canada
  Student loans in Canada help post-secondary students pay for their education in Canada. The federal government funds the Canada Student Loan Program and the provinces may fund their own programs or run in parallel with the CSLP...
  
  

External links

• Ontario Student Assistance Program
• OSAP website login (requires an OSAP Access Number, and either a password or Social Insurance Number
  Social Insurance Number
  A social insurance number is a number issued in Canada to administer various government programs. The SIN was created in 1964 to serve as a client account number in the administration of the Canada Pension Plan and Canada's varied employment insurance programs. In 1967, Revenue Canada started...
  
  )