OSAP Loan Deferrals Available for Six Months

Wednesday, 20 May 2020 15:13

The Ontario Government is providing a six month temporary deferral of OSAP loan payments and interest accrual on OSAP loans.

ONTARIO - The Ontario Government is reducing financial barriers for full-time students attending postsecondary education.

As of Wednesday, students most in need can apply to the Ontario Student Assistance Program (OSAP) for the 2020-21 school year.

Minister of College and Universities Ross Romano says they want to see people continue to invest in their education.

"Investing in higher education is one of the most important investments a person can make in their future. To help ensure today's students, and tomorrow's entrepreneurs, innovators and workers can obtain the skills they need to succeed in a highly competitive global economy, our government is helping to remove the financial barriers to postsecondary education."

For many students, the loans they receive from OSAP are their first major financial commitment. To support a greater understanding of the program and the responsibilities as an OSAP recipient, applicants will be required to complete an information module that highlights basic information about the student assistance program and financial literacy. This is knowledge students will need to make informed financial decisions today, and throughout their lives.

During this unprecedented period, the government is providing a six-month temporary deferral of OSAP loan payments and interest accrual on OSAP loans from March 30-September 30, 2020 to support OSAP borrowers in good standing. The province has also worked with postsecondary institutions to support virtual learning and virtual exams.

The government is now preparing for the 2020-21 school year by working closely with the province's colleges and universities to ensure students receive the high-caliber education and training they need to obtain rewarding careers. Acting on the advice of the Chief Medical Officer of Health, Ontario's postsecondary institutions are developing their plans for the fall term - exploring a range of delivery options depending on the trajectory of COVID-19.