Ontario students receive financial assistance to continue their education after high school. The Ontario Student Assistance Program (OSAP) is available to all eligible Ontario students, in addition to the financial assistance programs provided by their respective post-secondary institutions.
How Does OSAP Work?
OSAP is awarded based on the formula:
Allowable education costs – expected financial contributions = financial need.
Options for full-time, part-time and graduate students vary. OSAP can also provide scholarships, grants and bursaries based on academic achievements.
Who is Eligible for OSAP?
To find out if you are elgible, complete an https://osap.gov.on.ca/OSAPSecurityWeb/public/registration.xhtml online application form.
Citizenship and residency requirements must be met. Your chosen program of study must also be on the pre-approved program list.
You may not be eligible for OSAP if:
- You haven’t met academic progress requirements
- You’ve been convicted of a criminal offense
- You’ve reported a significant difference in income to the Canada Revenue Agency from what appears on your OSAP application or the financial aid office at your institution.
- You have declared bankruptcy
- You’re receiving other government financial aid
- You’ve failed the credit check
- You are receiving Stage 2 of the federal Repayment Assistance Plan
- Your file is under review for other reasons.
Types of Financial Aid
OSAP offers grants, bursaries, scholarships, work-study, loans and repayment assistance to students. You can check what types of aid are available to you with the OSAP Aid Finder.
You can only receive aid if you demonstrate financial need. Grants and bursaries do not need to be repaid and they are tax-free. Scholarships and Fellowships usually do not need to be repaid, but you do have to pay taxes on these academic merit-based awards. Work-study programs help you offset the costs of school by arranging for part-time work at the school. Loans are money borrowed from the government of Canada or Ontario and they are not taxable. Any accrued interest on your loans is paid by the federal and provincial governments for up to six months after your study period is over. After that, it is up to the student to pay the interest and principle. Repayment assistance is for people who are done school but are having a hard time repaying their loans.
