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How do I Keep Funding?
How do I Keep Funding?
It is important to remember that once you secure OSAP funding you have to do your part to make sure you continue to receive it. Take the time to read through this information to ensure your funding is not reduced.
Continuation of Interest-Free Status
Full-Time students on OSAP, may not always choose to apply for OSAP in subsequent years after negotiating a loan. It is important however to officially advise the Ministry and the National Student Loan Service Centre. The only way to do this is to request from the SFS office a CIFS. This document is keyed upon request by the student directly to the Ministry database and the information is electronically sent by the Ministry to the NSLSC to update your records. This will stop any required payments of previous loans and keep your loan in good standing.
Part-Time (PT) students on PT OSAP must maintain a minimum of 20% course load in order to receive PT CSL OSAP consideration.
You must request the CIFS at least 15 days before the start of classes and 21 days before the end of your study period. If you do not request the document you will miss out on the interest being paid on your behalf, your loans will become in arrears and you will be restricted from any other forms of OSAP until the loan payments are paid and up to date.
Students on OSAP must maintain a minimum of 60% (40% for permanently disabled students) course load in order to receive OSAP consideration. OSAP entitlement will be determined based on your percentage of course load, and will be prorated to the % of course load. If you enroll or drop to 59% or less and you are not a student identified as having a permanent disability, you are not eligible for fulltime OSAP funding.
If you are a student on OSAP do not drop any courses before you speak with an SFS advisor. This must be done in person. We can advise you the implications of dropping a course with respect to your OSAP before you take action. You can then make an educated choice about how the drop will affect you and your OSAP. If you drop a course(s) and you drop below the standards noted above, your OSAP will be adversely impacted and your SFS advisor is required to adjust your OSAP record accordingly.
Please keep in mind there may be academic requirements assigned to your specific program, but whether there are or not, OSAP has specific rules around maintaining your eligibility for funding and they are:
- Fulltime students are required to pass a minimum of 60% of your full-time course load (permanently disabled students must pass 40%).
- Part-time students are required to pass all courses for which they have received funding,
Failure to meet this requirement may impact your eligibility for future funding. There are so many policies and rules regarding OSAP that there is never enough time or space to advise students of every possible scenario and how it may or may not affect them in a paper format or presentation. Come talk with us and let us help you understand how OSAP and policies affect you! Review the OSAP website to learn more about the OSAP program.