When to Apply for OSAP: Help & Advice

Do you know when to apply for OSAP? Well, there is a date when you should apply. The deadline for application is April 30th and the final payment due date is June 15th, but when do you really need to start thinking about applying? This article will tell you when!

OSAP Facts:

  • The Ontario Student Assistance Program (OSAP) is a government-funded student loan and grant program
  • OSAP eligibility is determined by your family’s income, assets, and number of dependents
  • You must apply for OSAP before you submit your application to the university of your choice
  • If you have not applied for OSAP when submitting an application to the university of your choice, they will ask you to do so at that time 
  • When applying for OSAP, it’s important to consider how much money you’ll need throughout the year – tuition fees are only one cost associated with attending university 
  • In order to be eligible for financial assistance through OSAP, students must demonstrate their ability to repay loans after graduation by showing proof of employment or enrollment in a full-time post-secondary degree program within six months following graduation from high school

1. When to apply for OSAP

While submitting an application to the university of your choice, they will ask you when you want to apply for OSAP. If applying before starting classes then it’s important that when gathering all of your documents, you also include bank statements and pay stubs from any jobs or summer employment  

If applying after starting school, students should submit their completed loan applications as soon as possible so they can be processed in time. Remember when filling out these forms there is a lot of personal information required – which may make some people uncomfortable and refuse to do it at all. The sooner submitted the better!

2. How much does OSAP cost

OSAP is paid back in way of interest. The interest rate is based on when the loan was taken out and when it’s repaid. Students should also know that they are eligible for an Ontario Student Grant when applying to OSAP which can reduce the cost of tuition! Don’t fret about filling this form out – there may be some personal information required, but you’ll get help from our team here at HigherEdPoints when needed! The sooner submitted the better so apply today!

3. What are the consequences of not paying back your loan

By not paying back your loan, you will be charged a late fee, as well when you are contacted by the Ministry of Training and Colleges. They have the power to make garnishments from your paycheque which means that they can take money out before it goes into your bank account. You can pay your OSAP back through your bank or find more information using the OSAP login.

4. Who can get OSAP and when do they need to apply 

OSAP eligibility is based on when you apply to when your study is expected to end. If you’re applying in the fall, then they need to be finished by December 31st of the same year that they applied for OSAP. If you are applying and will finish before June 30th, then they don’t have a specific time range where their studies have to be done by when determining if they qualify.

The deadline for summer applicants is May so this would mean that when students enter college, it’s important not just when we apply but also when our program finishes as well because there can sometimes be different deadlines depending on which month or semester we start school.”