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Here I will try to explain what a student loan is and how it works. The Canada Student Loans Program provides repayable loans to help Canadian students pay for their post-secondary education. Federal loans are delivered in partnership with participating provinces and territories and are available to almost every future student.

Pursuing post-secondary education is now easier than ever.

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This is the website I recommend you study first when planning your student loan. There is very convenient navigation and an obvious explanation for any questions you may have while searching for it. And the most important thing is that you can find it here:
- who can get a loan
- how much a loan can be
- what is the limit for the full repayment of the loan
- what documents must be provided
- terms for applying and receiving a loan
- support service that will help you understand the program
- necessary links to auxiliary sites

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Contact us

If you have questions about student aid contact your province or territory. If you already have a grant or a loan you can contact the NSLSC.

NSLSC account

To view information on your grants and loans, access my NSLSC account.

Student loan forms

These forms are available to download in Adobe Portable Document Format (PDF). If you are unable to access a form, please contact us to obtain a paper copy or an alternative format, such as Braille.

How the funding works

The Government of Canada works with most provincial or territorial governments to deliver student grants and loans. In all situations, you apply with your province or territory of residence.

Ontario, British Columbia, Saskatchewan, New Brunswick, and Newfoundland and Labrador

The Government of Canada and the provincial governments work together to provide integrated student grants and loans.

Alberta, Manitoba, Nova Scotia and Prince Edward Island

Canada Student Grants and Loans are available alongside provincial or territorial student aid.

Yukon

Only Canada Student Grants and Loans and territorial grants are available.

Nunavut, the Northwest Territories and Quebec

Canada Student Grants and Loans are not available. These jurisdictions operate their own student aid programs.

Document navigation

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Students grants and loans - More information - Canada.ca

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If you have questions about student aid contact your province or territory. If you already have a grant or a loan you can contact the NSLSC. To view information on your grants and loans, access my NSLSC account. These forms are available to download in Adobe Portable Document Format (PDF).

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Website #2 OSAP: Ontario Student Assistance Program

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Website #2 OSAP: Ontario Student Assistance Program

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This website is the most crucial website for any student who wishes to obtain a student loan. OSAP: The Ontario Student Assistance Program is more than a website or program. It is a platform for applying for a student loan from start to finish.
After you register, the most interesting begins. You start filling in your profile with the necessary personal information, choose the type of study, college or university, the type and duration of the program. Moreover, you can immediately get an approximate calculation of your loan. After you have filled out everything and uploaded the documents, your application goes for consideration. And you will learn about any changes from the Message Center and to your email.

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Website #3 National Student Loans Service Centre (NSLSC)

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Website #3 National Student Loans Service Centre (NSLSC)

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Another essential website for applying for a student loan is the National Student Loans Service Center. Everything here is geared towards managing and paying off your student loan. Most importantly, there are many options presented here to start repaying a loan and when to start.

You can increase or decrease your monthly payment amount to better suit your budget by customizing your payment terms. If you have a full-time loan, and you want to change your monthly payment amount or see what other repayment terms may fit your situation better, you can do this through your secure NSLSC online account. Also, you can apply for Repayment Assistance Plan, and you may qualify for zero or lowered payments for six months. After the six-month period has ended, you can reapply for another six-month period.

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New Look. New Features. New Login Process!

We have introduced a new registration process for new and existing users. Learn more.

The National Student Loans Service Centre is pleased to provide you with access to online services.

Login to your NSLSC Account

Login using GCKey or SecureKey

Login

Register your NSLSC Account

Register today to access your personalized account.

Register

If you have not already accessed your NSLSC account using GCKey or a Sign-In Partner (SecureKey), you will have to click on the Register button to complete the new and enhanced registration process.

Your previous NSLSC username and password will no longer work, so make sure you re-register to continue to access your account!

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The National Student Loans Service Centre is pleased to provide you with access to online services. Login using GCKey or SecureKey Login Register today to access your personalized account. Register If you have not already accessed your NSLSC account using GCKey or a Sign-In Partner (SecureKey), you will have to click on the Register button to complete the new and enhanced registration process.

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And the last very interesting website is Legaline.ca. Here you will find answers to all your questions regarding 47 types of laws, including a description of the solution to questions about the student loan and how it works. A lot of information has been written with a step-by-step explanation of your further actions. It also explains once again the categories of applicants and describes the conditions under which they can give or refuse a loan. The most exciting thing is that they even provide information for students in the event of their bankruptcy and how to act in such situations.

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OSAP - Ontario Student Assistance Program

In Ontario, the Ministry of Training, Colleges and Universities administers the provincial and federal governments' student loan programs through the Ontario Student Assistance Program, (OSAP). OSAP offers two kinds of assistance: grants, where money does not need to be repaid; and student loans, where the money must be repaid.

In Ontario, students will submit one application form for both federal and provincial student loans. The student loan is repaid through the National Student Loans Service Centre (NSLSC).

The distinctive feature of a student loan such as OSAP is that the federal and provincial governments pay the interest on the loan from the time that the student borrows the money until the student graduates or ceases to be enrolled at school full-time. That means that interest on the loan does not accrue while the student is attending school. Although some Canadian banks and other financial institutions administer their own student loan programs, students usually have to pay the interest on bank administered loans while attending school.

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Eligibility for OSAP

Generally, eligibility for OSAP requires a student to be:

a Canadian citizen or permanent resident,

a resident of Ontario, and

enrolled in an approved post-secondary program.

OSAP provides a list of approved programs and schools as well as guidelines for how a student's financial need is assessed.

New applicants for OSAP, who are 22 years of age or older, will undergo a credit check by the Ministry. Their position is that applicants are ineligible for OSAP if they have been in arrears for 90 days or more on three or more personal loans in the past three years with a combined value of $1,000 or more. Other reasons a student may not be eligible for OSAP include: they have defaulted on a student loan, they do not meet the academic requirements, they provided false information on their application, or they have declared bankruptcy.

A student whose application for OSAP is denied should contact his or her school's financial aid office for information about appealing the rejection.

Repaying OSAP

After a student graduates or leaves full-time studies they have a 6-month grace period before they must start repaying their OSAP loan.

Within six months of leaving school, the student who has been granted OSAP will get a package in the mail from the National Student Loan Service Centre that states: how much is owed on the loan, the expected monthly payment, and the interest rate. This is called a Consolidation Agreement. This legally binding document must be signed and returned to the National Student Loan Service Centre.
Is interest charged during the 6-month grace period?
If you graduate or leave full-time studies on or after September 1, 2019 you will be charged interest on the Ontario portion of your loans during the 6-month grace period.

Repaying a federal student loan

After a student graduates or leaves full-time studies they also have a 6-month grace period before they must start repaying their federal Canada Student Loan. However, interest is not charged during the 6-month grace period. For more information, visit Canada.ca.

Federal and provincial assistance programs

The Ontario and federal government offer interest relief and repayment assistance programs for borrowers who can demonstrate financial need, and may include those with low incomes following graduation, single parents with young children, or victims of severe medical conditions or trauma. Eligibility is generally based on gross family income and financial assets, and the monthly student loan payment amount.

Stage 1 - Interest Relief: For those who qualify, interest relief programs temporarily cover the interest of a student loan. However, borrowers are expected to continue to make payments toward the principal amount. The school's financial aid office, which assisted with the loan, will have information on both provincial and federal interest relief programs.

Stage 2 - Debt Reduction (Principal Payment Relief): Under the federal Repayment Assistance Plan (RAP) and Repayment Assistance Plan for Borrowers with a Permanent Disability (RAP-PD), special considerations are given to borrowers with financial hardships or disabilities. Debt reduction is only available after a person has received interest relief for a minimum of 60 months, or has been out of school for 10 years, whichever comes first.

However, individuals with a permanent disability may apply for debt reduction right away, without having received interest relief. In addition, under the federal Severe Permanent Disability Benefit, borrowers with a severe permanent disability may qualify to have their loans immediately forgiven.

Those who qualify may:

make affordable student loan payments based on their gross family income and family size and/or disability-related expenses. Loan payments do not exceed 20% of a borrower's gross family income.

apply payments to the loan principal first; the Government of Canada covers the rest of the payment, including principal and interest.

not have to make any OSAP payments until their income is at least $25,000.

have a maximum repayment period of 15 years, or a reduced period of 10 years for qualified borrowers with permanent disabilities.

Application for federal repayment assistance plans can be made with the NSLSC. Borrowers must apply for the Plan every six months. Enrolment is not automatic.

Default

If a borrower fails to make any payments for 90 days after the OSAP repayment schedule begins, then the loan may be deemed inactive by the bank that issued it. The bank may then seek payment of the loan from the Ontario government. An OSAP loan is considered to be in default when the Ontario government has paid the bank's claim for an inactive loan.

If a borrower becomes in default for an OSAP loan there are significant penalties which will affect his or her ability to borrow money in the future. Consequences of being in default include:

your debt will be turned over to a collection agency

you will be reported to a credit bureau

you could be ineligible for further OSAP until the default is cleared

it can affect your ability to get a car loan, mortgage or credit card

your income tax refund and HST rebate can be withheld

interest will continue to accrue on the unpaid balance of your loan.

OSAP debt (including provincial and federal student loans) does not expire. It will only be erased when it has been paid off in full. A school's financial aid office will have information on the process for addressing and clearing a default of an OSAP loan.

Changes to OSAP

The Provincial Government made a number of changes to the OSAP program which are now in effect. These changes include:

students with a net family income of $140,000 or more are only eligible to receive repayable loans, not grants; and

students with a net family income below $50,000 are only eligible to receive approximately 82% in grants and the rest in loans.

Bankruptcy and student loans

Courts generally give special consideration toward a debt incurred by a government student loan because the failure of a borrower to repay a student loan endangers the program for other students. Consequently, borrowers should be aware that it is difficult to discharge a student loan by filing for bankruptcy.

Under Canada's Bankruptcy and Insolvency Act, the debt incurred by a government student loan will not be released by an order of discharge, if such an order occurs either while the person is still a student or within seven years after the date upon which the bankrupt borrower ceased to be a student. This applies equally to those who are full-time or part-time students.

In some cases, the court, upon application by the student, will release the debt earlier, at any time after five years from the date the student was discharged from bankruptcy or ceased to be a student (either full-time or part-time). In order for the court to allow the early release of the debt, the court must be satisfied that the student: (i) acted in good faith with respect to the student loan debt; and (ii) has and will continue to experience financial difficulties to an extent that he or she will be unable to pay liabilities under the student loan.

Get help

Comprehensive information about OSAP can be found from the Ministry of Training, Colleges and Universities. More information about federal student loans and the National Student Loans Service Centre can be found from the Government of Canada.

A criminal record will affect your ability to get a loan, a mortgage, or a job. To erase your criminal record, call toll-free 1-888-808-3628 or learn more at Pardon Partners. It's easier than you think.

There are many options to consider when you are in a situation of financial difficulty. For easy-to-understand debt solutions on your terms, contact our preferred experts 4Pillars and rebuild your financial future. With 60 locations across Canada, they will help you design a debt repayment plan and guide you with compassionate advice. No judgment. For help, visit 4Pillars or call toll-free 1-844-888-0442 .

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Student loans and student loan repayment - FREE Legal Information | Legal Line

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In Canada, your student loan will have come from either the federal government's Canada Student Loans Program (CSLP) and/or a provincial or territorial run program. The application procedure is based on which province you live in, not the province where you plan to go to school. 1.

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Video #1 What Every Student NEEDS to know about OSAP

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Video #1 What Every Student NEEDS to know about OSAP

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This video seemed very interesting and, most importantly, important here because it explains the negative aspects of a student loan. Martin gave a lot of information and statistics about the student loan, which turned out to be helpful too many. Personally, I really liked the video and how clearly the statistics and data on student loans are provided. And the comments under the video confirm this, as viewers agree with so many of Martin's statements about loans. And most importantly, this video will really help you make the right decision to take or not take a student loan or not. And who, after all, benefits from it more: the student or the government.

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What Every Student NEEDS to know about OSAP (Student loans Explained) | avoiding student debt canada

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Video #2 STUDENT LOAN DEBT: What I Wish I Knew (Canada)

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Video #2 STUDENT LOAN DEBT: What I Wish I Knew (Canada)

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In this video, they shared what I wish I knew about student loan debt, paying off debt fast, paying off debt, and knowing before the debt repayment period! Student loan debt is often something you get into before you realize what it’s like later on - so hopefully, this will help you prepare! They also talk about Student Loan Debt Information, How to Choose An Affordable School, About Financial Aid Options, and About Student Loan Debt Repayment Period. This video seemed to be very interesting and important here because it explains the hidden aspects of a student loan, which can convince you of its necessity.

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STUDENT LOAN DEBT: What I Wish I Knew (Canada)

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Video #3 Student Loan Forgiveness For Canada? | What Happened is Good News for Students AND All Canadians

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Video #3 Student Loan Forgiveness For Canada? | What Happened is Good News for Students AND All Canadians

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In this video, Russell reveals that newly graduated students are hardest hit financially by the current world crisis. With student loans, expensive rent, and little financial help after the Canada Emergency Student Benefit (CESB), students wonder if there will be a new benefit for Canadian students. Many students have to rely on Canada student line of credit, OSAP, Alberta student aid, British Columbia Student Aid, Manitoba Student Aid, New Brunswick Student Financial Services, Newfoundland and Labrador Student Financial Services, Nova Scotia Student Assistance, Quebec student financial aid, among other programs to fund their education!! And since the end of the student loan payment freeze, many Canadian students are left behind.
This video is handy as it explains how a student with loans can cope in times of challenging economic change.

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Student Loan Forgiveness For Canada? | What Happened is Good News for Students AND All Canadians

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Video #4 How To Pay Off Your Student Loans Faster | The 3-Minute Guide

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Video #4 How To Pay Off Your Student Loans Faster | The 3-Minute Guide

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It is a very informative video explaining the basic principles of paying off a loan quickly and not overpaying interest. The blogger describes in detail the steps and tricks you can take to quickly pay off the loan. I chose this video because it has working ideas that every student can use to pay off their loan quickly and in full. And the main thing is that there are a lot of users in the comments who used these principles and successfully closed their loans, which brought high views to this video and a lot of recommendations.

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How To Pay Off Your Student Loans Faster | The 3-Minute Guide

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This picture shows the steps you need to go through in order to apply for a student deputy and get the desired size. And this scale is for the student who applies for the first time.

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This picture shows what circumstances can affect the ability to obtain a student loan and its size. And given these circumstances, you can figure out what might prevent you from getting this loan.