Changes that affect your loan and/or grant
- All information provided by you, your parent(s), and your spouse (as applicable) in connection with your OSAP application is subject to verification and audit by the Ministry of Training, Colleges and Universities and by Revenue Canada. The ministry verifies all information to determine eligibility for future funding and also before it issues any Ontario Student Opportunity Grant funding to which you may be entitled. A discrepancy between Revenue Canada information and the information reported on your OSAP application could mean that you would be required to repay all or part of your loan(s). In addition, you could be denied any Ontario Student Opportunity Grant funding and future funding.
Changes to your Circumstances:
- If your circumstances or those of your parent(s) or spouse or common-law partner change while your are attending school, you must inform your Financial Aid Office of these changes in writing immediately, as they may affect your loan assessment and thus the amount of assistance to which you are entitled. Changes to your circumstances for example may include changes in your financial or marital status.
Impact of Reducing your Course load:
- Students taking less than 60% of a full-course load or 40% for students with a permanent disability are considered by OSAP to be studying part-time. Once your course load drops below 60% you are required to repay your Canada-Ontario Integrated Student Loans six months after you start studying part time. In addition, please see the information on academic progress restriction and probation.
Impact of Withdrawal from Classes:
- You must consult your financial aid office before withdrawing from class or stop attending classes. Withdrawing will affect your OSAP loan funding. The amount of OSAP loan you are eligible to receive will be recalculated based on the actual time you were in classes. In most situations you will have received more loan than you are now entitled to receive, which will create an overpayment on your file. In addition, you will no longer be eligible for an Ontario Student Opportunity Grant. If you withdraw or stop attending classes, you should use any remaining OSAP loans you may have to immediately pay down your student loan. This will reduce the amount of loan you will be required to repay.
- If your OSAP application is reassessed and it is determined that you have received more loan(s) and/or grant than you are entitled to, the amount of the overpayment will be deducted from future loans. For example:
- If the reassessment is completed before the second portion of your loan is released, the remaining loan will be reduced by the amount of the overpayment.
- If the reassessment is completed after you have received your entire loan, the amount of the overpayment may be deducted from future loans (if applicable) or you will be required to repay the overpayment.
- In addition, if you have received a bursary (e.g., Child Care Bursary), you may be required to repay all or a portion of it. The reassessment may also affect your Ontario Student Opportunity Grant.
Notice of Overpayment:
- If it has been determined that you received more loan(s) and/or grant than you are entitled to, you will be sent a Notice of Overpayment outlining the reasons for the overpayment, and the steps you must take to repay the loan(s) and/or grant. You must repay the overpayment upon receipt of the notice.
If you neglect to repay the total amount of the overpayment or do not make repayment arrangements, you may be ineligible for further assistance.