How a student gets their funds
The process of picking up and signing loan documents before each term of study is ending. The biggest change that you will notice is that you no longer have to line up at your school’s financial aid office to get your OSAP loan document before each term, and then submit it to the National Student Loan Service Centre (NSLSC).
Canada and Ontario are implementing a lifetime loan agreement that will cover you for all the time you are in full-time post-secondary studies; this lifetime loan agreement is called the “Master Student Financial Assistance Agreement”, or “MSFAA”.
What do I have to do after submitting my OSAP application?
Immediately after submitting your OSAP application, you must:
- Print and submit to the Georgian College Financial Aid Office your Consents, Instruction, Declarations and Signature pages and any requested supporting documentation. Processing of these forms can take 6 to 8 weeks, so apply early!
- Print and submit, in person, your Master Student Financial Assistance Agreement (MSFAA) to the designated post office. Be sure to take your government issued photo ID and social insurance card when submitting the MSFAA. Refer to the Georgian College Financial Aid website.
How do I know how much I will receive?
The Student Financial Assistance Branch will send to you a Notice of Assessment once the processing of your application is complete. You may also check your status for updates by logging into your OSAP account.
How will I get my money?
At the start of the school year, if your OSAP has processed, Georgian’s Financial Aid Office will electronically confirm your enrolment with the Student Financial Assistance Branch (SFAB). SFAB will then authorize the National Student Loan Service Centre to process an electronic funds transfer to your bank account for the first OSAP disbursement.
You must confirm your income before the release of your second disbursement, which is generally halfway through your study period (e.g., January). It is required before second funding disbursement. SFAB will provide you with instructions about a month before your second disbursement.
What do I do if I’m not receiving OSAP this semester (and have in previous semesters) or am registered for Co-op:
- Please contact the Financial Aid Office once you are registered in class or on a co-op for an electronic confirmation of your registration to prevent your previous loans from accruing interest. Co-op students must complete a Confirmation of Interest-free Status form and provide a signed copy of their learning agreement.
- If you have received OSAP funding prior to Aug. 1, 2000 you must also confirm your enrollment with your previous bank lender and the National Student Loan Centre. Additional information on your responsibilities to your lender(s) is available in the Financial Aid Office or on the OSAP website.
If you have any questions regarding the above information, please call the Financial Aid Office 705-728-1968, ext 5267 or refer to the OSAP website at the OSAP website - post-secondary education