OSAP loan applications now open for 2020-21 school year, 6-month payment deferral for ongoing loans

ONTARIO — Starting today, those most in need can apply to the Ontario Student Assistance Program (OSAP) for the 2020-21 school year, the Ontario government announced yesterday.

“Investing in higher education is one of the most important investments a person can make in their future,” said Ross Romano, Minister of College and Universities. “To help ensure today’s students, and tomorrow’s entrepreneurs, innovators and workers can obtain the skills they need to succeed in a highly competitive global economy, our government is helping to remove the financial barriers to postsecondary education.”

For many students, the loans they receive from OSAP are their first major financial commitment. To support a greater understanding of the program and the responsibilities as an OSAP recipient, applicants will be required to complete an information module that highlights basic information about the student assistance program and financial literacy. This is knowledge students will need to make informed financial decisions today, and throughout their lives.

During this unprecedented period, the government is providing a six-month temporary deferral of OSAP loan payments and interest accrual on OSAP loans from March 30-September 30, to support OSAP borrowers in good standing. The province has also worked with postsecondary institutions to support virtual learning and virtual exams.

The government is now preparing for the 2020-21 school year by working closely with the province’s colleges and universities to ensure students receive the high-caliber education and training they need to obtain rewarding careers. Acting on the advice of the Chief Medical Officer of Health, Ontario’s postsecondary institutions are developing their plans for the fall term – exploring a range of delivery options depending on the trajectory of COVID-19.

QUICK FACTS

  • Learn about supports from the federal government for students and recent graduates impacted by COVID-19.
  • Ontario provides grants and loans through OSAP to eligible students to help them with the costs of postsecondary education.
  • Both the Ontario and federal governments provide grants and loans to eligible students through OSAP.

LEARN MORE

Visit Ontario’s website to learn more about how the province continues to protect Ontarians from COVID-19 or to take a self assessment.

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