Picking Up and Cashing Your Student Loan
Disbursement of Your Student Loan Funding
As a full-time student, you will receive your funding in at least two installments. Your funding comes in the form of a loan certificate and is sent to the FAO. The first installment is normally available to you on the first day of classes or 4 - 6 weeks from the date you submitted your student loan application. The first installment is 60% of your total assessment. This installment is made up of a Canada Student Loan and/or Ontario Student Loan. The remaining 40% of your Ontario Student Loan is available approximately halfway through your study period. OSAP funding will be released provided you are in good academic standing and in full time attendance.
If you are entitled to a Canada Study Grant, it will be sent to the FAO after completing the Confirmation of Enrolment (C/E). It will take approximately 4 weeks from the date we process the C/E. This funding will come in a form of a cheque and is non repayable funding.
Picking Up Your Student Loan Funding
Before loans and other funds are released, the FAO checks to ensure we have received all the necessary information and documentation relating to your application. We must confirm you are in full time attendance and are successfully meeting the Ministry's academic standards. Student loan funding can only be released to students in good standing.
Below are some important facts regarding the release of funds:
- You must present three (3) pieces of identification the each time you pick up a loan, grant or bursary. The three pieces of identification are:
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- Your Social Insurance Number (SIN) card (or an official Government of Canada document showing your SIN (e.g. Canada Revenue Agency Notice of Assessment, A Canada Pension Plan Statement of Contributions, a Confirmation of Social Insurance Number from Service Canada, or a temporary SIN card) ; and
- Your valid photo ID issued in Canada by the federal or a provincial or territorial government. Examples of acceptable ID are: a valid driver's licence, passport, provincial health card with photo, permanent residency or citizenship card; and
- Your U of T Student Card.
We will not release government aid funding without the proper ID.
Here are a few notes about picking up government funding:
- You must pick up and sign your loan certificates and acknowledge receipt of your grants and bursaries.
- Student loan funding will not be released before the start of the study period.
- Student loan funding will not be released after the last day of the study period.
- Unclaimed funding must be returned to the government and may not be reissued.
Where to Pick Up Your Student Loan Funding
All funding is available for pick up at the Registrar's Office (Room AA142) through out the year, except for September and January. Due to the large volume of traffic (i.e. students) during September and January we release funding in ARC 227.
How do I know if my loan funding is at the FAO?
The FAO receives loans and other funding each week throughout the academic year. We update our website with the issue date of the loan funding we receive. Before you come in to pick up your funding, we recommend that you verify that it has in fact arrived. Here's how you do that:
- Log in to your OSAP online account.
- Check the "Total Funding Issued" screen. The date your funding was issued is noted here.
- Compare the date of issue on your OSAP online account with the issue date of the loans that have arrived at the FAO .
- If date on our website is same or older than the date on your OSAP account, the your funding should be in our office for pick up.
- Check if your funding is here.
Cashing Your Loan
The correct terminology for "cashing" your loan is negotiation. Negotiation of a student loan is the process of signing the loan certificate at the Registrar's Office and then taking it to a designated Canada Post Office outlet to be forwarded to the lender, the National Student Loans Service Centre.
- The FAO will verify your full time attendance on ROSI and then completes the front page of the Confirmation of Enrollment (C/E).
- Next, you will review the financial information on the second page of C/E and make any changes that are required.
- You will date and sign the C/E.
- The FAO will sign and date the loan certificate and show you where you will put your bank information (you attach a void cheque) and where you will be required to sign when you take the loan certificate to Canada Post.
- You will take your loan to a designated Canada Post Office outlet to be forwarded to the lender, the National Student Loans Service Centre, who will cash it. You will need your ID and banking information (a void cheque or bank account/transit numbers) in order to complete the negotiation process.
- The funds will be deposited into your bank account within 10 business days (much longer if you have not provided banking information).
Tips
National Student Loans Service Centre (NSLSC)
Representatives from the National Student Loans Service Centre are on campus for the first few weeks of each session (September and January) to cash your loans. You will need your ID and banking information (a void cheque or bank account/transit numbers) in order to cash your loan.
If you prefer, you can take your loan certificate to a participating Canada Post outlet for negotiation. Be sure to take the required ID (your SIN Card and valid government issued photo ID) and your banking information (a void cheque or bank account/transit numbers)
Loans are couriered daily to the NSLSC and funds will be deposited into your bank account within 7 to 10 business days. It takes much longer when you do not provide the banking information.
Budgeting Your Student Loan Funds
Your second installment will be available halfway through your study period. Budgeting your money effectively after the first and second installment is very important. After you subtract your fees from each installment, you are left with a "personal and living allowance". From this amount you have to cover your everyday living expenses (e.g. rent, room and board, groceries, transportation, etc) and also pay for educational expenses such as books, and supplies such as notebooks, pens and pencils, etc.
Many students find budgeting challenging, however we think you will agree that your success in university (and in life) may largely depend on how you manage your money. Mastering this skill will allow you to reduce or eliminate any stress from financial worries and the added bonus is that it will benefit you throughout your life. The first step to mastering the skill is to take the time to complete a written budget worksheet. There are many resources available to help you with this task. Check out the section on Money Management if you need a few tips.
Pay Your Fees
Remember that your first priority is to pay your fees as soon as you receive the money from your student loan in your bank account. You can pay your fees online. If you need more information on how to pay your fees, click here.
Because OSAP issues your funding in two installments (September and January) you will probably pay your fees in two installments as well. Please remember that the University will add a service charge each month on the outstanding balance starting November 15th. To save money, try to pay as much of the your tuition as you can before that date.
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