Your Rights and Responsibilities As They Pertain to Government Aid Programs
Student loans can be difficult to understand even for an experienced person whose job it is to administer the program. For students it can, at times, be an intimidating and confusing experience. ASK QUESTIONS! It is also important for you to understand the total process involved in what you are undertaking.
When you accept financial assistance from OSAP (or other government loans programs) assistance, you are taking on a serious responsibility and obligation. Please remember your Student Loan Rights and Responsibilities:
- You are responsible for reading and understanding the declarations that you sign for your OSAP application. They set out my obligations and conditions under which the information you provide will be used. Most importantly, you are responsible to comply with all the terms of the loan, including repaying my loan and any overpayments.
- You are responsible for reporting your income (and that of others who are providing this information for your application) accurately on the application and for updating it on a timely basis, as required.
- You are responsible for reporting any change in your status on a timely basis (e.g. dropping a course).
- You are borrowing money in the form of a student loan from the provincial and/or Federal government (OSAP).
- These loans must be repaid even if you don not complete your program, are unable to find employment after graduation, or are dissatisfied in any way with the university or the program.
- You are expected to protect your eligibility for OSAP funding by starting and finishing your academic year or session as a full time student.
- You are expected to make progress towards your degree by passing your courses (minimum course load of 60% or 40% if you have a permanent disability).
- You're eligible to keep your student loan in interest free status as long as you remain a full time student, however it your responsibility to request a CIFS from the FAO. If you forget to obtain this form, you understand the interest on your loan will start the month following the end date on my most recent loan document and repayment of your student loan will start six months after that date.
- If you complete your program, you may be eligible for an Ontario Student Opportunity Grant that will repay a portion of your loan. Visit the OSAP web site.
Payments begin 6 months after:
- you graduate, or
- you withdraw from school or you drop to part-time studies(<60% or 40% (if you have a permanent disability) course load), or
- you are deemed ineligible for student loans (i.e. for academic restriction reasons)
Reporting Changes in Status
Students are responsible for notifying OSAP of any changes to their file. To do this, complete an OSAP Correction Form to report the changes. Here are a few examples of when you should use this form:
- each time you drop a course on ROSI,
- change in address
- make a personal statement
The form must be returned to the Registrar's Office (AA142) for processing.
Reporting Changes in Income
Students are responsible to promptly and accurately report a change in their income (an increase or decrease). To change your income after you have submitted your OSAP application, you use the OSAP Income Correction Form. You can update the information as many times as you need to. The form must be returned to the Registrar's Office (AA142) for processing.