Co-op students are eligible for assistance from OSAP during the session in which they are registered as full-time students and are attending classes. Students, planning to be on a Co-op work term, or with a confirmed Co-op work term, must apply for the correct number of weeks of assistance. You must avoid picking up funding for an incorrect study period. To understand this, please review the scenarios below:
Scenario 1: A full time student during the Fall Session going on a co-op work term during the Winter Session.
This student will apply for OSAP assistance for the Fall Session only (approx. 17 weeks). The student will need to maintain their loans in good standing. To do so the student will complete a Continuation of Interest Free Status form at the beginning of the Winter Session (see below).
Scenario 2: A full time student on a co-op work term during the Fall Session and back to full time studies in the Winter Session.
This student will apply for OSAP assistance for the Winter Session only (January to April – approx. 17 weeks). The student will maintain their loans in good standing by completing a Continuation of Interest Free Status form at the beginning of the Fall Session (see below).
Scenario 3:A student attending classes during the Fall & Winter Sessions.
This student will apply for OSAP for a full academic year – Fall & Winter Sessions – approx. 34 weeks.
What if I don’t go on my work term?
If for any reason you don't go on a co-op work term as planned, you need to amend your OSAP application.
It is very important that you let the Financial Aid & Awards Office know about your plans for co-op work. You can book an appointment with a financial aid counselor through eService
How do I maintaining Interest-Free Status?
If you don’t pick up new funding in a subsequent study period, and you are on a co-op work term, you must notify National Student Loan Service Centre. This is done by completing a 'Continuation of Interest-Free Status' form.
All Co-op students are encouraged to complete the 'Continuation of Interest-Free Status' form at the beginning of each co-op work term.
Student loans are interest free during periods of full time study (60% course load, or 40% course load for students with a permanent disability).
Normally, students are in school from September to April with a work break during the summer. Students usually pick up new loans the following September. This “normal” cycle will keep a student’s loans in interest free status.
Many co-op students do not follow this “normal” cycle and sometimes a student can run into problems keeping their loans in interest free status.
As a co-op student, you are considered to be in full-time attendance while out on your co-op work placement, and therefore, you are entitled to Continuation of Interest-Free Status. In order to avoid going into repayment status, you must complete 'Continuation of Interest-Free Status' form.
Where can I obtain a 'Continuation of Interest-Free Status' form?
The following options are available:
- Visit the Financial Aid & Awards Office to obtain the form, complete it and submit it. The form is on the counter and can be submitted in the box, so there is no need to line up.
- Go to the OSAP Website (http://osap.gov.on.ca) to download the form. Return the completed form by mail or fax (416.287.7528) to the Registrar’s Office.