Managing Your Loan
Keep Your Information Up to Date
- Report any changes. This includes an increase or decrease to your course load, study period, and income throughout the year using the Change of Income and/or Study Period Form or the Information Correction Form. Otherwise, you risk having an overpayment, and may be required to pay back a portion of your funding.
- Remain a full-time student. If you are considering dropping a course, or withdrawing from your studies, please speak to us as soon as possible, and follow step 1.
- Make progress toward your degree. OSAP requires you to pass at least 3 credits in 2 semesters, or 1.5 credits if you're studying in one semester only. Students with permanent disabilities must pass 1 credit.
OSAP Academic Probation
If you are on OSAP academic probation, you either did not complete the study period for which you requested funding (step 2 above), or you not passed the minimum course load (see step 3 above).
Before your funding is released, students on probation are required to submit an OSAP Probation Letter to the Registrar's Office. Your second academic probation flag will restrict you from receiving OSAP for 12 months or more. We encourage you to speak with a Financial Aid Advisor if you have questions or concerns.
Note: OSAP academic probation is not the same as being on academic probation at U of T.
Keeping Your Loans Interest-Free
You will not be charged interest on your student loan while you are a full-time student, and apply for a new loan each year. When you are no longer studying on a full-time basis, you will be required to start repaying your loan(s) six months after your last semester as a full-time student. If you are continuing your studies but are not receiving OSAP for your current semester or academic year (referred to as study period), you must make sure that your previous loans remain in interest-free status. This means that you do not have to start repaying your loans while you're pursuing full-time studies.
Applying for Continuation of Interest Free Status (CIFS)
You can inform the National Student Loan Service Centre that you are in full-time studies by submitting the Continuation of Interest Free Status (CIFS) Application online. This is an essential step to ensure that your previous loans remain interest free, and that your previous loans do not go into repayment status. Additionally, the Government of Canada and/or the Province of Ontario will pay the interest on your previous loans on your behalf. In order to use this application, you must fall into one of the following categories:
- Be a full-time student who received OSAP in a previous year, but did not apply for a new loan for the current year
- You are a full-time student and you have not received your loans by mid-October
- You are a co-op student on a work-term
For information on when to apply and the deadlines, click here.
Requesting a Refund of ACORN credit balance
Please make sure your mailing address and bank account information is accurate on ACORN.
The fastest way to get a refund is to set up direct deposit information on ACORN.
If you have received full-time OSAP for the current term:
If you’ve received full-time OSAP for the current term, and you have a credit balance in ACORN, you should request a refund through ACORN. If you are eligible for a refund due to a credit balance on your account, click on the blue bar on your ACORN dashboard to access the OSAP Refund Request Form.
The processing time for ACORN refund requests is around 4-6 weeks.
Note: You may not be eligible to receive the full amount of the credit balance refunded to you. If you’ve withdrawn from full-time studies or your OSAP has been re-assessed then the credit balance will be used to repay U of T awards/scholarships and OSAP overpayments first. You will then be refunded the amount that’s left over, if any.
If you have not received full-time OSAP for the current term:
Please follow the instructions on the Student Accounts website: Request a Refund Payment.