OSAP Interest During Summer Before Med School

[canada747]

I have an OSAP loan, currently on interest-free status. If I get into med school in May (fingers crossed!) can I apply for the interest-free status so that interest doesn't accrue during the summer before school?

[la marzocco]

7 minutes ago, canada747 said:

I have an OSAP loan, currently on interest-free status. If I get into med school in May (fingers crossed!) can I apply for the interest-free status so that interest doesn't accrue during the summer before school?

Yes, you can. 

Fill in the Continuation of Interest-Free Status (CIFS) form: https://www.osap.gov.on.ca/OSAPPortal/en/A-ZListofAid/WEBUCONT033610.html

[canada747]

If I'm correct though, this means at least 3 months of interest over the summer? Were you able to avoid interest between undergrad and med school personally?

[rmorelan]

On 12/7/2017 at 0:38 PM, canada747 said:

If I'm correct though, this means at least 3 months of interest over the summer? Were you able to avoid interest between undergrad and med school personally?

I was able to too - and the people I worked with last year were as well. Has something changed - the wording there is the same as last year. This is no different than end UG and starting grad work in the fall. 

 

[canada747]

20 minutes ago, rmorelan said:

I was able to too - and the people I worked with last year were as well. Has something changed - the wording there is the same as last year. This is no different than end UG and starting grad work in the fall. 

 

Very cool, thank you again rmorelan!

[Doctorofmydreams]

Does this apply if you're currently working? Need to start re-paying this month (6 month interest free period is up) but I accepted an offer to Dal and will start in August 2018...

[la marzocco]

23 minutes ago, Doctorofmydreams said:

Does this apply if you're currently working? Need to start re-paying this month (6 month interest free period is up) but I accepted an offer to Dal and will start in August 2018...

Interest-free status should now apply because you are in-between study periods. Not sure how picky they are but they might ask for letter of enrolment which is different from letter of acceptance (what you currently have). In any case, give them a call and confirm. If they are asking for letter of enrolment then just wait until Dal issues that upon you paying tuition later this summer. Confirm with them, but I’m under the impression they will retroactively reverse any interest charged once your interest-free status is reinstated so needn’t worry  congrats btw!

[rmorelan]

10 minutes ago, la marzocco said:

Interest-free status should now apply because you are in-between study periods. Not sure how picky they are but they might ask for letter of enrolment which is different from letter of acceptance (what you currently have). In any case, give them a call and confirm. If they are asking for letter of enrolment then just wait until Dal issues that upon you paying tuition later this summer. Confirm with them, but I’m under the impression they will retroactively reverse any interest charged once your interest-free status is reinstated so needn’t worry  congrats btw!

that is my understanding as well - they have been operating that way for years