osap repayment question

[mattg]

I just got my OSAP estimate, and I'm not sure how much has to be paid back after the 4 years of studies. My estimate was:

 

Canada-Ontario Integrated Student Loan $11,882

Canada Student Grant for Persons from Low-Income Families $2,267

Total: $14,149

 

 

Is it the COISL that must be paid back, and the CSGOLIF that does not because it is a loan? I thought the magic number was $7300 or something, where anything above $7300 doesn't have to be paid back, assuming you complete the program...

 

can someone clarify this?

 

thanks

[pluripotent]

See here.

 

"Ontario caps your OSAP student debt at $7,300 for a two-term academic year through the Ontario Student Opportunity Grant. No matter how much you borrow at the beginning of the year, your repayable amount of OSAP will be no more than $7,300 for each year of study."

 

I've had the CSGOLIF (low-income-family grant) before, it's a grant so you don't have to repay it!

 

As for the COISL, looks like you'll only owe $7300 and the other $4500ish is going to become a grant (it'll look like a loan on CanLearn when you're done, but OSOG will pay for it [Ontario Student Opportunity Grant]).

[mattg]

are we supposed to apply for the OSOG, or is it automatic?... is it applied annually, or does it all get calculated after 4 years?... also, is it a "payment" (i.e. into your bank account), or is it just subtracted from the amount of money you owe OSAP?

 

thanks

 

edit: just read

"The grant is not paid directly to you. If you are eligible, it is sent to the NSLSC to pay down your student loan(s). It is used to pay down the Ontario portion of your Canada-Ontario Integrated Student Loan. OSAP will send you a letter indicating the amount of your grant."

 

regardless, do we have to apply or is it automatic?

[gradguy]

regardless, do we have to apply or is it automatic?

 

It's automatic - no application required. If I remember correctly, the OSOG will be applied to your account sometime in the new year.