Ontario Government Revamps OSAP

The Government of Ontario has promised it will be easier to apply for, and pay back, OSAP.

Earlier this week, The Ministry of Training, Colleges and Universities and The Provincial Government announced a series of changes to the Ontario Student Assistance Program. Most notably, they pledged that students will now have six interest-free months to pay back their loans.

“Our government is committed to making postsecondary education accessible on the basis of ability to learn, not ability to pay. That’s why we continue to invest in student aid and to make it easier for students to get the financial help they need,” said John Milloy, Minister of Training, Colleges and Universities.

The Province also committed to cutting the red tape a student has to sort through while applying for OSAP. Their plan includes:

• Fewer forms to fill out for OSAP and Student Access Guarantee (SAG) funds
• Students being automatically evaluated for SAG funding when they apply for OSAP
• Starting in January 2011, financial aid being directly deposited into student’s bank accounts.

Their plan also allows for more flexible repayment terms, more funding available for parents, and a new grant for part-time students. The new provisions will also allow for students to keep more of their earnings from part-time jobs.

You can learn more by visiting the Ministry of Training, Colleges and Universities online.