Student Loans: How Do I Apply For OSAP?


    Since college and university tuition fees have increased faster than inflation in recent years, it is advisable to look for student loans like OSAP. Many students and parents find it difficult to prepay these costs. Tuition fees for undergraduate programs vary, but according to Statistics Canada, the average tuition fee for the 2020/2021 academic year was $ 6,580. Add in school supplies and commuting expenses (don’t forget laundry, food, etc) and you could try spending more than $ 30,000 on a four-year program, potentially doubling or nearly tripling that number if you’re in one Pull up dorm or off-campus housing.

    Learn what students and parents need to know about applying for OSAP, how much financial assistance you might get, and how to make sure you are eligible for the student loan.

    What is OSAP and am I entitled to it?

    While the Canadian government provides financial assistance to students in need, OSAP works with the federal programs for loans and grants. (Also see our guide on how to apply for federal loans and grants.) For example, OSAP supported approximately 450,000 students with additional loans and grants of $ 2.1 billion in 2018/2019.

    OSAP is open to permanent residents of Ontario who have completed an OSAP-approved program in an accredited school for at least 12 weeks. That doesn’t mean you have to stay in Ontario. The loan can provide funds for students to attend post-secondary schools around the world, provided it is approved and the student meets the eligibility requirements.

    How is the OSAP financing calculated?

    It all depends on your financial needs. The amount you might get depends on your school expenses, including tuition, tuition, cost of living, etc., as well as your financial resources such as personal income, family income, scholarships, and fellowships. To make the calculation easier, imagine the calculation as follows:

    Education costs – financial contribution = financial need

    Other factors play a role, such as course load, level of learning, where your school is located, your relationship status, and whether you have loved ones. The more financial assistance you need to pay for the school, the more likely you are to get more money, which can be in the form of grants (that you don’t have to repay) or loans (that you have to repay).

    To calculate your financial needs, consider using OSAP’s Aid Estimator tool to help predict how much money you might need and whether you might qualify for an OSAP loan. You just put in the program you want to join along with some basic questions about your family relationships, if you have a disability, and so on. Providing these answers will give you a breakdown of how much funding for both grants and loans you might be able to get.


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