OSAP can be a panacea for Ontario students who want to go to college but do not have the financial means to do so. If you are a resident of Ontario, Canada, and you are looking for different ways to finance your education, you need to know as much as possible about the Ontario Student Assistance Program, also known as OSAP. This program is administered through the government of Ontario, and provides Canada students with grants, loans, and scholarships, which are awarded based on financial need.

This Ontario OSAP student loans program is funded through the provincial government of Ontario, as well as the Canadian federal government. Students who win these awards can use the funds to help pay for tuition, fees, books, supplies, transportation, and living expenses while they are attending a post secondary school in Canada. In order to be eligible for these funds, you do not have to attend a school in Ontario, but you do have to be a resident of Ontario, even if you are attending a school outside of the province.

The OSAP Ontario student loans that are available through this program are interest free for the student, up until six months after their graduation. During this period, the interest is paid by the Ontario Government. Repayment of the loan, including interest, begins six months after you either graduate or leave your program of study without graduating. The interest that is payable on the line is equal to the prime rate, plus an additional 1%.

Before you are considered for a Ontario OSAP student loan, the information entered on the application that you fill out is used to determine whether or not you are eligible for grants or scholarships that are available. The OSAP student loan only comes into question after you have been either approved or denied for other funding – but loans are available even if you are not approved for other funding.

In addition to Ontario student loans available from the Ontario Government, you are also applying for student loans that are available from the Canadian Government. All of the grants through this program come through the Canadian Government as well, and they include grants for low income students, middle income students, disabled students, students with dependents, and part time students.

The amount of funding that you are eligible for through OSAP ranges from $210 to $560 per week that you are in school, and the actual amount that you receive depends on the program of study and school that you are attending, your marital status, whether or not you are a dependent or have dependents, and the amount of funds that you can contribute to your education. While you are attending school, as a student you are able to earn up to $103 per week, from other income sources, without these funds having any effect on the aid that you receive. If at anytime while you are in school you start earning anymore than this amount, it is your responsibility to notify OSAP, and the amount of your financial aid will be reduced accordingly.

Through the OSAP website, you can apply for funding or check the status of your application, connect with a OSAP Ontario student loan counselor, use tools to estimate your aid, and research various schools. You can also use tools to plan your education and career. For more information concerning the Ontario Student Assistance Program go to OSAP.