Loan repayment
You must begin repaying your Canada and Ontario student government loans six months after you graduate, withdraw or stop being a full-time student.
After you graduate or leave school, you must contact the National Student Loans Service Centre and complete a consolidation agreement. This agreement will confirm:
- The outstanding principal of all your student loans
- The interest rate(s)
- Your monthly payment amount
You can repay your Ontario Student Assistance Program (OSAP) loans as quickly as you like. The usual repayment period is 9.5 years; however, you may take up to 15 years for repayment.
While shortening your repayment period will result in higher monthly payments, you will save a significant amount of interest.
