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The Ontario Student Assistance Program (OSAP)

The OSAP Program is designed to supplement your resources by helping you meet the cost of your post secondary education. It provides assistance for educational costs (tuition, books, supplies) and living allowance (food, shelter, etc.). Assistance is based on financial need as determined by the federal and provincial government, through an assessment of the OSAP application form.

OSAP Loan Distribution Schedule

Please go to OSAP Loan Distribution Schedule (pdf) to review it.

OSAP Extension Form

If you are in receipt of OSAP support for full-time study in the 2011-2012 academic year, and would like to extend your OSAP for the Spring/Summer semester, please fill out the OSAP Extension Form and submit it to the Financial Aid Office.

Application

The majority of students apply for loan assistance via the OSAP website: osap.gov.on.ca. Students can also print the application booklet through the OSAP website. Applying on line is free, applying via the application booklet costs $10.00.

Funding

OSAP funds are disbursed in the form of a Canada/Ontario Integrated Student Loan certificate. OSAP will notify you either by e-mail or regular mail of the amount of your funding assistance. This notice is called a Notice of Assessment.

How you will receive your OSAP funds

Once OSAP has received all of the required documentation, a loan certificate will be printed and forwarded to the Financial Aid Office. When you come to the Financial Aid Office (or designated location) to pick up your student loan certificate, you will need the following documentation:

  1. Enrollment Form and/or your personal Timetable.
  2. A government issued Social Insurance Number Card.
  3. A government issued photo ID (i.e. driver's license; passport, etc.).
  4. A void cheque from your personal savings or chequing account (so that the National Student Loans Service Centre can direct deposit your funds into your bank account.

1. A government issued Social Insurance Number card OR; an original copy of one of the following government issued documents:• Your Canada Revenue Agency Notice of Assessment• Your Canada Revenue Agency GST Credit Notice• Your Canada Child Tax Benefit Notice

2. A government issued photo ID (i.e. driver’s license, passport etc.) Your College photo ID cannot be used. Social Insurance Number Card or approved alternate document and government issued photo ID are required before your loan can be released. NO EXCEPTIONS.

3. A void cheque from your personal saving or chequing account (so that the National Student Loans Service Centre can direct deposit your funds into your bank account).

Please note: it takes from 5 – 7 business days for your money to be deposited into your bank account by the National Student Loans Service Centre (NSLSC). Inquiries regarding the deposit of these funds should be referred to the NSLSC at 1-888-815-4514.

Amount of Funds Available

60% of funding is released at the start of classes. 40% of funding is released at the start of the next semester. If you are in a one semester program, or a Co-op program in which your next semester is a work term, the second portion of your funding will be available approximately 3-4 weeks after the initial loan was released.

National Student Loans Service Centre

The National Student Loans Service Centre is the agency responsible for performing the following functions:

  1. processing your student loan certificate.
  2. Arranging for the deposit of your student loan into your bank account.
  3. Forwarding payment for any outstanding fees owning to the College.
  4. Tracking all of your student loan information and notifying you of the payment schedule and amount owing once you cease being a full time student.

Important Notes

  1. Students must pick up loans in the Financial Aid Office or designated location each time a student loan certificate is issued.
  2. Students are required to provide their Social Insurance Number card and photo ID each time they pick up a student loan certificate.
  3. Students must provide a void cheque or banking information (i.e. account and transit number) each time a student loan certificate is issued. Each time a student loan is issued, a new student loan agreement must be completed, and as such that is why the three steps outlined above must be followed.
  4. Outstanding fees owing to the College will be deducted from your student loan certificate, based on your Payment Deferral Agreement. The National Student Loans Service Centre will deduct the amount of tuition owing from the proceeds of your loan and forward it directly to the College on your behalf. It is your responsibility to ensure the accuracy of the information on your loan document. Should an error occur, you are responsible for fees outstanding. Please follow the instructions you receive with your Conestoga College Invoice/Statement Incoming students may be eligible for the Conestoga College Entrance Award. For more information visit Conestoga College Entrance Award Page.