Interest-Free Status for Students with Full- or Part-Time Government Loans

Process and Deadlines for Continuation of Interest-Free Status on Full-Time Loans

OSAP loans are payment and interest-free while a student attends post-secondary school full time.

  • Students must be enrolled in at least 60%** of a full course load (1.5** academic credits) each semester.
  • Students with a permanent disability must be enrolled in at least 40%** of a full course load (1.0** academic credit) each semester.
  • Graduate students must be registered in a graduate program as a full-time student.

**When calculating course load for OSAP purposes, co-op work term credits are not included.

If you are on a co-op work term, or in school but not taking OSAP for a semester, you must apply for Interest-Free status on your loans.

  • To submit an Interest-Free status form online, log on to your OSAP account. Alternatively, you can download the paper form from the OSAP website and submit it to your host institution.
  • Out-of-province students should consult their home province's government aid website for specific information, and may visit the Financial Aid office on the 3rd floor of the University Centre for a Schedule 2, interest-free form. Please bring your government-issued photo identification.

Deadlines for Interest-Free Status requests:

  • Submit requests up to 15 days before the start of your study semester and no later than 21 days before the end of your study period.
  • Late requests cannot be processed.
Semester(s) U of G Deadlines Guelph-Humber Deadlines
Fall Only Nov. 22, 2024 Nov. 24, 2024
Fall/Winter or Winter Only March 31, 2025 March 28, 2025
DVM Students March 31, 2025 N/A

Repayment after your studies have ended

  • All payments are made to the National Student Loans Service Centre (NSLSC), phone 1-888-815-4514.
  • There is a six month grace period after your last full-time study session. You will begin your repayments after the six month period expires.
  • Interest accumulates on your loan during the six month grace period.
  • You may start your repayments early, and save interest charges.
  • If you cannot afford to start making payments, please contact the NSLSC or follow the Repayment Assistant Program links on the Financial Consumer Agency of Canada or OSAP websites.

Interest-Free Status for Part-Time Loans

  • You are not required to make loan payments while you are in school.
  • Please note that interest will accumulate on your part-time loan while you are in school.

How to maintain interest-only status & avoid repayment while in school:

  • If you are taking more part-time loan funding, then the Government is signalled that you are in school when your loan is processed and no further action is required by you.
  • If you are not taking any loans, or are taking full-time loans, and have previous part-time loans, it is important to keep your part-time loans in payment-free status.
  • To keep your part-time loans payment free, please visit the Financial Aid office and ask for a Canada Student Financial Assistance Program Confirmation of Enrolment (Schedule 2).
  • The Schedule 2 can be completed online; please visit the Student Aid section of the Government of Canada website.