OSAP and Financial Aid FAQ’s

The amount of funding you receive from OSAP is calculated using the following formula:

Allowable Educational Costs - Expected Contribution = OSAP funding

  • Allowable educational costs include tuition fees, books, personal and living allowances
  • Expected contributions are based on your income, some assets and in certain situations your family's income

OSAP funding is based on your parents' income, unless one of the following applies to you:

  • You have not been a full-time student at a high school or post-secondary institution for at least 12 months in a row on 2 or more occasions (without providing your parents' income, you would only be entitled to a Canada Student Loan which is 60% of OSAP funding);
  • You have been out of high school for at least six years;
  • You have dependent children living with you;
  • You are separated, divorced or widowed;
  • You are married (your spouse's income, GIC's, Mutual Funds and RRSP's are used in calculating the amount of OSAP you receive).

Sixty per cent of OSAP funding comes from Federal Government loans and grants (if applicable) and 40% comes from provincial loans and grants (if applicable). Your funding is released in two instalments. For Fall start programs the first instalment is released in the fall semester and second instalment during the winter semester. If you are in a one term program, your funding is released in one instalment at the beginning of the semester once confirmation of enrolment is processed.

You may apply for OSAP up to 60 calendar days prior to the end of your study period. Once you have applied, any supporting documentation that you are required to provide as part of your application must be submitted and processed no less than 40 days prior to the end of your study period.

After you have submitted your OSAP application, your Required Documents page will display. Signature and Declaration pages are to be completed by the appropriate individuals and uploaded through your OSAP application.
If you need to submit additional supporting documentation it will be listed as well.
Your Required Documents page will also display the following information:

  • Your 10 digit MSFAA number
  • Instructions on how to complete the online process

You will be required to complete a Master Student Financial Aid Agreement (MSFAA). The MSFAA is a legal agreement between you and the federal and Ontario governments. It outlines your responsibilities and the terms and conditions of accepting and repaying student loans. There is a two-step process to complete your MSFAA.

1. Register online with the National Student Loans Service Centre (NSLSC) using your 10-digit MSFAA number
2. Complete the MSFAA and accept the terms and conditions

The NSLSC will send you a Welcome Email when it's time for you to register for your online account and complete your MSFAA on-line. This email will be triggered once the NSLSC receives notice from OSAP that you’ve submitted an application. The email will be identified as:

From: infor@msfaa-emafe.cibletudes-canlearn.ca
Subject: Register now to set up your online

Your OSAP funds will not be released until supporting documents have been received and processed.

You may go to the Financial Aid Office of any Community College or University in Ontario to access your OAN and reset your password. You must provide Proof of SIN and government issued ID to do so. If your OSAP access has been disabled, you will have to wait for 24 hours until your access is restored.

Approximately 15 calendar days prior to the beginning of classes, we will begin the process of approving the release of OSAP funding for students. OSAP applications that are complete and approved for funding will be eligible for processing and deposit of funds. Loyalist College will confirm with the ministry, the enrolment of eligible students. The Ministry in turn will transfer approved OSAP funds direct deposit to individual student bank accounts based on the information provided in the Master Student Financial Aid Agreement (MSFAA). The earliest that funds could be deposited to your bank account is the first day of classes.

This is a good opportunity to connect with a Loyalist College Financial Aid Advisor. We will review your application to see what options are available to you. In some cases, your application may not be correct and has resulted in a lower assessment in other cases there may be an appeal that can be initiated that may generate additional funding for you. In the absence of additional OSAP funding, we can also provide direction with respect to other sources of funding - for example - bursaries and scholarships, bank loans or lines of credit.

Federal Changes for 2023-24

Some changes to Federal funding maximums have occurred for 2023-24 that may be notable in a student's OSAP funding amount. The temporary doubling of Canada Student Grants introduced in the 2020-21 academic year is no longer in effect, and the current rates are as follows:

  • CSG-FT: Maximum per month has changed from $750 to $525.
  • CSG-DEP: Maximum per month has changed from $400 to $280 per dependent.
  • CSG-D: Value has changed from $4,000 to $2,800.
  • SB CSG-FT: Grant discontinued.
  • Federal Loan: Maximum has increased from $210 to $300 per week.
  • Your application will be reassessed and your original OSAP entitlement will be recalculated.
  • You will immediately lose your interest-free status on your Canada and Ontario Student Loans.
  • You must make arrangements to begin repayment of your outstanding Canada/Ontario Student Loan debt SIX months from the month in which you ceased full time attendance.
  • You may be assessed with an OSAP overpayment and an academic penalty.
  • Your grant funding may turn into loan.
  • An overpayment is the amount of OSAP funding issued to you in excess of what you are entitled to receive.
  • An overpayment may occur for a number of reasons, such as a withdrawal from studies, a drop in course load, or a change in income.
  • It is best to repay the overpayment amount immediately, if you can afford to pay the full amount.

You might incur an academic penalty, such as OSAP probation or restriction, if you receive OSAP funding and then withdraw before completing at least 60% of a full course load (1.5 credits each semester).

Contact the National Student Loans Service Centre (NSLSC) by phone at 1-888-815- 4514; OR go to https://www.csnpe-nslsc.canada.ca/en/home to log into your account and process a payment.

  • If paying an overpayment please submit a copy of your NSLSC loan statement showing repayment to Loyalist College Financial Aid Office.
  • If you cannot afford to make your required monthly payments, search for repayment assistance on the NSLSC or OSAP website.

IF you have questions email financialaidoffice@loyalistcollege.com or call 613-969-1913 ext. 2425 or 2226.