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Government Assistance

Ontario Student Assistance Program (OSAP)

In Ontario, the Ontario Student Assistance Program (OSAP) is available to help supplement (not replace) the financial resources that the student is expected to contribute.

Each provincial government administers and maintains a student financial aid program in co-operation with the federal government’s Canada Student Loan Program (CSL). Usually the assistance is in the form of interest-free loans while a student is in school. In Ontario this program is call the Ontario Student Assistance Program (OSAP). A single application is used to assess entitlement for both CSL and Ontario Student Loans (OSL). The National Student Loans Service Centre (NSLSC) administers the combined government loan programs.

Provided students have qualified for OSAP and promptly submitted required documentation to the appropriate offices, the University will be able to confirm their registration and OSAP will deposit their funds directly into their bank account after classes begin in September.

Application Deadlines

  • Applications received within the first 45 days of the first day of class:
    • Students will be eligible for OSAP funding for the entire study period.
  • Applications received after the first 45 days of the first day of class, but no later than 90 days before the end of the study period:
    • Students will be eligible for OSAP funding from the date their application is received until the end of their study period.
  • Applications within 90 days of the end of the study period:
    • Not eligible for OSAP for that academic year

Note: For the purposes of OSAP the Full-Time MBA, Evening MBA, Morning MBA, Master of Management Analytics, Master of Financial Risk Management, and the Master of Finance programs are considered full-time with 100% course load and are approved programs of study.

OSAP Application Process

Step 1: Determine Eligibility

Step 1: Determine Eligibility

To apply for OSAP, students must be:

  • a Canadian citizen, Permanent Resident, or protected person (Convention Refugees);
  • an Ontario resident;
  • enrolled in an approved program of study; and
  • registered in full-time studies (i.e., register in at least 60% of a full course load in each semester; 40% for students with documented permanent disabilities).

Note: International students who have already been approved for Canadian permanent residency, have not lived in any other province in Canada, and will get their record of landing upon their arrival in Toronto will be immediately eligible to apply for OSAP funding.

Note: For the purposes of OSAP the Full-Time MBA, Evening MBA, Morning MBA, Master of Management Analytics, Master of Financial Risk Management, and the Master of Finance programs are considered full-time with 100% course load and are approved programs of study.

Step 2: Apply Online

Step 2: Apply Online

Apply online at OSAP using the “Full-Time Students” application for the September–April academic year. Applications for the upcoming academic year are normally available on the OSAP website in May.

OSAP Access Number (OAN) and Password
  • First-time users must register at OSAP to receive an OSAP Access Number (OAN) and create a password. The registration process to receive an OAN requires an Ontario Education Number (OEN).
    • Students who went through the Ontario elementary and/or secondary school system can find their OEN on their secondary school transcripts. Students who did not attend elementary and/or secondary school in Ontario should leave the OEN field blank.
  • Returning users can access their OSAP account by entering their OAN and password. Students who have forgotten their OAN and password get locked out of the OSAP website. Information on how to get access restored is available.
University of Toronto Student Number
  • Report the University of Toronto student number accurately so the OSAP application can be matched with the appropriate University of Toronto registration. Without this information, OSAP funds will not be deliverable.
    • Tip for new students: The University of Toronto applicant number became a student number when admitted.
Select Program of Study and Year of Study Carefully

OSAP’s “Search for Your Program of Study” can be narrowed down:

  1. Please indicate “University of Toronto,” the correct year of study for September, and enter “MBA,” “Master of Finance” (“MFin” produces no results), or whichever program is appropriate in the search box.
  2. The available program choices (e.g. Full-Time, Morning, or Evening MBA or Master of Finance) will then appear and students can select the correct program.

Step 3: Submit the Master Student Financial Assistance Agreement (MSFAA)

Step 3: Submit the Master Student Financial Assistance Agreement (MSFAA) 

  • By submitting the Master Student Financial Assistance Agreement (MSFAA), students agree to the terms and conditions for holding federal and provincial funding. In addition, it allows for the electronic release of OSAP funding directly into students’ bank accounts.
  • If receiving OSAP for the first time, students will need to submit the Master Student Financial Assistance Agreement (MSFAA). Students are only required to complete the MSFAA once in their lifetime. The MSFAA process is in place for all OSAP recipients. Returning applicants may not need to submit any documentation.
  • About two to three days after submitting an OSAP application, students will receive a welcome email from the National Student Loan Service Centre with instructions about how to complete the online MSFAA verification process and provide identity and banking information.

Step 4: Submit OSAP Signature Pages and Supporting Documents

Step 4: Submit OSAP Signature Pages and Supporting Documents

  • After submitting their OSAP application online, students will be given the option of printing or having OSAP mail the Signature forms, and the Signature forms for their spouse, if required. It is recommended students print these forms themselves to save time.
  • The OSAP website will give students a list of supporting documents that are required to complete their application.
  • Send the completed OSAP Signature forms and all of the supporting documentation as soon as possible to Enrollment Services. The address will be listed on the top right-hand corner of the first page of the Signature forms.

Normal processing time is six to eight weeks after documentation is received. Students can check the status of their application by logging in to OSAP.

Step 5: Appealing OSAP Entitlement

Step 5: Appealing OSAP Entitlement

  • Appeal information is available on the OSAP website.
  • Send appeal documents to Enrollment Services after applying for OSAP and receiving assessment. The OSAP appeal deadline is eight weeks before the end of the study period.
  • OSAP entitlement will be affected by the following:
    • Income (especially during the summer months).
    • Assets (and spouse’s assets): bank accounts, mutual funds, GIC’s, RRSP’s, etc.

OSAP Disbursement Process

New for 2018–19: As per Government of Ontario requirements affecting all OSAP recipients, OSAP funding will first be applied to the ACORN account at the University of Toronto to pay corresponding term fees (with the exception of admissions and residence deposits).

Step 1: Pay Tuition Fees to Register

Step 1: Pay Tuition Fees to Register

Step 2: Receive OSAP Funding

Step 2: Receive OSAP Funding

OSAP funds are disbursed in two installments. Generally, for a regular two-term study period, 60% of the full funding is disbursed in the Fall term and the remaining amount in the Winter term:

Enrollment Services will electronically confirm enrollment with OSAP once:

  • Fall–Winter registration status on ACORN appears as Registered; and
  • the program, course load and study level information on the OSAP application matches the information on the University of Toronto student record.

If Fall OSAP funding is greater than fees owed, OSAP will deposit the remaining Fall term OSAP funding into the student’s bank account.

If Fall OSAP funding is less than the fees owed, students must pay the outstanding fees by the Fall term payment deadline of 1 September.

Step 3: Prepare for January Disbursement of OSAP

Step 3: Prepare for January Disbursement of OSAP

In October, complete the Student Income Verification form from OSAP to receive the second installment of funds at the start of classes in January.

Starting in the first week of December, Enrollment Services will begin to electronically confirm Winter term enrollment.

In order for enrollment to be confirmed:

  • Fall–Winter or Winter registration status on ACORN must be Registered; and,
  • The program, course load, and study level information on the OSAP application matches the information on the student’s University of Toronto student record, or the student is enrolled in a full-time Winter term course load (according to OSAP definition).

If Winter OSAP funding is greater than the fees owed, OSAP will deposit remaining Winter term OSAP funding into the student’s bank account.

If Winter OSAP funding is less than the fees owed, students must pay the outstanding fees by the Winter term payment deadline of 31 January.

Viewing OSAP Disbursements on ACORN

Students can view the OSAP funding paid to their ACORN account on the OSAP website, and on the ACORN Net Cost View Statement.

The redirected OSAP amount is based on the amount of fees owing on the Confirmation of Enrolment date. These payments will be displayed on the ACORN invoice separately as Federal and Provincial amounts:

PAYMENTS
2018 Fall
OSAP Payment – Federal (2018-09-25)      $ 750.00CR
OSAP Payment – Provincial (2018-09-28)  $1,000.00CR

The OSAP payments will be displayed separately on the ACORN Payment History screen similar to the table below:

Process DateTransaction DescriptionInvoice SessionTransaction Amount
2018-09-28OSAP Payment – ProvincialFall 2018$1000.00 CR
2018-09-25OSAP Payment – FederalFall 2018$750.00 CR

Student Responsibilities

  • Promptly update OSAP regarding changes to gross income by providing a signed and dated letter to Financial Aid and Awards, Enrollment Services.
  • Maintain at least 60% of a full course load in each semester (40% if student has a documented permanent disability). No averaging of course load over the two semesters.
    • Note: For the purposes of OSAP the Full-Time MBA, Evening MBA, Morning MBA, and the Master of Finance programs are considered full-time with 100% course load and are approved programs of study.
  • OSAP also expects students to pass 60% of a full course load (40% if student has a documented permanent disability).
  • Update address on the OSAP websiteACORN and with the National Student Loans Service Centre (NSLSC).

Keep Previous OSAP Loans in Good Standing

  • Previous OSAP loans will go into repayment six months after students were last considered full-time. Repayment means interest will start accruing on the OSAP loan and students will be required to start re-paying.
  • If students apply for and receive new OSAP funding before the six-month grace period ends, their previous loans will not enter repayment and will remain interest-free.
  • If students complete and submit a Confirmation of Interest Free Status (CIFS) form to confirm status as a full-time student prior to the expiry of this six-month grace period, their previous student loans will not enter repayment and will remain interest-free.

If Students Do Not Receive OSAP or If OSAP is Delayed

If students are not receiving OSAP for the current academic year, they must complete a Confirmation of Interest Free Status (CIFS) form through OSAP in September so OSAP will be aware they are continuing studies and their loan(s) should remain interest-free.

Questions

While the Office of the Registrar may provide general guidance on financial aid resources, please note that for the purposes of OSAP, the Financial Aid office refers to University of Toronto’s Enrollment Services Office which administers all OSAP applications for the entire university. Specific application questions about applications should be directed there:

Financial Aid and Awards
Enrollment Services
University of Toronto
172 St. George Street
Toronto, ON M5R 0A3
Telephone: 416-978-2190
Email: osap.staff@utoronto.ca

Other Government Loans

Each provincial government administers and maintains a student financial assistance program in cooperation with the federal government’s Canada Student Loan Program. Eligibility requirements, maximum borrowing amounts, and loan repayment policies vary from province to province. Usually the assistance is in the form of interest-free loans while a student is in school, although some provinces award grants to students or offer additional assistance to students graduating with debt over a certain amount. Students are responsible for researching funding opportunities from their respective provincial governments and for applying where eligible.

For a list of each Provincial Loan Program please visit The University of Toronto’s Enrollment Services has a list of each provincial and territorial loan program available.

Note: For the purposes of the Ontario Student Assistance Program (OSAP) and other Canadian government loans, the Full-Time MBA, Evening MBA, Morning MBA, Master of Financial Risk Management, Master of Management Analytics, and the Master of Finance programs are considered full-time with 100% course load and are approved programs of study.

Continuation of Interest-Free Status

Students who are not receiving Canadian government aid for the current study period must apply for a Continuation of Interest-Free Status/Confirmation of Enrollment so that previous Canadian Government Student loans remain in interest-free status.

Full-time students who have received full-time OSAP in the past and want to keep their OSAP interest-free without requesting more funding may now submit an online application with OSAP. Full-time status will be confirmed electronically by the University of Toronto once fees are paid to confirm registration, similar to the way OSAP funding is now released.

The application cannot be submitted more than 15 days before the start of the study period, and the new deadline for the application is 21 days before the end of the study period. Other policies to note:

  • Students must have enrollment confirmed within 6 months of their last full-time study period to avoid interest accruing on their OSAP account.
  • Students must be registered in a full-time program (at least 60% of full course load; 40% for students with permanent disabilities).
  • Confirmation must be processed within the study period; it cannot be done after the end of the study period.
  • Continuation of Interest-Free Status requests cannot be backdated.

Interest-free status means that repayment of loans is not required while maintaining full-time registration. In addition, the Government of Canada and/or the province will pay the interest on those loans on the student’s behalf.

Note: Only the Full-Time MBA, Evening MBA, Morning MBA, Master of Financial Risk Management, Master of Management Analytics, and the Master of Finance programs are considered full-time with 100% course load and are approved programs of study.

Lifelong Learning Plan (LLP)

Canadian citizens or permanent residents who have Registered Retirement Savings Plans (RRSPs), can use the Lifelong Learning Program (LLP) to finance their own education or that of their spouse/partner. Amounts withdrawn under the LLP do not count towards income and the RRSP issuer does not withhold taxes on these amounts. Withdrawals must be repaid over a period of no more than 10 years.  For more information, consult the Canada Revenue Agency.

Registered Education Savings Plan (RESP)

A Registered Education Savings Plan (RESP) is an education savings account that is registered with the Government of Canada for parents who want to save for their child’s post-secondary education. Once the child (the RESP beneficiary) has graduated from high school and enrolled full-time or part-time in a qualifying post-secondary educational program, the Plan holder can request, on the benficiary’s behalf, to withdraw money from the RESP to help pay for their studies.

Educational Assistance Payments include the interest earned in the RESP as well as any Canada Education Savings Grants, provincial grants, and Canada Learning Bonds received. The money can be used to pay for post-secondary school expenses like tuition, books and transportation. For more information, consult the Canada Revenue Agency.

Government Loan Assistance for Students from the United States

For students in the Full-Time, Morning and Evening MBA, Master of Finance, and Master of Financial Risk Management programs, the United States provides financial assistance to U.S. citizens studying at the Rotman School through the USA Federal Direct Loan Program.

Students may also consider alternative or private loans as a source of funding, such as from Sallie Mae.

The University of Toronto’s Enrollment Services website has further information about U.S. Student Aid.

NOTE: These resources are provided as information only. We will continue to update this section occasionally as things progress. However, students must verify eligibility themselves.

Resources / News Updates (University of Toronto)

Resources from the Canadian Government

Resources from Ontario and Toronto

News Updates (Ontario)

Last Updated: 2021-02-05 @ 2:16 pm