Ontario Student Assistance Program – OSAP Calculator
The Ontario Student Assistance Program (OSAP) is a financial assistance scheme that can render assistance to you in paying for university or college.
It can be utilized to pay for post-secondary education at any approved institution worldwide. The OSAP calculator is an essential tool that you can utilize to find out how much you might qualify for to assist with the cost of your post-secondary education.
OSAP offers two kinds of funding:
Grants: If you receive a grant, you are not required to repay it because it is regarded as a financial gift.
Student loan: You must repay the loan amount, including interest, after your graduation or the end of your studies. Grants and loans will be automatically taken into account when you submit an OSAP application.
People who are eligible for OSAP
Residents of Ontario who are protected people, permanent residents, or citizens of Canada are eligible for OSAP.
You may be ineligible for OSAP if:
- Your academic requirements are not met.
- You have enough money set up to pay for the costs associated with attending school.
- You declare income that is different from what is on your Canada Revenue Agency tax return (CRA).
- You have numerous outstanding loans or grant or bursary overpayments.
- There are overpayments.
- You had previously defaulted on a student loan.
- A credit check was unsuccessful.
- You made a consumer proposal or filed for bankruptcy.
- You have reached your lifetime funding limit for student loans.
- You are a foreign student.
Can I get OSAP if I’m a worker?
You can work and receive OSAP benefits at the same time. Keep in mind, however, that you are only qualified for OSAP if you do not have enough money to cover your college expenses.
The Ontario government views college or university as a collective investment and expects that you will make a contribution of $3,600 to your education. This contribution is attainable by working sixteen hours per week for fifteen weeks at minimum wage.
Many students like to work during the summer, but you can work any time of the year. Students with kids, along with people who are enrolled in Ontario Works or the Ontario Disability Support Program (ODSP), are exempt from making this contribution.
How much money can I get through OSAP?
OSAP allows single full-time students to receive up to $410 per week. The maximum weekly payment for married, full-time students living together as a common-law couple or entirely responsible for caring for their children is $705.
The money you can receive from OSAP is determined by your financial necessities, which is estimated using the following factors:
Education costs: How much money do you require for tuition, school materials, and living costs?
Course load: Are you a part- or full-time student?
Financial circumstances: How large is your family, and how much money do you make? If you withdraw funds from a Registered Education Savings Plan, your OSAP volume will not be disrupted.
OSAP loans are typically deposited into your bank account or sent to your school in September and January. They are additional interest- and charge-free as long as you are a full-time student. If you are still in school but no longer receive OSAP, you can keep your previous loans interest-free by presenting a Continuation of Interest-Free Status Application.
There is additional federal grant funding available for:
- Students enrolled full-time (up to $9,000 per academic year)
- Skills Boost a Canada Student Grant supplement for full-time students (up to $2,400 per academic year).
- Disabled students may get up to $4,000 every academic year.
- Full-time students with dependents (up to $400 per month per child)
What can I do with this money?
OSAP loans and grants cover a variety of costs, including:
- Tuition and necessary student fees
- School supplies such as a laptop, books, and course materials
- Lease, amenities, grocery items, public transit, and medical services.
- Child care for students who have children
When and how much do I have to pay back?
You must repay:
| OSAP Student Loans | Grant or bursary overpayments |
| + Repayment of OSAP student loans begins six months after your graduation or your end of full-time studies. During the six-month time frame, interest is billed. | + You may receive a larger grant or bursary than you should. This is common when your study period plans change after you have received funding. If this happens, before you may have access to higher OSAP funding, you will need to reimburse some or all of the overpayment. |
What is the OSAP interest rate?
The standard interest rate on OSAP is 3.0% if it becomes a loan. The provincial fraction of OSAP is determined by multiplying the current prime rate by 1%. There will be no interest on the federal portion of OSAP till the 31st of March, 2023, because of the temporary suspension of interest on Canada Student Loans.
You can freely make extra or larger payments through the NSLSC website once you are actively repaying your loan. Analyze your finances to determine which payment option is the most suitable for you.
Can I get help with repayment?
Financial assistance is available if you have difficulty repaying your OSAP loan. If you have a new business in Ontario or work for a non-profit establishment, you can extend the time frame by another 6 months. You can also apply for the Repayment Assistance Plan, which lowers your monthly loan payments for a period of six months.
Is OSAP subject to taxation?
OSAP is not subject to tax because it is classified as a scholarship or bursary. T4A forms are given by the Canada Revenue Agency for OSAP; however, they are not considered necessary to be reported as income when filing tax returns.
The T4A serves as a receipt for your payments and, if relevant, interest paid to date. Once available, these forms can be taken from the NSLSC.
How to calculate course load OSAP?
What is the Course load? Course load is the total course credits enrolled in a session.
In the Fall/Winter period,
- Undergraduate students are required to take 15 credits of coursework full-time. Note that this does not always equate to signing up for 30 credits in the Fall/Winter session, only if you have exactly half of your enrolled credits in every term.
- The fall and winter terms each receive an equal number of credits for full-year (Y term) courses. Consider allocating 3 credits to your fall term course load and 3 credits to your winter term course load if you have one Y term course totaling six credits.
In the OSAP assessment, your tuition, mandatory fees, and book costs are calculated on the basis of the course load. Wrong course load info can cause a delay in receipt of your aid.
Fall/Winter Session Student category:
- For undergraduates who do not have a permanent disability, they require a necessary minimum of 60% course load for full-time OSAP application and a minimum of 9 credits in each term.
- For undergraduates that have a permanent disability, they require a necessary minimum of 40% course load for full-time OSAP application and a minimum of 6 credits in each term.
- For graduates, they need to be enrolled full-time in school (has a 100% course load on OSAP application). However, credits are not taken into account.
How do you apply for OSAP?
Applying for OSAP online takes not more than 15 minutes.
You will require the following to apply:
- Information about your school and program
- Your Social Security Number (SIN) and tax details
- SIN and tax information for your parents or spouse (if applicable)
- Additional documents, such as the Master Student Financial Assistance Agreement and declaration pages, may be necessary. If you are a full-time or part-time student with a study period of 21 weeks or more, you must submit your application no later than 60 days before the end of your study period. If you are a part-time student with a study period of 20 weeks or less, deadlines are changed to 40 days before the end of your period of study.
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Ontario Student Assistance Program – OSAP Calculator
The Ontario Student Assistance Program (OSAP) is a financial assistance scheme that can render assistance to you in paying for university or college.
It can be utilized to pay for post-secondary education at any approved institution worldwide. The OSAP calculator is an essential tool that you can utilize to find out how much you might qualify for to assist with the cost of your post-secondary education.
OSAP offers two kinds of funding:
Grants: If you receive a grant, you are not required to repay it because it is regarded as a financial gift.
Student loan: You must repay the loan amount, including interest, after your graduation or the end of your studies. Grants and loans will be automatically taken into account when you submit an OSAP application.
People who are eligible for OSAP
Residents of Ontario who are protected people, permanent residents, or citizens of Canada are eligible for OSAP.
You may be ineligible for OSAP if:
- Your academic requirements are not met.
- You have enough money set up to pay for the costs associated with attending school.
- You declare income that is different from what is on your Canada Revenue Agency tax return (CRA).
- You have numerous outstanding loans or grant or bursary overpayments.
- There are overpayments.
- You had previously defaulted on a student loan.
- A credit check was unsuccessful.
- You made a consumer proposal or filed for bankruptcy.
- You have reached your lifetime funding limit for student loans.
- You are a foreign student.
Can I get OSAP if I’m a worker?
You can work and receive OSAP benefits at the same time. Keep in mind, however, that you are only qualified for OSAP if you do not have enough money to cover your college expenses.
The Ontario government views college or university as a collective investment and expects that you will make a contribution of $3,600 to your education. This contribution is attainable by working sixteen hours per week for fifteen weeks at minimum wage.
Many students like to work during the summer, but you can work any time of the year. Students with kids, along with people who are enrolled in Ontario Works or the Ontario Disability Support Program (ODSP), are exempt from making this contribution.
How much money can I get through OSAP?
OSAP allows single full-time students to receive up to $410 per week. The maximum weekly payment for married, full-time students living together as a common-law couple or entirely responsible for caring for their children is $705.
The money you can receive from OSAP is determined by your financial necessities, which is estimated using the following factors:
Education costs: How much money do you require for tuition, school materials, and living costs?
Course load: Are you a part- or full-time student?
Financial circumstances: How large is your family, and how much money do you make? If you withdraw funds from a Registered Education Savings Plan, your OSAP volume will not be disrupted.
OSAP loans are typically deposited into your bank account or sent to your school in September and January. They are additional interest- and charge-free as long as you are a full-time student. If you are still in school but no longer receive OSAP, you can keep your previous loans interest-free by presenting a Continuation of Interest-Free Status Application.
There is additional federal grant funding available for:
- Students enrolled full-time (up to $9,000 per academic year)
- Skills Boost a Canada Student Grant supplement for full-time students (up to $2,400 per academic year).
- Disabled students may get up to $4,000 every academic year.
- Full-time students with dependents (up to $400 per month per child)
What can I do with this money?
OSAP loans and grants cover a variety of costs, including:
- Tuition and necessary student fees
- School supplies such as a laptop, books, and course materials
- Lease, amenities, grocery items, public transit, and medical services.
- Child care for students who have children
When and how much do I have to pay back?
You must repay:
| OSAP Student Loans | Grant or bursary overpayments |
| + Repayment of OSAP student loans begins six months after your graduation or your end of full-time studies. During the six-month time frame, interest is billed. | + You may receive a larger grant or bursary than you should. This is common when your study period plans change after you have received funding. If this happens, before you may have access to higher OSAP funding, you will need to reimburse some or all of the overpayment. |
What is the OSAP interest rate?
The standard interest rate on OSAP is 3.0% if it becomes a loan. The provincial fraction of OSAP is determined by multiplying the current prime rate by 1%. There will be no interest on the federal portion of OSAP till the 31st of March, 2023, because of the temporary suspension of interest on Canada Student Loans.
You can freely make extra or larger payments through the NSLSC website once you are actively repaying your loan. Analyze your finances to determine which payment option is the most suitable for you.
Can I get help with repayment?
Financial assistance is available if you have difficulty repaying your OSAP loan. If you have a new business in Ontario or work for a non-profit establishment, you can extend the time frame by another 6 months. You can also apply for the Repayment Assistance Plan, which lowers your monthly loan payments for a period of six months.
Is OSAP subject to taxation?
OSAP is not subject to tax because it is classified as a scholarship or bursary. T4A forms are given by the Canada Revenue Agency for OSAP; however, they are not considered necessary to be reported as income when filing tax returns.
The T4A serves as a receipt for your payments and, if relevant, interest paid to date. Once available, these forms can be taken from the NSLSC.
How to calculate course load OSAP?
What is the Course load? Course load is the total course credits enrolled in a session.
In the Fall/Winter period,
- Undergraduate students are required to take 15 credits of coursework full-time. Note that this does not always equate to signing up for 30 credits in the Fall/Winter session, only if you have exactly half of your enrolled credits in every term.
- The fall and winter terms each receive an equal number of credits for full-year (Y term) courses. Consider allocating 3 credits to your fall term course load and 3 credits to your winter term course load if you have one Y term course totaling six credits.
In the OSAP assessment, your tuition, mandatory fees, and book costs are calculated on the basis of the course load. Wrong course load info can cause a delay in receipt of your aid.
Fall/Winter Session Student category:
- For undergraduates who do not have a permanent disability, they require a necessary minimum of 60% course load for full-time OSAP application and a minimum of 9 credits in each term.
- For undergraduates that have a permanent disability, they require a necessary minimum of 40% course load for full-time OSAP application and a minimum of 6 credits in each term.
- For graduates, they need to be enrolled full-time in school (has a 100% course load on OSAP application). However, credits are not taken into account.
How do you apply for OSAP?
Applying for OSAP online takes not more than 15 minutes.
You will require the following to apply:
- Information about your school and program
- Your Social Security Number (SIN) and tax details
- SIN and tax information for your parents or spouse (if applicable)
- Additional documents, such as the Master Student Financial Assistance Agreement and declaration pages, may be necessary. If you are a full-time or part-time student with a study period of 21 weeks or more, you must submit your application no later than 60 days before the end of your study period. If you are a part-time student with a study period of 20 weeks or less, deadlines are changed to 40 days before the end of your period of study.
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FAQs about OSAP Calculator
Based on the number of credits you have registered for, use the OSAP calculator to estimate your autumn and winter course loads according to the number of credits you have enrolled for: For undergraduate students, fifteen credits per semester is a 100% course load.
Note that credits for full-year (Y) courses are distributed equally between the fall and winter terms for OSAP purposes. For instance, if a course contains six credits, three credits for the autumn term and three credits for the winter term should be put in the appropriate fields.
Graduate students who are enrolled full-time should indicate this on their OSAP application.
If OSAP is converted into a loan, the standard interest rate is 3.0%.
The current prime rate is multiplied by 1% to get the provincial portion of OSAP.
Due to the temporary suspension of interest on Canada Student Loans, there will not be any interest charged on the federal portion of OSAP till the 31st of March, 2023.
Once you begin making loan repayments in earnest, you are free to make additions or larger payments via the NSLSC website.
Consider your financial situation while choosing the best payment method for you.
A 100% course load for undergraduate students is fifteen credits per term. Equivalent amounts of credits for full-year (Y) courses are given during both the fall and winter terms.
For instance, if a course contains credits, three credits for the autumn term and three credits for the winter term should be put in the appropriate fields.
Interest in the federal portion of OSAP will be suspended until the 31st of March, 2023.
If OSAP is converted into a loan, the standard interest rate is 3.0%. The current prime rate is multiplied by 1% to get the provincial portion of the Ontario Student Assistance Program (OSAP).
The standard interest rate on loans made through OSAP is 3.0%. The provincial portion of OSAP is calculated by multiplying the current prime rate by 1%.
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