OSAP Calculator - Estimate Your Student Aid
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This is the maximum OSAP aid possible for the 2022-2023 academic year based on the inputs entered above. You will not receive more than your assessed financial need. The Student Access Guarantee may provide additional aid.
Your actual OSAP aid will depend on your financial need, which takes into account your tuition and book costs, living costs, income, and assets. OSAP aid may include grants, bursaries, and loans.
About the OSAP Aid Estimator
This OSAP estimator calculates the maximum possible amount that you can receive from OSAP funding through a combination of grants, bursaries, and loans. Some, or all of the amount that you receive may be in the form of repayable student loans from the provincial and/or federal government. The actual amount that you receive is based on your assessed financial need. You will not receive more than your assessed need.
The OSAP estimator considers the following grants and loans based on your inputs:
- Up to $410/week for single students, or $705/week for students who are married, in a common-law relationship, or are a sole support parent
- Canada Student Grants: $6,000 for full-time or $3,600 for part-time
- Canada Student Grant for Students with Disabilities: $4,000
- Canada Student Grant for Full-Time Students with Dependents: $3,200 per dependent
- Canada Student Grant for Part-Time Students with Dependents: $3,840
- Skills Boost Top-Up: $1,600
- Ontario Part-Time Grant: $500
- Part-Time Canada Student Loan: Up to $10,000
OSAP Interest Rate
Current OSAP Interest Rate: NaN%
Canada Student Loans Interest: 0%
Today’s OSAP Interest Rate is current as of Nov 22, 2024. Interest on the federal portion of Canada Student Loans have been eliminated as of April 1, 2023.
What is OSAP?
OSAP (Ontario Student Assistance Program) is a financial aid program by the Government of Ontario that provides grants and loans to eligible students who are pursuing post-secondary studies. You’ll need to pay back loans in the future, but grants do not have to be repaid and are yours to keep. OSAP helps make college and university more affordable by providing financial assistance towards tuition, books, living expenses, transportation costs and other expenses associated with attending school.
OSAP is a needs-based program, which means that the amount of assistance provided will depend on the student's financial need. OSAP works with the federal government’s Canada Student Financial Assistance Program (CSFA Program) which may also provide federal grants and loans. This means that you might have a federal portion and provincial portion of a Canada-Ontario Integrated Student Loan, with different interest rates for each portion.
Your RESP Does Not Affect OSAP Funding 💡
Did you know that RESP withdrawals do not affect how much OSAP you can get? Unlike your income or assets, where the higher your income or the more assets you have, the less OSAP you might get, your RESP has no effect on your OSAP.
Do I qualify for OSAP?
To be eligible for OSAP, students must meet the below criteria:
- Be an Ontario resident
- Be a Canadian citizen, permanent resident, or have protected person status
There isn’t any age limit to qualify for OSAP funding. However, some things might disqualify you from receiving OSAP, such as:
Failing to meet academic progress requirements
Full-time students must remain and pass at least a 60% course load (or 40% for students with a disability) during their OSAP-funded study period. Failing to meet this may put you on OSAP academic probation for one year. Failing to meet it for a further year will place you on OSAP academic restriction, where you are ineligible for OSAP funding for a minimum of one year.
Bad credit
OSAP does conduct a credit check, and having bad credit could cause you to fail their credit check. Having a prior bankruptcy or consumer proposal, or defaulting on a student loan, can also make you ineligible for OSAP funding. However, if the cause of your bad credit was beyond your control, you may request a review for your application to be reconsidered.
You don’t have a financial need
If you have the financial resources to pay for your studies, you won’t be able to qualify for OSAP. That’s because OSAP funding is only meant for students who demonstrate financial need.
Non-resident of Ontario
OSAP is only available for residents of Ontario. Non-residents of Ontario, such as students from other provinces or international students, will not be able to apply for OSAP.
Can I Get OSAP if I Go to School Outside of Ontario? 💡
Yes, you can get OSAP for any approved college or university in the world. This might be a school in another province or even in another country! To see if your school is approved, check out the list of approved schools on OSAP’s website.
What Affects How Much OSAP I Can Get?
The main factors that affect how much OSAP you can get are:
Your tuition and expenses
Besides tuition, this also includes the cost of books and supplies, equipment, and child care. If you're a full-time student, your personal living expenses will also be considered.
Your income and personal situation
Your income and assets, as well as your parents' or spouse's income, will be considered. It also considers your family's size and if you have any dependents.
Your course load
Being a full-time student or part-time student has different costs, which will affect how much OSAP you can get.
How Do I Receive My OSAP Payments?
After your OSAP application is complete and OSAP has confirmed your enrollment, you’ll receive a payment in September and another payment in January. The National Student Loans Service Centre (NSLSC) will send this payment to your bank account, or depending on your school, it might be sent directly to your student account at your school instead.
If you have a credit balance in your student account, such as if you've already paid some of your tuition in advance or if the OSAP payment is more than your outstanding fees, you may be able to request a refund which will go to your bank account.
OSAP Expected Financial Contribution
Expected Contribution for 2022-2023: $3,600
For the 2022-2023 academic year, OSAP expects you to contribute at least $3,600 towards your educational costs. OSAP expects students to contribute towards their postsecondary education expenses. The amount that OSAP expects you to contribute may be higher due to your parents' or spouse's income and your assets.
What is Financial Need?
OSAP defines financial need as the difference between your education costs and the amount that you are expected to contribute based on your financial resources. Since the expected contribution for 2022-2023 is $3,600, your education costs will need to be at least $3,600 for the academic year for you to receive any funding from OSAP. However, this expected contribution may be lower based on your personal situation.
To calculate your financial need:
Is There OSAP Repayment Assistance Available?
The Repayment Assistance Plan (RAP), which is available for both full-time Canada-Ontario Integrated Student Loans and part-time Canada Student Loans, can help reduce your monthly payment or even reduce the amount of debt that you owe.
Between 60 months up to 10 years after you are out of school, your monthly payments can be reduced to your "affordable payment" amount, based on your family income and family size. If your family income is less than the ones listed on the table below, your affordable payment amount might even be zero! This means that you won't need to make any payments towards your OSAP loan under this repayment assistance program.
Zero Affordable Payment: Income Threshold
| Family Size | Monthly Family Income |
|---|---|
| 1 | $2,083 |
| 2 | $3,254 |
| 3 | $4,205 |
| 4 | $4,959 |
| 5 or more | $5,652 |
Source: OSAP
If your student loans have not been fully repaid after 60 months of receiving repayment assistance, or after 10 years of being out of school, then you may receive debt reduction assistance. This is structured so that your government student loans will be fully repaid after 15 years of being out of school.
OSAP Deadline Fall 2024
OSAP Application Deadline:
60 Days before the end of your study period
OSAP Supporting Documentation Deadline:
40 Days before the end of your study period
The deadline to apply for OSAP is 60 days before the end of your study period. The deadline to submit supporting documentation is 40 days before the end of your study period.
Since OSAP applications are only for one funding year, you will need to apply for OSAP each year that you need funding.
What is an OSAP Grant?
Grants are typically need-based and can help cover educational expenses such as tuition, fees, books and supplies. Unlike loans, grants do not have to be repaid.
Am I a Full-Time or Part-Time Student?
OSAP considers a full-time student as someone taking at least 60% of what would be a full course load at your school. Students with a permanent disability would be a full-time student at 40% of a full course load. The definition of a full course load would vary by school.
Full-Course Loads by University
| School | Full-Course Load |
|---|---|
| University of Toronto | 2.5 credits |
| York University | 15 credits |
| Toronto Metropolitan University | 5 courses |
| University of Waterloo | 5 courses |
| McMaster University | 15 units |
| Western University | 5 courses |
| University of Guelph | 2.5 credits |
| University of Ottawa | 15 units |
| Carleton University | 2.5 credits |
How Do I Repay My OSAP Loan?
OSAP is administered by the National Student Loans Service Centre (NSLSC), and you’ll make your loan payments to them. This will start six months after the end of your studies. Your required payment amount is based on a 9.5 year amortization, which means that it's structured so that your student loan is fully paid off after 9.5 years. To reduce your required monthly payment, you can extend your loan's amortization to as long as 14.5 years. However, you can always make extra payments to repay your OSAP loan faster.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.