All income is verified with Canada Revenue Agency (CRA). If there’s a discrepancy between the income on file at OSAP and the information received from CRA, we will use the income from CRA to reassess your application. That means that the amount of your funding could change. If there is a significant variance, you could be restricted from getting OSAP. If you (spouse/parents, if applicable) haven’t filed a Canadian Income Tax Return for the years that are being verified, then the verification process cannot be completed and you won’t be eligible. Therefore, it’s important to ensure all tax returns are completed in a timely manner.

Your Income

If you are asked to provide income information from a prior tax year, it will be verified with CRA. You may also have to provide income from the current tax year, which cannot be verified until next year (after you submit your income tax return). You will receive notification the next summer if there are any changes to your funding.

Parent’s Income

The income that your parents (if applicable) provided for the prior tax year will be verified with CRA and any changes will be used to recalculate your funding.  If there is a change to your funding, you will be notified.

Spouse Income

The income that your spouse (if applicable) provided for the prior tax year will be verified with CRA and any changes will be used to recalculate your funding.  If there is a change to your funding, you will be notified. Source: OSAP Verification of Income

The 6 month period immediately following the end of your full time studies. During this time, interest will be charged on the Ontario portion of your student loan, however you will not be obligated to make payments. This interest will be added to your loan principal (the balance of money that you borrow).

To be considered for the full-time student assistance program (Full-time OSAP), you must be taking at least 60% (1.5 credits) of a full course load. If you have a registered disability, you may choose to be considered a full-time student if you’re taking at least 40% (1.0 credits) of a full course load. Note: Students completing a work-term for a co-operative program are considered full-time for OSAP purposes.

The amount of OSAP you have been approved to receive for the academic session based on the assessment of your application and supporting documentation. The amount you qualify for is called your encu_people_job_titlement. Your encu_people_job_titlement is based on information

• you provide on your application
• from your postsecondary school, and
• verified with third parties (for example, the Canada Revenue Agency)

The first day of the seventh month following the month you ceased to be a full time student. On this day, all of your outstanding loans are consolidated.

• Example 1: Johnny finished being a full time student at the end of April, when he graduated. His consolidation date is November 1.
• Example 2: Sally withdrew from full time studies in October for medical reasons. Her consolidation date is May 1.

A document mailed to you, 6-8 weeks before the end of your grace period, by the National Student Loan Service Centre which outlines;

• Your total loan amount
• Your interest rate
• Your repayment term (how long it will take you to repay your loan)
• Your monthly payment
• Your first payment date

Your first payment will be due on the last day of the month marking your “Consolidation Date”

• Example: Mike’s Consolidation Date is November 1; his first payment is due November 30.

As outlined in the Ontario Family Law Act, you’re living in a common-law relationship if you and your spouse:

• have cohabitated continuously for a period of at least 3 years or
• are in a relationship of some permanence and are the natural or adoptive parents of a child

Issued following the failure to meet the satisfactory academic progress requirements. If issued an academic warning, students will be placed on an academic probationary period lasting one academic year, during which time they are still eligible for OSAP funding. For more information please view the OSAP academic progress requirements.

The term(s) for which you are currently registered as a full time student. Your academic period may be fall or winter only, fall and winter, or summer.

Failure to meet OSAP’s minimum academic progress requirements while on academic probation will result in your probation being upgraded to a restriction. A restriction may last 1-5 academic years, during which a student is ineligible to receive OSAP funding.