Assists borrowers who are having difficulty repaying their loans. There are two stages of this program; Interest Relief & Debt Reduction. During periods of repayment assistance you will either be exempt from making monthly payments or asked to make affordable monthly payments. For eligibility requirements, terms, and conditions, visit the Repayment Assistance Plan page on canada.ca.

The period during which you are making monthly payments on your student loan(s). This may be the time after your grace period has ended and you are not, or have not notified the National Student Loan Service Centre that you are, a full time student, or after being notified of mandatory repayment (e.g. failed to meet satisfactory academic progress more than once). Our page on repaying your government student loans details the repayment process.

The National Student Loans Service Centre administers student loans funded by the federal and/or Ontario governments. This includes:

• processing your Master Student Financial Assistance Agreement (MSFAA)
• arranging for your loan and/or grants to be deposited to your bank account
• keeping track of your loan debt and repayments
• giving you your repayment schedule
• administering the Repayment Assistance Plan (RAP)

Source: OSAP definitions

The Master Student Financial Assistance Agreement (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. It’s a lifetime loan agreement that you agree to once (some exemptions apply). You can complete the MSFAA through the National Student Loan Service Centre.

Allows you to postpone repaying your loans while you are registered as a full time post-secondary school student. The Government of Canada and/or the Province of Ontario will pay the interest on those loans on your behalf. This is contingent on you, the student, notifying the National Student Loan Service Centre of your enrollment.

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).

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.