Typical Student (No Disruption)

If you complete your post secondary education without any extended breaks between any two semesters (six months or more), you will retain either In Study status or Non Repayment status for the duration of your studies. As a result, you will not accrue any lasting interest charges on your loan prior to graduation. Refer back to the Grace Period section to read about temporary interest charges that accrue during spring/summer breaks. Permanent interest will begin accruing right after your final semester of full time study. To avoid interest, you will have to pay back your OSAP loan before the end of your final semester. It is important to note that any payments made during the school year should be made while in full time studies (In Study status) and not during spring/summer break (Non Repayment status) to ensure that payments do not go towards the temporary interest charges.

Note

Refer to this section to learn about the minimum payment required to avoid interest during the grace period (Non Repayment status).