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The Ontario Student Assistance Program (OSAP) is a financial aid program delivered by the government of Ontario, Canada, for post-secondary education students. The provincial government and the government of Canada fund OSAP to provide loans, grants, and scholarships on a needs-based formula.[1]
The loans are interest-free as long as the student remains a full time student - the interest is paid by the government. Students who have graduated can also apply for the interest relief program if their income is too low to pay off the loan. Interest paid on the Ontario loan(s) is prime rate + 1%[2], provided the payments are made on time. To be eligible, the student must be either a Canadian citizen, permanent resident or protected person and have resided in the province of Ontario for at least the last 12 consecutive months. There is an ongoing debate in Canada in regards to how student loans adversely affect young people's financial situation upon graduation and reforming student loans.
[edit] Grants
There are specific grants targeted for the first year of students' initial entry into post-secondary education and the second year of a higher education program.[3] On top of meeting the loan eligibility requirements, post-secondary students must meet additional criteria to be eligible for grants.[3] That is, the education program must be at least two years in length and the student must start post-secondary education within four years of leaving secondary school.[3] In addition, the student's parent(s) income must be below a set net income threshold in order for the student to be eligible for a grant.[3]
[edit] See also
[edit] References
