Student OSAP Loan Repayment
Who is the National Student Loan Service Centre (NSLSC)?
The NSLSC is the point of contact that you work with to pay back your student OSAP loan. Payments automatically begin on the 7th month after your graduation. You’ll receive a notice in the mail when your payments are coming due. It’s also advised that you create an online account with the NSLSC so that you can access your OSAP information 24/7. Click Here to set up your online account.
Three Reasons to Take OSAP Repayment Seriously:
1. You signed a document prior to receiving your OSAP funding. This contract stipulated the repayment terms of your OSAP loan. If you can’t locate your copy please click here review the contents of the contract.
2. Your student loan goes into default if you are 270 days (9 months) in arrears. Defaulting on your student loan has serious consequences. Your loans may be transferred to a collection agency, your credit rating may be negatively affected, you will be disqualified for further OSAP awards or even for private loans and credit cards, and the federal and provincial governments can recover the loan debt from your income tax refund.
3. OSAP debt cannot be written off as part of a bankruptcy or even a consumer proposal.
These are the reasons why it’s so important that you find a way to stay current with your OSAP payments.
Struggling to Make payments?
Contact the NSLSC at 1-888-815-4514 and talk with them about your current financial situation to see if you qualify for repayment assistance. Click here for more information on the Repayment Assistance Program.
If you have already defaulted on your loan you can rehabilitate it and bring it back into good standing. Click here for more information on rehabilitating your loan if you have defaulted on your payments.
Did you know you can use Aeroplan Miles and TD Points to pay off your OSAP loan? Click here for details.
We’re here to help.
While your final monthly payments are determined through your agreement with the NSLSC, your campus Financial Aid Officer would be pleased to work with you to help you develop a plan for keeping your OSAP loan in good standing. Please reach out to us if we can be of assistance:
Phone: (905) 521-9991
Toll Free: 1 888 446 4649
Phone: (905) 273-6655
Toll Free: 1 888 306 0991
Phone: (416) 545-0404
Toll Free: 1 866 797 6312
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