| The total amount of Canada-Ontario Integrated Student Loan and/or grant funding that you are eligible to receive for your study period is called your "current entitlement", and is listed on the Funding Summary chart (via Check Status on the OSAP website) and indicated on the Notice of Assessment that the ministry mails to you.
In some situations, students will be issued the total amount of loan/grant funding indicated on the Loan Grant Certificate at the beginning of their study period.
It is important to note that your loan/grant certificate(s) will indicate the Canada portion and/or the Ontario portion of your Canada-Ontario Integrated Student Loan as well as the amount of Canada Access Grant for Students from Low-income Families and/or Canada Access Grant for Students with Permanent Disabilities to which you are entitled. After you have negotiated your loan/grant certificate with the National Student Loans Service Centre (NSLSC), the NSLSC will deposit the Canada and/or Ontario portion(s) of the loan, as well as any Canada Access Grant to which you are entitled, into your bank account. Generally, the funds will be deposited in your bank account within 1 week of the date the loan/grant certificate is received at the NSLSC, or within 1 week of the disbursement date on your loan/grant certificate, whichever is later.
It is important to note that the Canada and Ontario portions of the loan as well as the Canada Access Grants may be deposited at different times, so you should monitor your bank account regularly.
If you do not arrange to have your loan/grant funds electronically deposited, a cheque(s) will be mailed directly to you within 2 weeks of the date the loan/grant certificate is received at the NSLSC, or within 2 weeks of the disbursement date on your loan/grant certificate, whichever is later.
There are two steps to collecting your Loan/Grant Certificates:
Step 1: Please sign your portion of the Loan Grant Certificates and then forward them via postal mail to the New York office. You must include two forms of identification and your banking information:
- One piece of valid photo ID issued in Canada by the federal or a provincial or territorial government - examples of acceptable ID are: a valid driver’s license, passport, provincial health card with photo, permanent residency or citizenship card, etc.;
- One document proving that the Social Insurance Number on your loan or grant authorization document is your own- for example, you may present your Social Insurance Number card or an official Government of Canada document that indicates your Social Insurance Number (e.g., a Canada Revenue Agency Notice of Assessment, a Canada Pension Plan Statement of Contributions, or a Confirmation of Social Insurance Number from Service Canada).
- Banking information should be a voided cheque, otherwise you will need to know your bank ID, transit # and account information.
Step 2: USESOM must confirm enrolment and remit (deduct) tuition and fees. After USESOM signs the forms, the Loan Grant Certificate(s) needs to be sent to NSLSC to be processed.
How long will the money take to get to me?
From the date that the loan is processed, it should take roughly 10 business days for the funds to be direct deposited into a bank account if bank information has been provided. If the student did not provide his/her banking information, a cheque will be cut and may take up to 20 business days to reach the student. If the student does not receive the funding after that point, please contact the lenders or contact us for assistance.
What can I do if I need money right now or if I didn't get enough money?
Contact us; we will help students explore their options.
What about my other funding?
Bursaries and grants come separately from loan certificates. Usually, on the Notice of Assessment, there will be disbursement dates indicated by the type of funding.
OSAP Repayment ---> |
