OSAP Is Changing This Year

OSAP Is Changing This Year

The process of picking up and signing loan documents before each term of study is ending.  Canada and Ontario are implementing a lifetime loan agreement that will cover you for all the time you are in full-time postsecondary studies; this lifetime loan agreement is called the Master Student Financial Assistance Agreement, or MSFAA.

With the new MSFAA you can print out your lifetime loan agreement anytime after you submit your online OSAP application, and submit the agreement and your identification to any participating Canada Post outlet in your area.  This only needs to be done ONCE, and will be in place throughout your time as a full-time postsecondary student.

The biggest change that you will notice is that you no longer have to line up at your school’s financial aid office to get your OSAP loan document before each term, and then submit it to the National Student Loan Service Centre (NSLSC).  The other change you will notice is that once your completed application and MSFAA are submitted, funding will be deposited directly into your account once your school confirms your enrolment.  For your second term funding, we only ask that you update your estimated income on your online OSAP account if it has changed.

Follow these 4 easy steps to get your OSAP funding.  For more information visit the “Getting OSAP” section on the OSAP website.

Step 1: Submit Your Master Student Financial Assistance Agreement (MSFAA)

Print, complete, and sign your MSFAA

After you submit your online OSAP Application for Full-Time Students, print your MSFAA. You can also ask the ministry to mail it to you, but we recommend that you print it yourself. If you applied for OSAP using a paper application, your MSFAA will be mailed to you. Read the terms and conditions, then complete and sign your MSFAA.

Take your MSFAA to a Canada Post Outlet

Take your MSFAA to a designated Canada Post Outlet right away.  You don’t have to wait for classes to begin. You may also take your MSFAA to a NSLSC kiosk, but they are only available at certain times of the year. You must present the following two pieces of documentation to prove your identity:

  1. Proof of your Social Insurance Number (SIN):
    • Your Social Insurance card, or
    • An official Government of Canada document that contains 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).
  2. One piece of valid photo ID issued in Canada by the federal, provincial or territorial government (a legible photocopy of the front and back is acceptable). Examples of acceptable ID: Canadian passport, permanent resident or citizenship card, Ontario photo card, valid driver's licence or provincial health card with photo.  Student ID cards are not acceptable forms of photo ID.

 

Note for Students Studying Outside of Canada:

If you can’t go to a designated Canada Post outlet (or NSLSC kiosk) because you’re not in Canada, mail your MSFAA and proof of identity to: National Student Loans Service Centre, PO Box 4030, Mississauga, ON L5A 4M4.

 

Step 2: Submit All Required OSAP Documents

All required documents listed at the end of your online OSAP application must be submitted to your financial aid office before any funding can be disbursed to you.  For your personalized list of required documents, log on to your OSAP account on the OSAP website and go to the “View App Details” section.

 

Step 3: School Confirms Your Enrolment

Your school must confirm your enrolment before your funding can be disbursed to you. This confirmation will happen for each disbursement.  For most students, this will happen at the start of their studies (e.g., September) and then again halfway through their study period (e.g., January). For information about your disbursements and funding, log on to your OSAP account on the OSAP website and go to the “Check Status” section.

 

Step 4: Confirm Your Income

You must confirm your income before the release of your second disbursement, which is generally halfway through your study period (e.g., January). Instructions will be sent to you about a month before your second disbursement.

 

Important Points

  • You’ll be provided with only one MSFAA for all your 2012-2013 OSAP applications. You’ll be presented with your MSFAA at the end of each of your online applications, but you only need to print one copy and submit it once, as described above.
  • Once your MSFAA is submitted, it’s good for the duration of your full-time studies. You won’t have to submit it again if you apply for OSAP next year.