Browse Our Top Categories

OSAP Repayment - early? Options ▼
UoftConfused
#1 Posted : Friday, March 25, 2011 4:26:16 PM
Rank: Frosh


Joined: 3/25/2011
Posts: 2
Hey, I was wondering if payments to your loan can only be made once your graduate or are not a student anymore? I currently have around a 3500 loan and with the way things have been working out lately, I definitely can afford to pay it off, however I am not graduating (far from it- I'm in 1st year). I tried to look for this information on the OSAP website, but was unable to find it. I just think it'd be great to pay it off now rather than wait 3 years and have a much larger amount built up.
ARMY101
#2 Posted : Friday, March 25, 2011 6:24:08 PM
Rank: Grand Poobah


Joined: 3/3/2010
Posts: 19,630
Yes, you can make a repayment any time you want.
**Shields**
Accepted:
University of Toronto: Social Sciences + Vic One (Pearson Stream)
Carleton University: Honours Science
University of British Columbia: Arts
Emlily
#3 Posted : Friday, April 08, 2011 9:18:15 PM
Rank: Grand Poobah


Joined: 3/3/2010
Posts: 19,630
Warning though. My sister started paying back her OSAP after first year and they knocked back her next year OSAP amount by a landslide...I assume it is because they think you have the money. ??? Could be wrong though.
**Shields**
Accepted:
University of Toronto: Social Sciences + Vic One (Pearson Stream)
Carleton University: Honours Science
University of British Columbia: Arts
Meridian
#4 Posted : Saturday, April 09, 2011 10:38:41 AM
Rank: Senior Student




Joined: 1/2/2011
Posts: 111
Take the money and any loans they may give you in subsequent years and invest it. Gov't is giving it to you interest-free for 4 years. Put it in some conservative investment and under a TFSA account so no tax. Then once you graduate, pay it all off in one lump sum.
Emlily
#5 Posted : Wednesday, April 13, 2011 6:06:54 PM
Rank: Grand Poobah


Joined: 3/3/2010
Posts: 19,630
Ya. I am going the TFSA route. Put the OSAP in there and with the high interest, hopefully, be able to pay it off right away.
**Shields**
Accepted:
University of Toronto: Social Sciences + Vic One (Pearson Stream)
Carleton University: Honours Science
University of British Columbia: Arts
Conversation Jump  

Powered by YAF | YAF © 2003-2014, Yet Another Forum.NET
Copyright © 2003-2014 Yet Another Forum.net. All rights reserved.
Copyright © 1998-2014 StudentAwards All rights reserved.