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For the first 6 months after graduation, finishing studies, or no longer being a full-time college or university student: no loan payments are needed; interest is charged on the Ontario portion of the student loan; interest will not accrue on the Canada portion of the student loan [25] This is a 6-month grace period.
Students receiving a Canada Student Loan (CSL) for the first time on or after August 1, 1995, are eligible for up to 340 weeks (~6.5 years) of interest-free status on their loan balance. Students in doctoral programs are eligible for an additional 60 weeks, up to 400 weeks (~7.5 years).
In addition to being responsible for the administration of policies, laws, and funding relating to Ontario's 24 colleges and 22 universities, the Ministry of Colleges and Universities is also responsible for the registration of career colleges as well as financial aid through the Ontario Student Assistance Program (OSAP). [6]
OCAS Application Services, formerly known as the Ontario College Application Service (OCAS) is a non-profit corporation created in 1991 by the Colleges of Applied Arts and Technology and Institutes of Technology and Advanced Learning in the province of Ontario, Canada. [1] OCAS represents Ontario's 24 Colleges of Applied Arts and Technology (CAAT).
The Ontario Universities' Application Centre (OUAC) (French: Centre de demande d’admission aux universités de l’Ontario) is a non-profit organization based in Guelph that processes online applications for admission to universities in Ontario, Canada.
Financial aid available to students includes the Ontario Student Assistance Program and Canada Student Loans and Grants through the federal and provincial governments. The financial aid provided may come in the form of loans, grants, bursaries, scholarships, fellowships, debt reduction, interest relief, and work programs.
Each higher education system aims to improve participation, access, and mobility for students. There are two central organizations that assist with the process of applying to Ontario universities and colleges: the Ontario Universities' Application Centre and Ontario College Application Service. While application services are centralized ...
Many domestic students receive financial aid through federal Canada Student Loans and/or provincial loan programs, such as the Ontario Student Assistance Program. In the 2019–20 academic year, approximately 67 per cent of first-year full-time undergraduates received some form of financial aid.