The Ontario Student Assistance Program (OSAP) is a financial help program offered by governments of Canada and/or Ontario for eligible students to pay for their college or university (public or private). OSAP offers two different types of funding for students to pay for their college or university: Loan and Grant.
A loan is the money that a student borrows from the governments of Canada and/or Ontario and must be paid back.
A grant is the money that a student typically does not have to pay back. A grant is usually awarded based on financial need and/or other factors.
Students are automatically assessed for both loan and grant funding while applying for OSAP. If the student doesn’t want to take a loan, he/she can decline it after the application is approved. An individual is not eligible for OSAP if he/she is studying in Canada using a study permit (if the individual is an international student). However, he/she might be eligible for financial assistance from the college or university. OSAP is open to Ontario residents of any age who are:
- Canadian citizens,
- Permanent residents, or
- Protected persons or convention refugee