Loan payment deferrals for students

The government of Ontario is easing the financial burden on students and making sure they can complete their studies during the COVID-19 outbreak by temporarily deferring payments for Ontario Student Assistance Program (OSAP) loans and making online learning supports, including year-end exams, available to postsecondary institutions.

“During this unprecedented period, it is important to help students and current borrowers, so students can continue with their studies and borrowers do not have to worry about making loan payments,” Premier Doug Ford said. “Our government is doing everything it can to ensure our college and university students can take their exams and complete their school year while studying remotely.”

To support borrowers during this difficult period, loan repayments will be subject to a six-month interest-free moratorium until September 30, 2020. This means that during this time, borrowers will not be required to make any loan payments and interest will not accrue on their OSAP loans. Borrowers can still make one-time payments via their online account or online banking if they want to repay their loans faster. Payments during this period will go entirely towards their loan principal.

The province has finalized an agreement with eCampusOntario to make digital learning supports available to postsecondary institutions. These provide publicly-assisted colleges and universities with the technology they need to conduct year-end assessments, while preserving student privacy and the integrity of academic assessment.

The province is also distributing $25 million in additional funding to publicly-assisted colleges, universities and Indigenous Institutes to help address each institution’s most pressing needs in the wake of the COVID-19 outbreak such as deep cleaning, purchasing medical supplies or offering mental health supports.

Leave a Reply

Your email address will not be published. Required fields are marked *

Share This