In an effort to streamline and simplify the process for students, the government has made some significant changes to how you receive your OSAP money starting September 2012.
*Please note that the process of completing and submitting your OSAP application is not changing.*
What exactly is changing?
Starting with the Fall/Winter 2012-13 academic year, the “Certificate of Loan/Grant Approval and Eligibility” is being eliminated. Instead, you will be required to complete a new Master Student Financial Assistance Agreement (MSFAA). This is a lifetime loan agreement that will cover you during your entire full-time postsecondary studies, and only needs to be completed ONCE.
→When do you complete this form?
As soon as you have completed and submitted your Fall/Winter 2012-13 online OSAP application. Print out the MSFAA, complete it, and take it to any participating Canada Post outlet in your area. Your funding cannot be disbursed until you have done so.
Canada Post will send it to the National Student Loan Service Centre (NSLSC) and once it has arrived, the NSLSC will electronically inform the government that is has been received.
→How will this benefit you?
Once classes begin in September, the government will ask York’s Student Financial Services to confirm your registration status, which includes: your program, year level, and course load. Once this is done, and this will depend on how quickly you enroll in all your courses, the government will authorize the release of your OSAP funds for the first installment (60% of your total award) – that is, to send a payment to York if you agreed to re-direct OSAP money on your OSAP application; the rest will be deposited into your bank account, or a cheque will be sent to you.
This means that it is no longer necessary for students to come to the Bennett Centre to pick up a paper loan/grant certificate form.
→What about your second OSAP installment?
Around late November, the government will notify you to go online and check your personal income that you had provided on your OSAP application. You will need to confirm or update this information. The second OSAP installment in the Winter term will not be issued until this is done.