The government of Ontario has announced that it temporarily deferring payments for Ontario Student Assistance Program (OSAP) loans.
Deferral of OSAP Loans With a Six-Month Interest-Free Moratorium
- Loan repayments will be subject to a six-month interest-free moratorium until September 30, 2020.
- 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.
Premier Ford said, “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. 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.”
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