OSAP deferrals for postsecondary students, millions of dollars more for colleges/universities

The province is providing online supports so students can complete their academic year

The Ford government is lifting a weight off the backs of postsecondary students during the COVID-19 crisis by allowing them to temporarily defer payments for Ontario Student Assistance Program loans and provide them with online learning supports, including year-end exams.

“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,” said Premier Ford. “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.”   

Loan repayments will be interest-free until September 30, 2020. The six month reprieve means borrowers will not be required to make any loan payments and interest will not accrue on their OSAP loans. Students who want to repay their loans faster can still make one-time payments via their online account or online banking. Payments during this period will go entirely towards their loan principal.

Students will also have access to digital learning to complete their academic year thanks to an agreement between the province and eCampus Ontario. Interim digital learning supports will provide publicly-assisted colleges and universities with the technology they need to conduct year-end assessments.

The government said it is also seeking partners who may be interested in offering digital learning, such as private career colleges and Indigenous Institutes. The supports will be available on an as needed basis and limited to courses and programs were formal exams are required.

Publicly funded colleges and universities will also receive an additional $25 million in funding to help address various needs in the wake of the COVID-19 pandemic such as deep cleaning, purchasing medical supplies or offering mental health supports.

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