OSAP Repayment - early?
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OSAP Repayment - early?

A photo of UoftConfused UoftConfused
Hey, I was wondering if payments to your loan can only be made once your graduate or are not a student anymore? I currently have around a 3500 loan and with the way things have been working out lately, I definitely can afford to pay it off, however I am not graduating (far from it- I'm in 1st year). I tried to look for this information on the OSAP website, but was unable to find it. I just think it'd be great to pay it off now rather than wait 3 years and have a much larger amount built up.
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4 replies
 
A photo of Anonymous Anonymous
Yes, you can make a repayment any time you want.
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A photo of Anonymous Anonymous
Warning though. My sister started paying back her OSAP after first year and they knocked back her next year OSAP amount by a landslide...I assume it is because they think you have the money. ??? Could be wrong though.
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A photo of Meridian Meridian
Take the money and any loans they may give you in subsequent years and invest it. Gov't is giving it to you interest-free for 4 years. Put it in some conservative investment and under a TFSA account so no tax. Then once you graduate, pay it all off in one lump sum.
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A photo of Anonymous Anonymous
Ya. I am going the TFSA route. Put the OSAP in there and with the high interest, hopefully, be able to pay it off right away.
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