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WHo regrets going on OSAP?

A photo of blueb3rr1 blueb3rr1
I'm going to have to apply for OSAP regardless, but I'd like to know what people think of it.
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A photo of Anonymous Anonymous
I don't regret it at all. Education was not affordable to me: I didn't have $25,000 laying around, so OSAP was the best loan option available. It's interest free money, and you don't have to pay it back until after you're out of school for six months. Easy. No regrets at all.
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A photo of cynaburst cynaburst
I think that OSAP is a great choice that we have here for post-secondary education, and it's the perfect way of getting any money you need for your education that you can't get personally or from other bursaries and scholarships.
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A photo of xxMoonCakezxx xxMoonCakezxx

@ARMY101 wrote
I don't regret it at all. Education was not affordable to me: I didn't have $25,000 laying around, so OSAP was the best loan option available. It's interest free money, and you don't have to pay it back until after you're out of school for six months. Easy. No regrets at all.



How are you going to make 25k in 6 mnths?
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A photo of Anonymous Anonymous

@xxMoonCakezxx wrote

@ARMY101 wrote
I don't regret it at all. Education was not affordable to me: I didn't have $25,000 laying around, so OSAP was the best loan option available. It's interest free money, and you don't have to pay it back until after you're out of school for six months. Easy. No regrets at all.



How are you going to make 25k in 6 mnths?


I'm not? :scratch:

Like any loan, you make monthly payments on the principal and interest of the loan until it's paid off.
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A photo of Anonymous Anonymous
Is it worth going on OSAP if you're going to have lots of debt? How much money on average do you have to pay OSAP?
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A photo of kabsab kabsab
... If I could avoid it I would. Unfortuantely, my current situation doesn't allow me to... oh well...
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A photo of Anonymous Anonymous

@angiefievoli wrote
Is it worth going on OSAP if you're going to have lots of debt? How much money on average do you have to pay OSAP?


OSAP is a loan, so you pay them back the amount of the loan :scratch:

Sometimes they will offer debt-reduction options to students with low income, so sometimes you'll only have to pay back the principal or other times you'll only have to pay back $7,000 per year even if you took out more than that.

You pay them back in monthly payments, and those can range from $150 to $300 a month until your debt is paid off.

OSAP is still worth it - it's an interest free loan while you're in school, and once you're out the interest is only prime (and plus 1 or 2% I believe).
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A photo of breanneeagnew breanneeagnew
Can you pay off OSAP while in school, like start to pay monthly if you're able to, or do they just expect you to keep all that money saved? Anyone know?
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A photo of Anonymous Anonymous

@breanneeagnew wrote
Can you pay off OSAP while in school, like start to pay monthly if you're able to, or do they just expect you to keep all that money saved? Anyone know?


You can pay your OSAP off at any time.
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A photo of shaymack shaymack
My brother's a first year in university and he has OSAP. He likes it but I think it gives him a false sense of security, like he feels he doesn't need to get a job cuz his schools being paid for, when in fact he needs to earn money to pay back the loans
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A photo of Kelsee123 Kelsee123

@shaymack wrote
My brother's a first year in university and he has OSAP. He likes it but I think it gives him a false sense of security, like he feels he doesn't need to get a job cuz his schools being paid for, when in fact he needs to earn money to pay back the loans



I think this is the case for many many students.
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A photo of inthemaking inthemaking
I'm still in school and haven't started paying them back yet so I don't know. But one thing I do like about being on OSAP is that even though I'll have to pay back what they've loaned me, I've gotten some bursaries/grants out of it, which I wouldn't have gotten otherwise and those I don't have to pay back.
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A photo of Anonymous Anonymous
I like OSAP. The only suggestion I would make is try not to spend all of it. Save as much of the OSAP as you can, put it in a high interest account and then you can pay it back much easier in the end.
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