These are interest bearing loans provided to qualifying students for tuition, books, transportation, day-care and incidentals. These loans supplement the students other financial resources such as earnings, scholarships and bursaries. Students are responsible for making interest payments on these loans while they are studying. If the student's income is below a certain level they may qualify for the Interest Relief Plan. The provincial government offers loans to post secondary students enrolled in approved programs.
Loans are interest free to students while they are studying.
Recipients of OSL must start repaying their loans six months after they stop being a student. While they are in school, the government of Ontario pays the interest on their loan. Students cannot receive an OSBP bursary and a loan through the OSAP program at the same time. OSBP assistance is taxable. The Child Care Bursary provides non-repayable assistance to help cover the cost of child care while studying.