Student Awards

OFFICE OF THE UNIVERSITY REGISTRAR

Student Awards

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Maintaining Interest Free Status

A student's OSAP loans will remain in interest-free status and non-repayment while they are enrolled in full-time post-secondary studies (60% course load, or 40% course load for students with a permanent disability) conditional on the student notifying the National Student Loan Service Centre (NSLSC). It is a student's responsibility to notify the NSLSC each academic year they register in full-time studies.

Students participating in a QUIP are eligible to be considered for full-time OSAP and/or keep their previous OSAP loans in interest-free status and non-repayment while participating in QUIP.

Grant Hall and Kingston Hall in winter
Keeping Previous OSAP Loans in Interest Free Status

Please refer to the OSAP website for the policies and regulations pertaining to Continuation of Interest Free Status. The information below is designed to assist students, not replace the OSAP website.

A student's OSAP loans will remain in interest-free status and non-repayment while they are enrolled in full-time post-secondary studies (60% course load, or 40% course load for students with a permanent disability in each term of study) conditional on the student notifying the National Student Loan Service Centre (NSLSC)

Once you cease to be a full-time student (e.g. finish your current academic year) interest will begin to accrue on the federal portion of your OSAP loans (provincial loans are interest-free during the 6-month grace period). You are given a 6 month grace period by the NSLSC during which you must either:

A) Consolidate your OSAP loans and prepare to go into repayment

OR

B) Notify the NSLSC that you have once again enrolled in full-time studies

It is a student's responsibility to notify the NSLSC when they register in full-time studies. The Student Awards Office can not confirm enrolment after the study period has ended. This can be achieved in one of 2 ways:

SITUATION

INSTRUCTIONS 

I am receiving OSAP assistance for the current academic year. Submit your OSAP application and provide all required documentation. Once your application is complete the ministry will request that Queen's confirm your enrolment for the current academic year. This confirmation is required to release your OSAP funding and place previous OSAP loans in interest free status.
I am not receiving OSAP assistance for the current academic year, but am enrolled in full-time studies. Complete a Continuation of Interest Free Status (CIFS) application (see below)

If at the end of the 6 month grace period you have not notified the NSLSC (via one of the 2 above methods) and you are once again enrolled in full-time studies, your loans will go into repayment. The NSLSC can begin to withdraw the minimum monthly payments from your bank account once the 6 month grace period has elapsed. Once you have notified the NSLSC that you are enrolled in full-time studies your previous loans will be placed into interest-free status and non-repayment provided that your previous loans are in good standing. It is a student's responsibility to notify the NSLSC (via one of the 2 above methods) that they are enrolled in full-time studies at the beginning of each academic year.

Continuation of Interest Free Status (CIFS) Application - OSAP Loans Only

Ontario students may submit an online “Continuation of Interest-Free Status (CIFS) Application” available via their account on the OSAP website.

The Continuation of Interest-Free Status Application can be submitted as early as 15 days prior to the start of your study period, but must be submitted no later than 21 days before the end of your study period. Your study period must be between 6 and 52 weeks in length.

Recommended submission deadline As soon as possible after completing the registration process 
Deadline to ensure your previous OSAP loans do not go into repayment

To avoid accruing irreversible interest on your previous government loans, the lender must be updated before your six-month grace period elapses. However, you must be enrolled in full-time studies at the time you submit your request and the request must be submitted prior to the end of your study period (i.e., no later than 21 days before the end of you study period).

Absolute deadline The CIFS application can only be completed when you are currently enrolled in full-time studies, no later than 21 days before the end of your study period. The application cannot be completed after the end of your study period.
Communication with Student

The NSLSC will mail the Consolidation Agreement to the student's most recent mailing address on file with the NSLSC approximately 6-8 weeks prior to entering repayment. The Consolidation Agreement will include a reminder to complete the Continuation of Interest Free Status application if you are once again enrolled in full-time studies.

Please be sure to keep your mailing address up-to-date with the NSLSC. This can be done by either creating an online account through the NSLSC on-line services available through the National Student Loan Service Centre website or by phoning the NSLSC at 1-888-815-4514.

Even if you have not received the Consolidation Agreement because you failed to update your mailing address with the NSLSC, your loans will go into repayment at the end of the 6 month grace period if you have not notified the NSLSC that you are enrolled in full-time studies (via one of the 2 methods outlined above).