Ontario Student Opportunity Grant

Purpose

The Ontario Student Opportunity Grant is available to help students reduce their annual Canada-Ontario Integrated Student Loan debt by limiting a student's repayable debt to $7,000 for a two-term academic year and $10,500 for a three-term academic year. It is available at the end of each of your academic years. The grant has been available since the beginning of the 1998–99 academic year. It replaces the former Loan Forgiveness Program. Loan Forgiveness will continue to be provided for loans issued from the 1993–94 academic year to the 1997–98 academic year. 

Eligibility Requirements

You are eligible for a grant if you meet all of the following requirements:

• You negotiated a Canada-Ontario Integrated Student Loan in the 2004–2005 academic year. 
• You are entitled to a student loan(s) that exceeds $7,000 for a two-term academic year or $10,500 for a three-term academic year. If you received a Millennium Bursary (CMB) in the 2004–2005 academic year, you may still be eligible for an Ontario Student Opportunity Grant if your outstanding student loan(s), after the CMB has been released, exceeds $6,500 for a two-term academic year or $10,000 for a three-term academic year.
• You are enrolled in a full-time program for two terms or three terms. 
• You have completed your academic year.

Note: If you have been denied an Ontario Student Opportunity Grant because you did not complete your academic year, you may request a review of your eligibility under the following circumstances:

• if you withdrew from one or more academic terms during the 12-month period before completing the term(s) because of a serious medical condition or a medical emergency or because you were hospitalized for an extended period(s), or 
• if you were expelled from one or more academic terms during the 12-month period before completing the term(s), you appealed the expulsion, and a properly constituted appeal body granted your appeal.

Go to the section on Reviews for further information on reviews and review requirements or contact your financial aid office.

How to Apply

You do not need to fill out a special application for this grant, because the information that you supply on your OSAP application is used to determine your eligibility.

Conditions

You are not eligible for a grant if you:

• reduce your course load to part-time (less than 60 per cent of a full course load or less than 40 per cent if you are a student with a permanent disability);
• you withdrew from your full-time program;
• are enrolled in a one-term program (less than 21 weeks) or have completed only one term of your program;
• have defaulted on a previous student loan(s),; and/or
• have been reassessed and your loan entitlement has been reduced to less than $7,000 for a two-term academic year or $10,500 for a three-term academic year.

OSAP verifies with Canada Revenue Agency (CRA) your income and the income of your parent(s) or partner (if applicable) as reported through your OSAP application. If there is a discrepancy between the income that is reported to OSAP and the information received from Canada Revenue Agency, your loan entitlement is reassessed and the amount of loan you are entitled to receive may change. A change to the amount of loan you are entitled to receive may affect your eligibility for an Ontario Student Opportunity Grant.

Receipt of Funding

The grant is not paid directly to you. If you are eligible, it is sent to the NSLSC to pay down your student loan(s). It is used to pay down the Ontario portion of your Canada-Ontario Integrated Student Loan. The ministry will send you a letter indicating the amount of your grant.

Reviews

If you have been denied a grant because you have not completed your academic year, your eligibility for a grant will be reconsidered if: 

1. You withdrew from one or more academic terms during the 12-month period before completing the term because of a serious medical condition, medical emergency, or because you were hospitalized for an extended period. As a result, you would have to repeat the term because you:
• were not able to attend or carry out the activities required to fulfil the course requirements in that term, and
• could not reasonably have been expected to complete the term.
2. You were expelled from one or more academic terms during the 12-month period before completing the term. As the result, you would have to repeat the term in the loan year subsequent to the granting of the appeal because you:
• appealed the expulson and a properly constituted appeal body granted your appeal,
• the duration of the period of expulsion reasonably precluded you from attending or carrying out the activities required to fulfil the program requirements of the term, and
• you cannot reasonably be expected to complete the term.

For further information on reviews, you should contact your financial aid office.