Helping Graduates Working in Not-For-Profit Sector Get Started
McGuinty Government Providing OSAP Grace Period Extension
Ministry of Training, Colleges and Universities
Ontario is making it easier for postsecondary graduates to get their start in life by extending the grace period for repaying student loans for those who take their first job post-graduation in the not-for-profit sector.
Not-for-profit organizations in Ontario deliver many vital services and help build economically and socially vibrant communities. That's why the government is extending the traditional six-month grace period to one year for new graduates who work for a registered charity in Ontario in a paid or voluntary position for at least 30 hours per week.
Other recent changes to the Ontario Student Assistance Program (OSAP) which help meet the needs of today's students and graduates include:
- More assistance for tuition, living costs, books, supplies and equipment.
- Allowing students to keep more of the money they earn from part-time jobs.
- Additional support for married students and those with children.
- A new grant for part-time students.
- A no-interest, no-payment period on student loans for six months after graduation.
- More flexibility for students on repayment through the Repayment Assistance Program.
Helping Ontario students with the cost of tuition and loan repayment is part of the McGuinty government's plan to keep postsecondary education within all families' reach, while building the best-educated workforce in the world.
- Ontario is the only province to offer an extended repayment grace period for students working in the not-for-profit sector.
- All other graduates will continue to have a six-month grace period before having to start repaying their student loans.
- In 2011-12, Ontario invested approximately $1.1 billion in student grants and loans including the new 30% Off Ontario Tuition grant.
- The not-for-profit sector injects close to $47 billion each year in combined revenue into Ontario’s economy.
- Ontario’s not-for-profit sector is made up of more than 46,000 organizations and employs about 15 per cent of Ontario’s total workforce.
The not-for-profit sector is vital in helping to create jobs and attract new investments to Ontario. Providing a financial incentive for our graduates to work in this important sector will not only benefit the graduates, but will also support our economy."
Today’s exciting announcement is an example of how we are working to support the not-for-profit sector as well as Ontario’s youngest workers. The not-for-profit sector helps to build strong, safe and vibrant communities in Ontario."
This initiative is a real boon for Ontario's not-for-profit sector and for recent graduates. Efforts to bring the next generation into Ontario's not-for-profits serves the dual goals of a stronger economy and a stronger social fabric."