Making It Easier To Apply For A Student Loan
McGuinty Government Cutting Red Tape, Helping More Students Succeed
Starting this year, college and university students will spend less time filling out loan and grant applications and standing in back-to-school line-ups. They will also receive their financial support faster.
The province is streamlining student aid by making the application process easier and cutting red tape. This will help students focus more on their studies. Changes to the process this year mean:
- Students will fill out fewer forms for the Ontario Student Assistance Program (OSAP) and Student Access Guarantee (SAG) funds
- When they complete their OSAP application, they will also be automatically evaluated for SAG funding
- Recipients of the Ontario Access Grant and Distance Grant will have their aid directly deposited into their bank accounts starting in January 2011.
Additional changes taking effect this school year will benefit students by:
- Providing more assistance for tuition, living costs, books, supplies and equipment
- Allowing students to keep more of the money they earn from part-time jobs
- Providing a no-interest no-payment period on student loans for six months after graduation
- Providing additional support for married students and students with children
- Introducing a new grant for part-time students
- Offering students more flexibility on repayment.
- This year the government is providing $81 million in additional financial support for college and university students.
- Streamlining the process will save more than 10,000 work hours in student aid offices, improve efficiency in evaluating and processing applications, and reduce back-to-school line-ups.
- The changes to OSAP this year are expected to help about 210,000 Ontarians.
- Since 2003-04, there has been a 56 per cent increase in the number of Ontario college and university students receiving financial support through OSAP.
- The government's Open Ontario Plan will help raise Ontario's postsecondary education rate to 70 per cent.
- Ontario's 62 per cent postsecondary education rate is one of the highest in the world.
“Our government is committed to making postsecondary education accessible on the basis of ability to learn, not ability to pay. That's why we continue to invest in student aid and to make it easier for students to get the financial help they need.”