Student loans revamped

Press Release

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 also will 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 also will be automatically evaluated for SAG funding; and
•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; and
•offering students more flexibility on repayment.