Unlike most student loans you get at the bank, OSAP does not require a co-signer. The maximum amount given to a student studying outside of Ontario or overseas is $210 a week. Therefore, if your study period is longer then you’re eligible for more funding. The trick to getting the maximum amount is to have your financial advisor approve you for more weeks than your study period. A good relationship with your financial advisor can get you a couple thousand a year that’s interest free until you graduate.

OSAP requires you to start paying back your student loan six months after you graduate at a pretty high OSAP interest rate of prime + 2.5%. Believe me it will add up. So getting more money than you need for school might not be the best idea.

As for me, I have both OSAP loans and also a line of credit from one of the Canadian banks. I would like to not be in debt but I know a medical degree will pay for itself later on. It’s not like I’m doing arts or something…