Ontario Student Opportunity Grants
Ontario Student Opportunity Grants (OSOG), formerly known as the Loan Forgiveness Program, helps reduce the debt loads of students with large debts.
As of 2012-2013, any amount over $7,300 per two-term academic year ($10,950 per three-term academic year) is forgiven.
You do not need to fill out any forms to be eligible for OSOG-you are automatically considered when you submit an OSAP application for full-time study. If the government verifies that the information on your OSAP application is correct, and if you are deemed eligible for an OSOG, money is sent to the financial institution holding your loans to pay down the debt. You will also receive a letter indicating that you have received an OSOG.
You are eligible for OSOG for the 2012-2013 academic year if you:
- negotiated a Canada-Ontario Integrated Student Loan (COISL) for the academic year.
- are/were enrolled in a full-time programme for two or more terms for the academic year.
- have completed the study period(s) that you received funding for during the academic year.
- are entitled to and negotiated a student loan(s) that exceeds $7,300, if your total study period was two terms or $10,950 if your total study period was three terms for the academic year.