After 4-5 month of your graduation, your OSAP loan will be "consolidated". This means all the accrued interest will be added to the principle to arrive at a consolidated loan amount, and you start to pay a higher interest than when you were at school. (prime +2% ?)
If your income this year is below a certain threshhold, which is probably the case as you will have less than 3 months income this year, you will receive a loan forgiveness amount after you file your tax return for 2002. The will automatically go to your bank account, there is no need to apply for it. You can even repay the loan in full now, and still receive the loan forgiveness credit next year.
If your income this year is below a certain threshhold, which is probably the case as you will have less than 3 months income this year, you will receive a loan forgiveness amount after you file your tax return for 2002. The will automatically go to your bank account, there is no need to apply for it. You can even repay the loan in full now, and still receive the loan forgiveness credit next year.