If i already owe OSAP money do i need to pay my balance back before i receive another loan?

Your osap will need to start being repaid 6 months after you leave school. Should you go back to school and apply for osap (and are approved for osap), then the account will freeze again (you won't have to pay any more back) and you are essentially back on the original loan.

*Experience; withdrew for a year and went back to school. As an additional hint, move out; osap gives you a lot more money for being independent and they'll give you living costs as well as schooling costs.

Osap Loan Balance

Depends how you handle your debt from now until then. First, it is your responsibility to ensure that OSAP and the National student loan service center have a current address for you. They don't exchange that kind of info so you have to let both know if you move. When you leave, your last day of school is communicated to OSAP and your 6 month grace period starts. About 4 months later you get a consolidation agreement which must be signed and returned by the deadline. At that time you can apply for REpayment Assistance, which will reduce or eliminate your monthly loan repayments.

If you "keep your loan in good standing", which means you are making whatever payments are required (if any) then it will reduce your hassles when you apply for OSAP again. You will probably be in overpayment because you withdrew from school. As long as you only have 1 overpayment you are okay, you can still get OSAP. If you have 2 overpayments you have to repay all of 1 of them before you are eligible for OSAP again. If your loan is not in good standing you will not be able to get OSAP until you pay the outstanding interest at the very least.

Instead of waiting for him to bring up the money he owes you, you should have been asking when you would start repaying. Or better yet, you should have had him sign a written agreement indicating when he would pay you back. There is absolutely no way you should loan more money to someone who didn't pay you back the first time. Did you at least tell remind him that he failed to pay back the first loan?

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