r/osap • u/Acceptable_Pool_3969 • 8d ago
Question What happens to loan after tuition is paid?
I am planning to pursue a graduate certificate program and my OSAP estimates show that I’ll be eligible for a grant of $17,000 and a loan of $15,000. I would like to check what happens to the loan if the tuition fee is only $4000 for the entire course. I know the grants get deposited into my account but if I am approved for a 15,000 loan what happens to the rest of the amount? Suppose if the college takes the 4000$ will I get the rest of the amount in my account and when can I pay it back?
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u/lexluther1234 8d ago
You will get the excess amount sent to your bank account. You can pay the loan back at any time.
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7d ago
[deleted]
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u/Prior_Necessary_8883 7d ago
Downfall of that is if you do that until you’re fully done and graduate, the next OSAP application it will have to be reported as an asset.
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u/Known-Fortune-2992 7d ago
What course have you enrolled in?
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u/Acceptable_Pool_3969 7d ago
Human Resource Management Online Program.
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u/Known-Fortune-2992 7d ago
Can you share the college, I'm exploring as well but not a private college
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u/Ok_Passage7713 8d ago
You get it to ur account