ninasreborn1
New member
Currently cleaning up my finances and paying down all debt, only to remember about the one loan I never “worried” about (other than monthly minimum payments). Having just paid off a 3.45% LOC, it hurt my heart to see the 7.45% Ontario loan not get prioritized first. Alas, when we know better, we do better. So if you forgot about OSAP, best to try and tackle it as it is no longer a low interest debt. Then you can go back into minimum payment ignorance for the 0% Federal portion.
Credit to /@random1234 for sharing how to pay off just the Ontario portion of OSAP loans:
(Your Name Here)
(Loan Number:#-######)
123 Anywhere Street
Somewhere, ON
A1B C2D
To:
National Student Loan Service Centre
P.O Box 4030
Mississauga, ON
L5A 4M4
To Whom It May Concern,
Please accept this cheque made payable to “National Student Loan Service Centre” as payment toward the Provincial Portion of my student loan
(Canada-Ontario Integrated Student Loan:#-######) for $X.
Furthermore, if any amount is leftover, please be sure to apply to the federal portion of the Student Loan.
Sincerely,
(Your Name Here)”
Update #1 - mailed in my cheque on Jan 3, cheque cleared Jan 11, checked on NSLSC and it was applied correctly to the right loan. Since I overpaid the Ontario portion to cover interest accrued during the mail-in, I have a negative balance on that side that will hopefully be transferred to the Canadian portion soon.
Credit to /@random1234 for sharing how to pay off just the Ontario portion of OSAP loans:
- Write a Cheque to “National Student Loans Service Centre” making sure to include:
- balance + interest accrued
- loan number
- Write a Letter of Authorization addressed to the NSLSC Something along this template
(Your Name Here)
(Loan Number:#-######)
123 Anywhere Street
Somewhere, ON
A1B C2D
To:
National Student Loan Service Centre
P.O Box 4030
Mississauga, ON
L5A 4M4
To Whom It May Concern,
Please accept this cheque made payable to “National Student Loan Service Centre” as payment toward the Provincial Portion of my student loan
(Canada-Ontario Integrated Student Loan:#-######) for $X.
Furthermore, if any amount is leftover, please be sure to apply to the federal portion of the Student Loan.
Sincerely,
(Your Name Here)”
- Mail both to:
National Student Loans Service Centre
P.O. Box 4030
Mississauga ON
L5A 4M4
Update #1 - mailed in my cheque on Jan 3, cheque cleared Jan 11, checked on NSLSC and it was applied correctly to the right loan. Since I overpaid the Ontario portion to cover interest accrued during the mail-in, I have a negative balance on that side that will hopefully be transferred to the Canadian portion soon.