PSA: pay off the Ontario portion of your OSAP (currently at 7.45% interest)!!!

[keeley120]

@anaparti on my NSLSC webpage I have two

Canada Student Loan #### $$$$

Canada-Ontario Integrated Student Loan #### $$$$

When I click the Canada loan, I see only federal portion of funds

When I click integrated, I see only provincial portion of funds. It says Canada Loan amount 0$, Ontario loan amount $$$$

Maybe this is different for others, I assumed that this was a quirk of the age of my loans since I've always had them listed separately.

 

[avivah]

@keeley120 All Ontario loans issues after 2001 were integrated loans (Canada-Ontario loans in one). But sometimes these loans are split afterwards. For example, there's some programs which applies to federal and not ontario and so the loan is split (federal to the canada only loan, ontario to the canada-ontario loan) . Or, if your loan was far in arrears and sent to government collections when it's brought up to date it comes back to NSLSC split.

 

[keeley120]

@avivah Huh, I never went into arrears but I do remember being sent to collections while on RAP in error. It was sorted out very quickly, happened when I was laid off in 2017 from a part time job and I applied for RAP but they said I was 5 months behind after that. Maybe that's what did it? I had gotten no letters but got a phone call from an agency then called NSLSC and they fixed it very quickly for me.

 

[avivah]

@keeley120 Arrears is just one of many situations where a loan can be split. Provincial and Federal governments don't always agree on policy, so when there's a conflict sometimes the integrated loan is split so the benefit can still be applied to the portion that allows it. I just wanted to point out its typically an administrative action & not the norm.

 

[exegesis]

@keeley120 I got mine in 2011. I only have the one Canada-Ontario Integrated link. It looks like

Canada loan amount owing: $$

Ontario loan amount owing: $$

And then a line for each with the interest rates

I wish it was split, that would be so much easier. Gonna have to dig through my papers to see if I even have any cheques

 

[ninasreborn1]

@exegesis You can get a certified cheque or bank draft from your local branch for about $10

 

[exegesis]

@ninasreborn1 Cool, thanks. I did find a chequebook for an account that still exists +and 3 that don't lol), but that's good to know for my other banks

 

[shiranui117]

@keeley120 I have 3 loan numbers. It is still integrated for Canada-Ontario

 

[keeley120]

@shiranui117 mine says "integrated" but the breakdown of the loan is such that when I click on it it shows federal 0$, provincial $9k or whatever its down to now.

 

[shiranui117]

@keeley120 Right, the breakdown shows this for me too. Still, if you click the payment option, it does not provide the option to pay for federal portion vs provincial portion online. I still need to mail in a check.

 

[keeley120]

@shiranui117 I have it set up such that I can pay it just like I pay a bill using my online bank account.

1st of every month I send my payment to the federal and provincial loans this way.

 

[coloredearth]

@justmethistime I swear, they do this on purpose.

 

[skiyk]

@coloredearth Wouldn't surprise me. Ontario blows.

 

[keeley120]

@skiyk I think its related to when they integrated into the NSLSC fully with the federal loan program.

My loan is old, but if someone calls the NSLSC and asks about doing manual payments, if the loan numbers are different they may be able to pay them separately. I know that I had 2 loan numbers but the automated payment system would split the payments proportionally between the two with one withdrawal, and to pay beyond that I would need to do a cheque or pay via the NSLSC site (which would do the same single payment administration). Even with two loan numbers I had to set up each loan as a payee and pay them manually from my banking app.

 

[christianspring]

@justmethistime Lol what century is Ontario in?

 

[asmodea]

@zabrinuta That is because Alberta student loans are not Integrated with the federal loans the way Ontario, BC and some other provincial loans are.

 

[gforperplexed]

@zabrinuta If you have an integrated loan, as some provinces do, then you don't have that option. I have a Canada-New Brunswick Integrated student loan. One website, one portal, one payment.

Incidentally, I did pay off my NB portion of the loan, but only through the regular payments, not specifically sending a letter and a cheque.

 

[anaparti]

@zabrinuta I went back to school in 2021 and I didn't even have to pay my Alberta portion, because it was just a free grant. Yay.

(Despite flair I lived in Alberta until 2021)