Maintaining Interest Free Status on Previous Students Loans

What is Interest Free Status?

If you have negotiated a student loan(s) prior to the current academic year, your previous student loan(s) can be placed in interest-free status.

Interest free-status means that you will not have to make payments on your existing loans or interest while you are in school. The Government of Canada and/or the Province of Ontario will continue to pay the interest on your behalf. When you are no longer studying on a full time basis, you will be required to start repaying your loans at the end of a six month grace period. If you return to full-time studies before the end of the 6 month grace period, the interest charges on your existing loans will be removed once you have verified you have returned to school full-time. It is your responsibility to request the proper documentation from Student Financial Assistance to ensure that the National Student Loan Service Centre is officially notified of your return to full-time studies.

Eligibility Criteria

You are eligible for Interest Free Status if you currently are:

• NOT in default on any previous student loans

--- AND ---

• Enrolled in an OSAP approved program of study

--- AND ---

• Enrolled full time in an Undergraduate Program or Certificate Program: enrolled in a minimum of 3 units (60% course load) throughout each term (minimum 2 units/40% course load for students with a permanent disability).

--- OR ---

• Enrolled in a Graduate Program: enrolled and active in a Full Time Masters or PhD program.

When TO complete an Interest Free Status Form (CIFS Form) for the current study period

• If you are currently enrolled full-time and have not applied for a new loan

--- OR ---

• If you are currently enrolled full time, applied and are not entitled to any loan funding

--- OR ---

• If you are currently enrolled full time and there is a delay in processing and receiving your current loan document that is more than 6 months from the end of your last study period you must inform the National Student Loan Centre or previous lender that you are still a full-time student.

When NOT to complete an Interest Free Status Form (CIFS Form) for the current study period

If you are enrolled full time and have applied and will receive OSAP in the current academic term, your Interest Free Status Information (your new Study Period Date) will be updated once your loans have been processed by the National Student Loan Service Centre.

IMPORTANT: If you are enrolled full time in one term only you have to request a new CIFS form each term. Please ensure you know the time period your CIFS form covers.

Steps to apply for Interest Free Status

Complete and Submit Form

Download the CIFS form, complete and submit to our office by mail or into our drop box.

You do not need to line up to submit your form)

Eligibility Confirmed

Within 10 business days, our office will confirm your eligibility and update your OSAP record with your new Study Period information. You will receive an email through your Ryerson email address to confirm the Continuation of Interest Free Form has been processed.

Note: These forms are to be submitted the first week of the term as they cannot be processed prior to the first day of your current study period or after the last day of your current study period.

NSLSC Notified

The government will then notify the National Student Loan Service Centre and/or your Lender with the updated Study Period Date.

If you are not eligible for Interest Free Status and you are experiencing difficulties in meeting your student loan repayments, we suggest you contact the National Student Loan Services Centre at 1-888-815-4514 to discuss the Interest Relief Plan and/or Revision of Terms. For further information visit the National Student Loan Service Centre.