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Ryerson University will be offering a limited number of in-person classes and services for fall 2021. To view information about important school-wide services, please visit the Ryerson COVID-19 page. If you are a current student and would like to reach us at the ServiceHub, please visit our ServiceHub Contact page.

Maintaining Interest-Free Status

What is interest-free status?

Interest-free status is the period in which your OSAP student loans do not accrue interest, and no repayment obligations are expected of the student.

When you apply for OSAP, this signals to the National Student Loans Service Centre (NSLSC) that you are continuing studies, and ensures your previous OSAP loans remain in interest-free status.

If you have previous OSAP loans, and do not re-apply for OSAP or an interest-free status application, the government assumes you are no longer in studies and your student loans enter repayment. 

There are two types of interest-free status applications:

  • Continuation of Interest-Free Status (CIFS) for full-time students; or 
  • Schedule 2 for part-time students

If you received full-time OSAP funding in the past, and are continuing your studies full-time but not applying for further full-time OSAP, you should complete a CIFS application to ensure your loans are placed into interest-free status.

On an OSAP-approved co-op/work-term? You can apply for full-time OSAP funding, as your work-term is equivalent to a 100% course load. If you don’t want OSAP funding, submit a CIFS application to keep your previous full-time OSAP student loans in interest-free status. 

You do not need to apply for OSAP and submit a CIFS application. Please only choose one option; the confirmation of enrolment process through OSAP or your CIFS will signal the National Student Loans Service Centre (NSLSC) that you are continuing studies, and keep your loans interest-free.

Ready to get started? Apply for a CIFS online through your OSAP portal, external link, opens in new window.

Once you have submitted your CIFS application online, please allow 2 to 3 weeks from your date of submission for your application to be reviewed. You can track our CIFS processing dates on the main page of our student financial assistance website, and will receive a communication through your OSAP message centre once your application has been processed.

If you received part-time OSAP funding in the past, and are continuing your studies part-time but not applying for further part-time OSAP, you should complete a Schedule 2 to ensure your loans are placed into interest-free status.

Out of province students can submit a Schedule 2 application online through their NSLSC portal, external link, opens in new window

Ontario residents must complete their Schedule 2 by PDF filecompleting the paper application, external link, opens in new window, and submitting it to our office. 

You do not need to apply for OSAP and submit a Schedule 2 application. Please only choose one option; the confirmation of enrolment process through OSAP or your Schedule 2 will signal the National Student Loans Service Centre (NSLSC) that you are continuing studies, and keep your loans interest-free.