Repaying your Canada Student Loans

For those that received OSAP for your post-secondary studies, you are required to repay your loan after your school year ends. Although you are not required to make payments until 6 months later, the interest is charged during the 6 months period. If anyone is planing to make a lump-sum payment, I recommend you don't wait after the 6 month grace period.
If you have trouble making the monthly payments after the 6 month grace period, you can also apply for Interest Relief Program.
Interest Relief is a program that government helps students pay the interest for 6 months, and you are allowed to apply continuously as long as you are qualified and within your 5-year end of study date. Keep in mind that the principal balance of your loan is remaining the same when you are on Interest Relief Program.

Who is qualified:

• Your student loan is already in repayment and consolidated(a signed consolidation form must return to the student loan center)
• You must reside in Canada on the day you sign the application
• Your loan account is up-to-date
• Your gross income for the month you want your Interest Relief to start on, must below the eligible income limit.

Ontario Interest Relief Application http://osap.gov.on.ca/eng/PDF/0506/34-1531.pdf
Ontario Interest Relief Income Eligibility Chart http://osap.gov.on.ca/eng/PDF/0506/Income%20Eligibility%20Chart%20-%20August%201%20%202005.pdf