Save interest on OSAP payments : r/uwaterloo
Unofficial student and alumni-run subreddit for the University of Waterloo community Hi y’all, I wanted to post this as information I find anyone who is graduating soon this year or even later on with OSAP could benefit from. Just as background, there is a federal and provincial portion we pay for these loans, and while the federal portion is interest-free as of a couple years ago, the provincial portion still has interest. However, the provincial of your loan is significantly less compared to the provincial portion, so a neat trick to avoid paying any interest and save some money for eating out every month is by paying off this provincial portion by sending a cheque by mail requesting to pay off the provincial portion in full amount. This should be done before your 6 month grace period starts (basically before you graduate). There should be guides online on how to do so in detail, but thought people should know since out osap payments don’t take out the provincial portion first. Hope
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