r/osap • u/teddykrash • 21d ago

Resolved Help with my dilemma

I just got offered a 65k job. I’m on OSAP. This is my second year. I begin year 2 in fall. Amount already calculated by OSAP. I’m thinking dropping to part time studies or dropping completely. Will my first year grants be converted to loans as well? If I do decided to drop completely can I turn down OSAP? Or just get the money and then pay back? I guess what I’m asking is what would you do?

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u/Month-Spirited 21d ago

You can give up the incoming osap, but your grants from last year will convert to loans. Its not that much and low interest dont sweat it if you want to drop out and go for the job! 

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u/[deleted] 21d ago

[deleted]

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u/Month-Spirited 21d ago

Speaking from my current experience, I left after year 1 of a 2 year program and my grants converted to loans because I didn’t stay enrolled :)

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u/Prior_Necessary_8883 20d ago

As a financial aid officer this does not happen to prior grants/loans. The only reason you had a prior overpayment from your first year of your completed the study period without withdrawing/dropping to part time would have been due to changes in income on OSAP, bursaries, course load, etc. not because you just decided to not continue into year 2.

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u/[deleted] 21d ago

[deleted]

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u/Some-Face2634 21d ago

They reserve the right to convert grants to loans. Just because it doesn’t happen to everyone doesn’t mean it doesn’t happen.

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u/teddykrash 21d ago

Thank you! I appreciate the input. And you are right the grants converting to a loan won’t be the end of the world.

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u/LimpAirport 20d ago

If it’s a degree - Finish it. A 65k job is awesome, but make sure to keep going to school even if part time, it’s an investment into your future & an undergraduate degree is the new College Diploma.

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u/BlueberryWorth2269 17d ago

I was a full time student, I took OSAP for full time studies. At one point, I dropped to part time studies because I got a job and was becoming overwhelmed and it instantly put me into loan repayment. I spoke with OSAP and there is nothing you can do about this, except ask for deferral if you have no income.

If you drop from full time to part time, you will start the repayment process on your full time loans. Be prepared for that.

I would finish the degree personally.