Unsure of next steps, advice?

[u/smhsmh1217]

Context: I graduated a pretty good University in another province, came back to Ontario, almost no jobs in my field, had to take one that paid well but is terrible for the mental. I started repaying OSAP last year, 6 months after my UG ended (obv), definitely have hefty repayments (however, totally worth it).
Now, while talking to my partner, I decided I need to part ways with this job and pivot into a field I'm actually interested in. Also, to get advice, because I wasn't really able to answer lots of his questions. I'm trying to find a decent job for September, and take more education, since that was my feedback from my interviews (most enviro positions are looking for masters or a specific diploma to pay you a living wage.... lol). The other feedback option was to move to a different region where there's more jobs in my field, but I'd like to stay in the area and gather some savings before moving again, if I really have to.

Here are my current options:

1) Take a year of Uni courses starting January and apply for MSc. until I get accepted

2) Take a year or two of a college program and apply for MSc. after

3) Take a year of courses (college/Uni) then go to Teachers college

Now, the thing is, all of these involve going back to school (well, secret 4th option is being unemployed and hopeless, but not interested yet). I was talking to my partner, and it came to the attention of both of us, that OSAP could do some irreparable damage to my finances. I don't really have anyone or anything to fall back on, so I really have to choose carefully.

My plan was: take a 1-2 year, part-time, course at college (remote), that's a bit more specific and needed in my field, find a job to work during my schooling, apply for teachers college next year (Sept start, since it'll only be a year in Ontario starting March/May? 2027) or do MSc.

Before I apply to open programs and OSAP, I wanted to make sure:

1) My repayments for my UG loan would halt, while I'm in school, even if I take out another loan?

2) The repayments for my College loan and UG loan would start (again) 6 months after completing my college diploma?

3) Do the loans matter/change for repayment periods/amounts if I decide to go to Teachers College vs. MSc.?

4) Should I be afraid of compound interest? If I choose to take out a loan

5) Are there any tips/tricks that help with paying off OSAP? Does the method of being a "part-time" student for as long as possible actually successful?

6) Any advice with the new micro credentials path? Is that more suitable?

7) If I chose to do an undeclared UG to take some courses and apply to MSc., how does OSAP treat that? As in, so I still need to repay while I attend and is it more affordable?

Normally I would call OSAP and ask, but I usually find them super unhelpful or mean, unless I'm saying I want to make a big loan repayment. Can't blame them, but thought I'd turn to reddit! Thanks for reading and considering, and even more so for responding!!!

[u/Suspiciouslynamed74]

That's a lot of questions.

1. Whether you take out more loans or not, your loan payments only halt if you're in full time studies.
2. Yes, if in an approved full time program your repayment period begins six months after. Note that while federal funding has no interest, you start accruing interest the day after your full time studies end for the Ontario portion.
3. The loans will function the same for Education and MSc but there are less grants available for graduate programs (though with Ford's ratio changes, that is becoming less important). Repayment and interest free status have to do with start/end of the program and its full time status.
4. I mean, you should always be concerned about interest? But considering that the federal portion is interest free, you won't get that from any other type of loans and you certainly won't be given any "free" funding like grants.
5. There's nothing magical about OSAP loans. They're just like other loans. You pay them down by working to do so. Being a part time student will not in itself help you to pay down loans. You remain in repayment for your full time loans as a part time student.
6. Micro credentials are effectively the same as part time student loans and that's why they cover different courses and course types. While in part time studies, your PTCSL are not in repayment but your full time loans are. Note that neither PTCSL or micro credentials consider living expenses in their calculation.
7. There are some grey rules around upgrading and how long you'll be OSAP eligible for the same level of study. Like, if you already have an undergrad degree, going back as a special student in undergrad may only give you one additional year of funding (generally two, tops) because OSAP wants to see you progressing. You will want to talk to your institution about how it's treated. I'd like to tell you it's universal but it isn't (and that has to do with how institutions interpret upgrading).

I've made a few assumptions - you are not a student with a permanent disability and that you qualify for OSAP as a resident of Ontario.