Canada student aid Notice of Assessment: how to read it (OSAP and more)

In most of Canada, you apply for student aid once, through your province or territory, and get both federal and provincial funding from that single application. The result arrives as a Notice of Assessment, by mail, online or by email. It tells you whether you qualified for grants and loans, and how much. In Ontario, you'll see the result in your OSAP account.

This guide explains what to check on the notice, how federal and provincial pieces fit together, and what to do if something looks wrong. It covers the provinces and territories that take part in the Canada Student Financial Assistance Program. Quebec, the Northwest Territories and Nunavut run their own programs.

Who sends what

Three different players handle your aid, and it helps to know which is which:

• Your provincial or territorial student aid office (for example, OSAP in Ontario) assesses your application and issues your Notice of Assessment.

• The National Student Loans Service Centre (NSLSC) manages your Canada Student Loan, your loan agreement and, in many provinces, the provincial loan too.

• Your school's financial aid office confirms your enrolment and can help with reviews.

In Alberta, Manitoba, Nova Scotia and Prince Edward Island, you may get both federal and provincial funding but manage the two loans with different providers. Yukon residents apply through Yukon Student Aid.

What to check on your notice

Formats differ by province, so use this as a checklist rather than a template.

1. Study period dates. Make sure the start and end dates match your program. Funding is calculated for that period.

2. Your school and program. A wrong program or course load can change your eligibility.

3. The costs counted. Look for tuition, books and living costs. If a cost you expected is missing, ask why.

4. Expected contributions. If your notice lists contributions expected from you or your family, check the income figures behind them.

5. Grants vs loans. Grants don't have to be repaid. Loans do. Note which amounts are federal (Canada Student Grants and Loans) and which are provincial.

6. Payment schedule. In Ontario, funding is normally released in two installments: one at the start of the study period, usually September, and one about halfway through, usually January.

7. Conditions and next steps. Look for documents you still owe and any requirement to sign a loan agreement.

Sample (fictional): Priya's notice for an eight-month college program lists a federal grant, a provincial grant, a Canada Student Loan and a provincial loan. Her notice uses her parents' income from a year when her father worked full time. He has since lost his job, so she asks her financial aid office about a review before the deadline.

The loan agreement (MSFAA)

If you haven't signed one before, you'll sign the Master Student Financial Assistance Agreement (MSFAA) online through your NSLSC account. It sets out the terms for accepting and repaying your loans, and it's a legally binding contract.

You usually sign it only once, because it covers present and future loans. You must sign a new one if you apply after a two-year break from school or after permanently moving to another province or territory. The MSFAA doesn't list your amounts. Those are on your Notice of Assessment.

Interest and repayment basics

• Federal portion: The Government of Canada permanently stopped interest from building on Canada Student Loans from April 1, 2023. Interest charged before that date is still owed.

• Provincial portion: Rules vary. The NSLSC says interest still accrues on the provincial portions of the integrated Canada-Ontario and Canada-Saskatchewan loans. Check your province's rules for other loans.

• When repayment starts: You start repaying six months after you finish your studies.

• If payments are hard: The Repayment Assistance Plan can be applied for online through your NSLSC account.

Events that can change your funding

Your funding is based on what you reported and on your enrolment. In Ontario, if you drop a course or your information changes, your application is reassessed and you may receive less. Grants can also be converted to loans in some cases, for example if you withdraw or drop below the minimum course load within your first 30 days and don't return full time within five months in the same academic year.

Tell your financial aid office before you change your course load, if you can.

If the notice looks wrong

1. Check your account first. Your provincial account usually shows outstanding documents or missing information.

2. Contact the right office. If you weren't approved or disagree with the amount, contact your provincial or territorial student aid office about a reassessment. In Ontario, start with your school's financial aid office.

3. Watch the deadline. In Ontario, a review request must reach your financial aid office no later than 40 days before the end of your study period. Other provinces set their own rules.

4. Send evidence. Reviews in Ontario can cover situations such as unexpected financial difficulty or being unable to make your expected contributions. Include documents that show the change.

Questions to ask

• "Which income figures did you use for my parents or spouse?"

• "Which parts of my funding are grants, and could any be converted to a loan?"

• "When will each installment be released, and what must I do first?"

• "What's the deadline for a review in my province?"

Get a second pair of eyes on your notice

EasyToDecode, launching soon, is built to read documents like this: it will quote the lines on your own notice that matter, flag anything that seems to be missing, and draft questions for your student aid office. See how it works or join the waitlist to hear when it opens.