I took out OSAP in my first year and feel I can manage without it in the second year. Does anyone know or can point me towards site/article that says what will happen if I do this.

Will I have to start paying back the loan immediately, does the interest start piling etc.?
Does anybody know? I emailed osap people at mac but they won't respond until in a few days and I need to know quickly to make my decision.

Thanks for any help!

I would think the interest starts piling up because that's what the letters I get from the National Student Loans Center say. If I don't confirm that I'm enrolled in another year of school (i.e. apply for OSAP again), the interest begins. I believe that's what it is.
I would recommend calling the SFAS (Student Financial Aid and Scholarships Office). 905 525 9140, ext: 0 and ask to be connected to the OSAP office. You'll have to wait a while but it's relatively quicker than an email

There's a form you have to fill out that's due 6 months after your last post-secondary year.

I managed to survive without OSAP for my third, forth and fifth year. What you will want to do is visit the financial aid office for an interest free status form. That will take care of having to pay any of your loans.

However, before you decide that you don't want OSAP, remember that being OSAP eligible also allows you to apply for Mac bursaries, etc.

Originally Posted by Ivan Q.

I managed to survive without OSAP for my third, forth and fifth year. What you will want to do is visit the financial aid office for an interest free status form. That will take care of having to pay any of your loans.

However, before you decide that you don't want OSAP, remember that being OSAP eligible also allows you to apply for Mac bursaries, etc.

Also, you can just take the OSAP money and put it into a bank account and then repay them later when you graduate.

and OSAP gives you grants so...free money