I just have a question about the payment agreement and OSAP. If we pay everything to Mac before/in term one and OSAP contributes part of the total in term one. So what happens to the second OSAP payment in January? Can I just cash it? I mean... can my parents cash it XD

Yes you can, the second payment will go to the bank account that you give them and is yours. However, if you don't need the OSAP I would give it back because it means less you have to pay back when your degree is done.

That is true, but my parents are paying for atleast my first few years of university. So my guess is that they'll just put the cash in GICs or bank savings because from what I've researched you don't pay interest on OSAP until you graduate from undergrad?

Yep thats correct. I do the same thing, any extra that I have that I don't need to live off goes into a high interest savings account in case of emergencies and so that I have more to give back. You interest charges will start 6 months after you leave school. At the end of every year they will send you a letter telling you what you need to do (which is register for another year) if you're going back to school and still using OSAP. That way you don't get interest charges.