Quote:
Originally Posted by dmzz
Interest doesn't start accumulating for 6 months until you graduate. This includes ANY post-secondary full-time education. Meaning, if you go on for a Masters/ and/or PhD, you will not pay 6 months until after you get (all) your degrees.
Thought that was neat.
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Slight correction from McMaster osap site
http://sfas.mcmaster.ca/gradosap.html
Quote:
Interest accrues on your loan principal beginning the first day of the month following the end of your full-time study period. The actual interest rates and conditions for repayment are set at the time you enter repayment. On Canada Student Loans, the current fixed rate of interest is prime + 5% and the current variable (floating) rate is prime + 2.5%. Ontario Student Loans have an interest rate of prime + 1%.
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So if you finish in April, interest starts accumulating as of May 1. You don't have to start making payments until 6 months after the of of full time studies, but interest is still accruing. If you get a job right after graduation its a good idea to start repaying right away to minimize the interest.