The federal and provincial governments are implementing a lifetime loan agreement that will cover the student for all the time they are in full-time postsecondary studies: this lifetime loan agreement is called the Master Student Financial Assistance Agreement, or MSFAA.
With the new MSFAA the student can print out their lifetime loan agreement anytime after they submit their online OSAP application, and submit the agreement and identification required to any participating Canada Post outlet. This only needs to be done ONCE, and will be in place throughout their time as a full-time postsecondary student. Students are to follow these 4 easy steps to get OSAP funding.
Take your MSFAA to a designated Canada Post Outlet right away. To see the full list of designated Canada Post outlets, visit http://www.canlearn.ca. You don't have to wait for classes to begin. You must present the following two pieces of documentation to prove your identity:
Student must submit all required documents to the Financial Aid Office before any funding can be disbursed (e.g. permanent residence cards, marriage certificate, dependant's birth certificate). Documents will be listed at the end of their online OSAP application process. If student fails to do this, student can log into their OSAP website and go to "View App Details" section to print the documents.
Once Financial Aid confirms students enrolment funding will then be disbursed. This will happen for each disbursement. Students can log into OSAP website and go to the "Check Status" section to check their funding.
Student must confirm their income before the release of their second disbursement. Instructions will be sent to the student about a month before their second disbursement.
Student will be presented with their MSFAA at the end of each of their online applications, but they only need to print one copy and submit it once, as described above.
Once your MSFAA is submitted, it's good for the duration of your full-time studies. You won't have to submit it again if you apply for OSAP next year.