Starting March 30, the province is providing six months of relief on Ontario Student Assistant Program (OSAP) payments, including a pause on the accrual of interest.
This moratorium aligns with the one the federal government is placing on the repayment of Canada student loans.
In both cases, the pause will be in effect until September 30, 2020.
Until this date, students will not be required to make any loan payments, and interest will not accrue on student loans.
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During this deferral, payments will not be withdrawn from accounts of those who have pre-authorized debit. Further, those who make payments through online banking or cheques are not required to send in any payments due during this period.
Those who would prefer to repay loans faster can still make one-time payments online. Payments that are made during this six-month period will go entirely towards your loan principal.