You only need to complete the MSFAA at the beginning of your full-time post-secondary studies. For example, if you submitted the completed MSFAA in 2018-2019, then you will not be asked to submit another one this year.
Complete the MSFAA online when prompted. The NSLSC will send you an email regarding steps to submit a few business days after submitting your OSAP application. Your funding cannot be released until you have done so.
Responsibilities of receiving OSAP loans and consequences of defaulting on repayments
Upon receiving any OSAP loan aid, you assume the following responsibilities:
- To read and follow all the terms and conditions of the Canada Student Loan and Ontario Student Loan as outlined on the back of each loan document.
- Agree to use this loan aid first to pay your academic fees to York University, then to cover other educational and living expenses related to your studies.
- To make appropriate repayment arrangements with your lender when you cease full-time studies.
- To promptly notify York University Student Financial Services if you:
- reduce your course load
- change your program of study
- fail to progress academically
- withdraw from your studies
- experience a change in marital status
- experience a change in your personal or familial financial situation
The Ontario and federal governments take these responsibilities very seriously, and so should you. If you fail to meet loan obligations the possible consequences include:
- Reassessment and reduction of your OSAP entitlement
- Grant to loan conversion
- Refusal of future student loan assistance
- Poor credit rating
- Additional interest charges
- Collection proceedings
- Legal action
- Loss of income tax refunds