The Ontario Student Assistance Plan, known as OSAP, started out as the Ontario Student Opportunity Grant (OSOG) in 1998/99 and replaced the Loan Forgiveness Program which was created in 1979. When the OSOG was implemented, it had control over the amount of money a student was eligible to receive and there was no existing interest on these loans ($7,000 CAD for two terms of study and $10,500 CAD for three terms of study). This loan was to be paid back at the end of every academic year and because of the regulations on the loan, it helped people stay out of debt. Instead having to pay back upon graduation, these loans if paid yearly helped reduce the burden along with other bills which needed to be paid.
Over the years OSAP has essentially
Over the years OSAP has essentially