Do you rely on OSAP funding? If so, you must apply for OSAP assistance each term you need it.

OSAP doesn’t normally cover you for the entire academic year. If your co-op program requires a two-term academic period, you can apply for the entire eight months providing it falls within the OSAP program year (September-August each year). New applications are available each year around early May.

Interest on outstanding Canada and Ontario Student Loans is applied immediately following your withdrawal from full-time studies, or graduation.

  • Inform the National Student Loans Service Centre (NSLSC) that you’re returning to class on each academic term or when you’re on an official co-op term; this must be done within six months of your last study period to maintain your interest-free status.
  • This can be done by either producing a new loan document or a Continuation of Interest-Free Status Form/Schedule 2.
  • Further information regarding your obligations and repayment of your loans can be obtained from the National Student Loans Service Centre (NSLSC).

During your period of study at uWaterloo, you may be required to do an eight-month work term.

If you have outstanding OSAP loans, you need to update your status with the NSLSC by completing a Continuation of Interest-Free Status Form within six months of the last time you were updated.

Effective August 1, 1995, Canada Student Loan funding (including completion of a Continuation of Interest-Free Status Form/Schedule 2) is limited to 340 weeks of assistance.

We don’t recommend that you obtain the Continuation of Interest Free Status form/Schedule 2, unless necessary, as it may preclude you from receiving loan assistance for future studies.


Program Length in Weeks
Undergraduate 170
Masters 100
PhD 150
Total 420

In this example, you will not be eligible for funding past your first year in a PhD program.

Should you change your program, withdraw, or fail, the weeks that you were enrolled are used in the total calculation of the 340 weeks of assistance.

It’s your responsibility to request the completion of a Continuation of Interest-Free Status Form/Schedule 2 during your second consecutive co-op work term.

You must deliver the form to the uWaterloo Student Awards & Financial Aid Office prior to the first day of the seventh-month of your work term.

For further information regarding OSAP, contact the: