OSAP Default Rates

To help students assess the financial risk and learn about prior student loan borrower outcomes, the Ministry of Advanced Education and Skills Development collects and publishes the following indicators by institution and program for Canada-Ontario Integrated Student Loan (COISL) recipients:

• OSAP default rates
• OSAP Repayment Assistance Plan (RAP) usage rates
• combined OSAP Repayment Assistance Plan usage and default rates

How the 2016 Rates are Calculated

The 2016 OSAP loan repayment measures reflect the repayment status of students who:

• issued Canada-Ontario Integrated Student Loans in the 2013-14 academic year, and
• completed or left their studies by 2014-15.

The default status of these loans was assessed as of July 2016, or about two years after the 2013-14 OSAP academic year.

Institutional default rates are calculated using the last institution and program the student attended in 2013-14 while receiving a Canada-Ontario Integrated Student Loan.

When is a Loan in Default?

An OSAP loan has specific repayment terms and conditions. If the borrower does not follow them (e.g., they miss multiple payments), their loan will go into default.

When the loan goes into default, the National Student Loans Service Centre (NSLSC) submits a claim to the Province of Ontario and/or Government of Canada.

Submitted default claims are paid by the provincial and federal government. The loan is then turned over to a collection agency.

What are the Overall OSAP Repayment Assistance Plan Usage Rates?

The overall 2016 Repayment Assistance Plan (RAP) usage rate of the borrowers who received loans in 2013-14 for Ontario postsecondary institutions is 33.4%.

The 2016 RAP usage rates based on institution type are as follows:

• publicly-assisted universities: 30.3%
• publicly-assisted colleges: 34.3%
• private career colleges: 42.7%

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