Interest-Free Status (CIFS & Schedule 2)

What is interest-free status?

  • You are currently enrolled in at least a minimum full-time course load*
  • You have previous full-time student loans
  • You do not have to start repaying your previous loan(s) during your current study period
  • The Government of Canada and/or the Province of Ontario will pay the interest on your loan(s)
  • Your Canada Student Loans will begin to accrue interest once you complete full-time studies
  • Your Ontario Student Loans will collect interest on the first day of the 7th month after completing full-time studies
  • You will be required to start repaying your loans seven months after completing full-time studies

The Basics

How do I apply for Continuation of Interest-Free Status (CIFS)?

  • The online CIFS application maintains interest-free status for full-time students who previously received OSAP
  • Submit an online CIFS application via the OSAP website at least 21 days before the last day of the study period
  • Your information is sent to OSAP and the NSLSC electronically

When do I apply for interest-free status (CIFS or Schedule 2)?

  • At the beginning of the study period or work term (September, January, May)
  • Online CIFS applications must be submitted 21 days prior to the last day of the study period
  • Students taking a 16 month co-op must submit two completed CIFS applications:
    • One application for May to August
    • Another application for September to August

What is a Confirmation of Enrolment – Schedule 2?

  • The Schedule 2 form maintains interest-free status for students who previously received student loans from a province outside of Ontario
  • The Schedule 2 is also used to maintain interest-free status on previous part-time student loans including OSAP

Who is eligible for a Schedule 2?

Eligible full-time students have:

  • Been taking courses towards an eligible degree
  • Enrolled in at least a minimum full-time course load*

Eligible part-time students have:

  • Previously received part-time loans from OSAP or another province
  • Been taking courses towards an eligible degree

How do I apply for a Schedule 2?

  • Submit a Schedule 2 via the NSLSC Online Services portal
  • Unable to use the online services?  Bring the Schedule 2 form to SFAS, Gilmour Hall-120
  • McMaster uses the portal to confirm enrolment for the following student aid programs:
    • British Columbia
    • Alberta
    • Nova Scotia
    • Prince Edward Island
    • National Student Loans Service Centre – all Canada Student Loans
  • Some provinces require an additional form to maintain provincial interest-free status. Visit the provincial student aid section for more information

 Interest-Free Status FAQs


Ineligible for CIFS & Schedule 2

  • Courses taken with a transitional, continuing or non-degree status
  • Medical residency (except in Alberta)
  • Enrichment years
  • Internships (co-op is eligible!)
  • OSAP ineligible degree, diploma or certificate programs
  • Continuing Education courses, diplomas, and certificates including Accounting courses for designation
  • MA, Finance
  • MA, Communication Management
  • MBA Executive
  • Students with OSAP restrictions on file
  • Divinity students enrolled in the Ph.D. program must apply through Divinity College
  • Blended Learning Part-Time MBA

* Minimum full-time course load: 60% course load per term or 40% course load per term for students with permanent disabilities


What’s New!

Travel & Exchange Scholarships: Going on exchange or studying abroad this summer or next year? Apply for Travel & Exchange Scholarships! Deadline: March 29. More info on scholarships.


Summer Undergraduate Bursary: Applications are open in Mosaic. Apply by clicking “apply for financial aid” and completing the application found under the “aid by application tab”. Deadline: April 12. Learn more about this new summer bursary.


Course load calculator: Not sure about your course load percentage for OSAP? Check out our new guide on how to calculate it! Course load guide (non-Engineering). Engineering course load guide.


Scholarship applications are OPEN: Don’t miss out on this easy money! There are awards for all faculties and programs, all undergrad years and both academic AND community work. Apply in Mosaic by clicking the “Apply for Aid and Awards” tile. Find scholarships under the “Aid By Application” tab. More info on scholarships.  


 

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