Questions about OSAP for Ontario, canada

[JB&CP 22]

For people who still have OSAP loans being paid off, how did that work when you moved to America. I’m not keeping my Canadian bank account. Will they just withdraw the monthly payment from an American account? 

[mushroomspore 3,044]

7 minutes ago, JB&CP said:

For people who still have OSAP loans being paid off, how did that work when you moved to America. I’m not keeping my Canadian bank account. Will they just withdraw the monthly payment from an American account? 

Hmm, I think you'll have to call the student loan center (NSLSC, if I remember correctly? It's been a while for me) and verify that. I kept my Canadian account and used it to pay off my loans. I also have a credit card through BMO that I still use in the US and continue to pay off (yikes to wedding costs LOL). The main issue is currency exchange. The exchange rate is not so great and I expect it'll stay that way for a while due to COVID. I'm not sure how much the NSLSC would take in fees for the exchange. You might want to compare rates with your actual bank and the NSLSC. Even if you use Paypal to transfer money between US and Canada, your bank ends up taking a cut for the currency exchange service. We lost like $500 on a big transfer once.

[JB&CP 22]

1 hour ago, mushroomspore said:

Hmm, I think you'll have to call the student loan center (NSLSC, if I remember correctly? It's been a while for me) and verify that. I kept my Canadian account and used it to pay off my loans. I also have a credit card through BMO that I still use in the US and continue to pay off (yikes to wedding costs LOL). The main issue is currency exchange. The exchange rate is not so great and I expect it'll stay that way for a while due to COVID. I'm not sure how much the NSLSC would take in fees for the exchange. You might want to compare rates with your actual bank and the NSLSC. Even if you use Paypal to transfer money between US and Canada, your bank ends up taking a cut for the currency exchange service. We lost like $500 on a big transfer once.

Damn, thank you for that information! It was actually helpful. More helpful then I was expecting lmao 

Edited August 14, 2020 by JB&CP

[Ontarkie 14,227]

~~Moved to the Canada forum, from Moving Here and YOur New Life - as the Topic is about Canadian Student loans.~~

[Can49 9]

One option is a service from Plastiq .com.  You can use them to pay canadian (and American)  bills.  And they take credit card for a  fee.  I used them ages ago to pay canadian taxes due. Used to be 2.5% fee but they raised it a bit.