The aid paperwork decoder: student aid words explained

Academic year (OSAP)

An OSAP application is for one academic year (August 1 to July 31). The date your study period starts decides which year's application you use.Source:Ontario, OSAP definitions (opens in a new tab)

Bursary

Financial aid that isn't a loan and that you typically don't have to pay back. It's usually awarded based on financial need and other factors.Source:Ontario, OSAP definitions (opens in a new tab)

Confirmation of enrolment

Before OSAP pays you, your school confirms you're enrolled: as early as two weeks before your study period starts, and again before your second instalment. Part-time students keep their loans interest-free by confirming enrolment through their NSLSC account.Source:Ontario, after you apply for OSAP: get your money (opens in a new tab)

Expected financial contributions

OSAP expects you, and depending on income your parents or spouse, to contribute to your costs. Your contribution can be waived in some situations.Source:Ontario, OSAP definitions (opens in a new tab)

Full-time and part-time (OSAP)

You're full-time if you're taking 60% or more of a full course load. Part-time is between 20% and 59%. Your school defines your course load.Source:Ontario, OSAP definitions (opens in a new tab)

Funding review

If you face unexpected money problems, are unable to make your expected contributions, have unusual parental circumstances, have declared bankruptcy, or are struggling academically for reasons beyond your control, you can ask OSAP to reconsider your funding. Start with your financial aid office.Source:Ontario, request a funding review (opens in a new tab)

Grace period (OSAP loan)

You have six months after you graduate or leave full-time studies before you have to start repaying your OSAP loan.Source:Ontario, OSAP definitions (opens in a new tab)

Grant

A type of aid that is not a loan and that you typically don't have to pay back. It's usually awarded based on financial need and/or other factors.Source:Ontario, OSAP definitions (opens in a new tab)

Instalment

Normally you get OSAP in two instalments: the first when your study period starts (usually in September), the rest halfway through (usually in January).Source:Ontario, after you apply for OSAP: get your money (opens in a new tab)

Loan

Money you borrow and must pay back, with interest. With OSAP you're borrowing from the governments of Canada and/or Ontario.Source:Ontario, OSAP definitions (opens in a new tab)

MSFAA (Master Student Financial Assistance Agreement)

The Master Student Financial Assistance Agreement (MSFAA) is your student loan agreement: it sets the terms for getting and repaying your loans. You usually sign it once and it covers future loans. You'd sign a new one if you apply after a 2-year break from school or after moving to another province or territory for good. It doesn't show your amounts; your province's notice of assessment does. Our MSFAA and NSLSC guideSource:Canada.ca, loan agreement (opens in a new tab)

NSLSC (National Student Loans Service Centre)

The National Student Loans Service Centre (NSLSC) handles government student loans: it processes your MSFAA, deposits your loan and grant money, tracks your loan and repayments, and gives you your repayment schedule.Source:Ontario, OSAP definitions (opens in a new tab);NSLSC, new users (opens in a new tab)

Overpayment

If you take fewer courses than planned, you can end up with an overpayment (more loan, grant or bursary than you should have had). You may have to repay it to get more student aid, and some grant overpayments are converted into a loan.Source:Ontario, OSAP definitions (opens in a new tab)

Scholarship

Aid you typically don't have to pay back, usually awarded based on academic merit and other factors.Source:Ontario, OSAP definitions (opens in a new tab)

Study period

For OSAP, your study period is the time used to work out how much funding you get for the academic year, and it sets your deadlines. It's usually the normal school year for your program and may include one or more terms. Ask your school if you're unsure.Source:Ontario, OSAP definitions (opens in a new tab)

Federal aid rules are changing. Check StudentAid.gov for the latest.

Cost of attendance (COA)

Cost of attendance (COA) is the total cost to attend a specific school for the year, including tuition, fees, books, supplies, food and housing. It isn't the price you'll pay; that's the net price, after grants and scholarships. Your financial aid offer is the best place to see your school's cost.Source:StudentAid.gov, financial aid dictionary (opens in a new tab)

Enrollment status

Full-time or less than full-time. It's one of the things that set your Pell Grant amount and your loan limits, and Direct Unsubsidized Loan amounts are reduced if you're enrolled less than full-time. Direct Loans need at least half-time enrollment.Source:StudentAid.gov, Pell Grants (opens in a new tab);StudentAid.gov, subsidized and unsubsidized loans (opens in a new tab)

Grace period (Direct Loans)

After you graduate, leave school or drop below half-time enrollment, you have a six-month grace period before you must start repaying Direct Subsidized and Unsubsidized Loans, and you'll need to complete exit counseling.Source:StudentAid.gov, subsidized and unsubsidized loans (opens in a new tab)

Grant

Financial aid that doesn't have to be repaid, unless, for example, you withdraw from school and owe a refund.Source:StudentAid.gov, types of aid (opens in a new tab)

Loan

Money you borrow and must pay back, with interest.Source:StudentAid.gov, types of aid (opens in a new tab)

Pell Grant

Your Pell Grant amount depends partly on whether you're a full-time or part-time student, and switching from full-time to part-time can reduce it.Source:StudentAid.gov, Pell Grants (opens in a new tab)

Professional judgment

If your family's finances aren't reflected accurately on the FAFSA because of special financial circumstances, you can ask your school's financial aid office for an aid adjustment. The school reviews the request under its own policy (called "professional judgment"), and its decision is final and can't be appealed to the U.S. Department of Education.Source:StudentAid.gov, what if my financial aid isn't enough? (opens in a new tab)

Return of Title IV funds

If you withdraw before the end of a term, your school works out how much of your federal aid you earned. Aid you didn't earn has to be returned, and you might have to repay part of a grant. Your school will tell you if you owe anything.Source:StudentAid.gov, grants (opens in a new tab);FSA Handbook 2026-27 (written for schools) (opens in a new tab)

Satisfactory Academic Progress (SAP)

To keep getting federal aid you must make satisfactory academic progress (SAP): good enough grades and enough completed classes to graduate on time. Each school has its own SAP policy; check its website or ask the financial aid office.Source:StudentAid.gov, staying eligible (opens in a new tab)

Scholarship

Scholarships can be based on merit, on belonging to a particular group, or on financial need.Source:StudentAid.gov, financial aid dictionary (opens in a new tab)

Student Aid Index (SAI)

The SAI is an index number calculated from your FAFSA form. It's not the amount you or your family will pay. Your school subtracts it from your cost of attendance to work out your financial need; a negative SAI means higher need.Source:StudentAid.gov, financial aid dictionary (opens in a new tab)

Unusual circumstances

A different process from special financial circumstances. It's for a dependent student who can't contact a parent, or for whom contact would be risky.Source:StudentAid.gov, what if my financial aid isn't enough? (opens in a new tab)

Verification

If you're selected for verification, give your school the documents it asks for by the school's deadline, or you won't be able to get federal student aid. Being selected doesn't mean you did anything wrong.Source:StudentAid.gov, review and correct (opens in a new tab)

Work-study

Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need, so they can earn money for school. It's open to full-time and part-time students, at schools that take part; ask your financial aid office whether yours does.Source:StudentAid.gov, Federal Work-Study (opens in a new tab)