Money Matters

CO-OP 1ST Work Period

CO-OP 2nd Work Period

Continuation of Interest-Free Status (CIFS)

As a Lassonde Co-op/Internship student, your enrolment in the mandatory co-op/internship courses is considered full-time courseload for OSAP purposes. If you received OSAP funding previously, you may be eligible to apply for Continuation of Interest-Free Status (CIFS).

• Once you see the course(s) added to your account, you can then apply for CIFS for the current work term period (this includes summer terms)
• Your CIFS application can only include your study period for the co-op course(s) you are currently enrolled in. Completion of a new CIFS application is required if you wish to maintain your full-time status with the National Student Loans Service Centre (NSLSC)

The mandatory co-op/internship courses are:

• COOP 2100, 2109, 3100, 3109
• EECS 3900, 3980
• DATT 3929

When to apply to CIFS

We recommend you apply for interest free status as soon as your COOP course enrolment is added to your student account. Typically, we process your enrolment within the first 2 weeks on the term.

Scenario: Fall work term, winter study session

Nicole will be on a work term during the fall term and will return to full-time studies for the winter term.

At the beginning of the fall session, Nicole will complete a Continuation of Interest Free Status (CIFS) form to keep her loans in good standing while enrolled in the co-op/internship work term course.

Nicole will apply for OSAP for the winter session only (January to April)

Deadline to apply to CIFS

Your application must be received no later than 21 days before the end of the current term (i.e. Summer, Fall or Winter). Do not wait to submit your application until the deadline as you will be responsible to pay for any interest accrued.

How to apply to CIFS

Apply online via the OSAP website.

The average processing time is 1 – 3 weeks.

After you submit your CIFS application, your full-time status needs to be confirmed by York University. You will know this has been done when your status shows as “Eligible”. Once you see this status, we recommend you contact the NSLSC to discuss any outstanding interest and/or payments that may be required.

If you received out-of-province government loan, please contact your loan provider for details on how to maintain interest-free status. Please refer to any correspondence you have received from the Loan Centre.

1. Log in to your OSAP account.
2. On the Application page, click “Apply for interest-free status”.
3. In the field asking for your program name, write “Co-op” or “Internship” (not your academic program)
4. If a status is requested, indicate that Co-op/Internship is full-time
5. Note that “study period” is your work term dates. For example, if you are on co-op for Fall, your study period is September – December

Health & Dental Plans

• To maintain your student health & dental plan coverage as per YFS student union while on a work term, students are responsible for ensuring they opt-in during the opt-in periods. Students should always check their Student Account Statement to confirm enrollment before seeking undergoing treatments or purchasing services and medications. Contact the Co-op team if you need a supporting letter to verify your active student status.
• DEADLINES: Typically, the Fall deadlines are in the month of September to October and the Winter deadline is in the month of January to February.

Scholarships

If you have a scholarship, students may be able to defer it while you are on a work term.

Contact the Undergraduate Student Awards at bursary@yorku.ca for the process.

Eligibility for loans and grants

While you’re on a work term, you may NOT be eligible for grants and student loans as you are not taking courses towards your academic degree.

Contact the Co-op team via Group Drop-ins to discuss your options.