The loan needs to go towards school in some form, although there are people who have saved some money to put into a GIC or high interest account for their time with OSAP. Then you can take out the money, pay back OSAP, and keep the interest you made I'm not exactly sure how much of your money needs to be accounted for going into school activities.

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Carleton University Class of 2012, Honours Bachelor of Arts

OSAP has set formulas where they decide how much you need based on your resources and assuming your parents give an amount based on their income. So long as you are in school, no, they don't demand an accounting of all of your expenditures.

I'd make sure to put it in a GIC that lets you cash out early for a reduced interest rate though (as opposed to one that you can't cash out or is more punitive) in case OSAP decides they paid you too much.

Now, if you drop out of school (or drop below the 60% courseload), that's a different story.

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