ONTARIO OFFERS LOANS TO AUTOBODY APPRENTICES

The Province of Ontario has announced that loans up to $800 are available for autobody apprentices signing apprenticeship agreements after June 1, 1998.

As a condition of employment, many apprentices are required to purchase tools at the beginning of their training. The costs of these initial purchases can total up to $1,500. The objective of this program is to help apprentices offset the costs of starting their training.

While in training as an apprentice, the government of Ontario pays the interest on the loan. Apprentices are responsible for repaying their loans within one year after they complete the apprenticeships, or within 60 days after they stop being apprentices. If the apprentice repays the loan in its entirety within that period, no interest will be payable. The interest on the loan will be set during the negotiation for repayment and will be based on a fixed rate of prime plus 1.5 per cent.

Apprentices must have a valid permanent Social Insurance Number in order for a loan for tools application to be processed. To be eligible for assistance, an apprentice must meet the following requirements:

• Must be legally able to work in Canada
• Must be an Ontario resident
• Must be an active apprentice
• Must apply for the loan during the apprentice's first year of training
• Must not be in default of Ontario Student Assistance Program (OSAP).

For more information, contact: 1-800-314-1746.