PEY Co-op & ESIP FAQs

About PEY Co-op

 

Why did the name of the program change?

The Professional Experience Year Co-op Program (PEY Co-op) is the same established program that has been offered to U of T students in engineering, computer science and other applied science programs for the past 40 years. The new name provides greater clarity to both students and employers by emphasizing the fact that it is — and has always been — a co-operative learning experience.

Can I work for different companies during PEY Co-op?

PEY Co-op is a 12- to 16-month position in one company, providing you with a rich and immersive opportunity to focus on your professional development. U of T Engineering students may also consider participation in our Engineering Summer Internship Program, which is an optional, paid, four-month summer internship. Together, these programs offer a multiple-work-term experience at different companies.

Will PEY Co-op appear on my transcript? If so, how?

Yes, it will appear on your transcript as “PEY Co-op 500” credit/no-credit course.


Student status & incidental fees while on PEY Co-op

 

What is my student status while on PEY Co-op?

While you work full-time as a PEY Co-op student, you will retain part-time student status at the University of Toronto.

Will I need to pay incidental fees while I’m working at my PEY Co-op position?

Students pay part-time incidental fees for each of the fall and winter terms while on PEY Co-op, which ensures you have access to important University services and plans. While your health and dental insurance plan will remain active throughout the fall, winter and summer, your access to campus services (e.g., athletic facilities) pauses during the summer term — just as it does for any U of T student who is not enrolled in courses over the summer. Throughout your PEY Co-op position, you and your employer will have uninterrupted access to Engineering Career Centre services.

I’m an international student. Will I have full University Health Insurance Plan (UHIP) coverage while I work at my PEY Co-op job?

Yes, provided your PEY Co-op job is in Canada. As with OHIP, UHIP does not provide coverage (travel insurance) outside of Canada.


Student loans while on PEY Co-op

 

If I receive OSAP, will I retain my interest-free status while I’m on PEY Co-op?

Yes. To retain your interest-free status, you will need to complete the Continuation of Interest-Free Status (CIFS) form online through OSAP. Please see question 8 for details on how and when to complete the form.

Do I need to let OSAP know that I’m still a student while on PEY Co-op?

Yes. OSAP recipients need to complete a Continuation of Interest-Free Status (CIFS) online between August 17, 2018 and April 9, 2019. CIFS forms received outside of this period will not be processed. Once you have submitted your CIFS form, U of T will confirm your status with OSAP to keep your loan interest-free.

Follow these steps:

    • Log into your OSAP account (ontario.ca/osap)
    • On the Application page, click on “Apply for interest-free status”
    • In the field asking for your program name, write “Engineering PEY Co-op” (not your academic program)
    • If a status is requested, indicate that PEY Co-op is full-time
    • Indicate the start date of your study period as September 1, 2018 and end date of your study period as April 30, 2019

If I receive a student loan from another province, will I still receive the same interest-free status as students receiving OSAP loans?

Yes, however, please check with your provincial lender for information on which forms are required to maintain interest-free status. When filling out the relevant forms, you must indicate “Engineering PEY Co-op” as your program name and student status in this program as full-time. Indicate September 1, 2018 for the study period start date and April 30, 2019 for the study period end date. The program name, start and end dates are the same for all students registered in PEY Co-op. These details are critical to ensure you keep your loans interest free.

Do I have to reapply to receive OSAP funding after completing my PEY Co-op position?

Yes, as with every year you received OSAP in the past, you must reapply if you need assistance upon returning to your studies.

How do I maintain interest-free status if I don't need OSAP after returning from PEY Co-op?

If you received OSAP in the past and will not need funding again after completing your PEY Co-op job, please advise the National Student Loans Service Centre when you return to full-time studies by completing the CIFS form online through your OSAP account. If you received a student loan from another province, please contact your lender for instructions on what they require when you return to your full-time studies after completing your PEY Co-op position.

Can I apply for OSAP while I’m on PEY Co-op?

Yes, you may apply for OSAP, however, you must declare their PEY Co-op income on your OSAP application. The amount of funding you receive will depend on the level of your income/resources (including that of your parents/spouse, if applicable).


Other

 

What if I want to work for a year but not through the PEY Co-op Program (i.e., take a gap year to work)?

If you take a gap year to work and are not registered through the PEY Co-op Program, you will not be registered as a U of T Engineering student while you are away from your studies. PEY Co-op is an official University program and you will not be entitled to call the gap year a PEY Co-op position. It is important that you don’t misrepresent this status in any way, including to employers, on LinkedIn, or on your resume. If you choose to take a gap year, you will not have access to the Continuation of Interest-Free Status (CIFS), meaning you will need to start repaying your OSAP/provincial government loan during your gap year.