The Master Student Financial Assistance Agreement (MSFAA) is a legal agreement between a borrower (i.e., a government student loan recipient) and the federal and Ontario governments.  

It outlines your responsibilities as a government student loan borrower and the terms and conditions of accepting and repaying a student loan. It is a lifetime loan agreement that you, the government student loan borrower, agrees to. OSAP funding cannot be issued until the MSFAA is completed.