In announcing a new tuition framework and revisions to the Ontario Student Assistance Plan (OSAP), the province made changes Thursday that will directly impact thousands of students and dozens of institutions.

Here is a quick look at the cuts and alterations, and their impact:

Post-secondary students get a 10 per cent reduction in tuition fees. This means revenues will be reduced by 2 to 4 per cent for universities and colleges. The funding will not be replaced by the province.

Students with a family income of $140,000 and above will only be able to receive repayable loans.

Students with a family income of $50,000 and below will receive 82 per cent of grants, however none will receive grants alone rather a grant and loan mix.

Reducing the annual income threshold for OSAP repayment from $35,000 to $25,000. Meaning students will be obliged to repay once they make over $25,000.

Students will now be charged interest on the provincial portion of their OSAP loans immediately after graduation, eliminating the six-month grace period.