Transcript OSAP – Ontario Student Assistance Program

Funding your Post
Secondary Education
Financial Aid Office
Today’s Presentation
How much does post secondary cost?
 Sources of funding
 Scholarships and Bursaries - difference
 OSAP
 Review the OSAP on-line application
 Canlearn web site
 Student Responsibilities, repayment
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Some points that we will stress:
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Apply for OSAP (early) even if you think you do not
qualify
Not applying may make you ineligible for other
programs and funding
Apply for external awards & scholarships
Visit important web sites
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the OSAP web site
your institution’s Financial Aid or Student Awards web site
the Canlearn web site
This is your money & your future – you should know as
much as you can
How much does post secondary cost?
Depends on your institution & program
 8 months, living away from home
 $17,000 – $20,000
 About $8,000 – $9,000 living costs
 Check residence & meal plan options
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Sources of Funding
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Parents
Summer jobs
On-campus Jobs
Institutional Bursaries & Scholarships
External scholarships & awards
OSAP
Queen Elizabeth II Aiming for the Top Scholarship –
June 15, 2009
Ontario Work Study Plan
Student Lines of Credit – Check interest rate
Scholarships and Bursaries
What is the difference?
Scholarships
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Merit based
Generally no application at the entrance level
Many offer entrance scholarships at 80% and above
Some are renewable
Bursaries
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Based on need
Fill out application
Your institution’s web site search ‘Scholarships or Financial Aid’
What is OSAP?
Integrated Repayable Loans:
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Canada Student Loan
Ontario Student Loan
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Canada & Ontario Grants
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Non Repayable:
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Students with disabilities
Low income students
Middle income grant – new this year
Students with dependants
Travel/commuting grant
Textbook grant – now only for OSAP with $1 need
Queen Elizabeth II Aiming for the Top Scholarship
Ontario Student Opportunity Grant – (loan forgiveness)
When Should I Apply for OSAP
High School students: No later than June 15th
for Aiming for the Top Scholarship eligibility
Future: At least 4-6 weeks before the start of
each new school year
At http://osap.gov.on.ca
Search engine type in ‘OSAP’
How Much OSAP Will I Get?
Estimator on OSAP web
 Recent changes to OSAP:
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Federal & Provincial grants
Reduced parental contributions (no income cap)
Increased Loan Amounts
OSAP maximum
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$350/week; $11,550 for 8 months
OSAP will not cover all costs
 Keep expenses low & budget carefully!
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How to lose your OSAP
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Academic progression
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Fail a term - OSAP academic probation
Fail 2 terms – OSAP restriction
Dropping courses & program switches
Taking too long to finish your degree
Loan payment defaults
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Taking time off from school & not keeping your
loans in good standing
Who is Lending you the Money?
National Student Loan Service Centre (NSLSC)
(Also called Resolve Corp.)
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Your banker for OSAP loans
Cash OSAP loans
Interest free status while in school
Repayment starts 6 months after you leave school
How does OSAP know you are in school
On-Line Application
Terms & Conditions
 Collection and Use of Personal Information
 OSAP Checks
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Credit Check
Ministry of Transportation Check
Social Insurance Number (S.I.N.) Registry Check
Student and Parental income; verified with Canada
Revenue Agency
The OSAP Application
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Institution information
Program information
Personal Information
Your Financial & Asset
Information
Parental Information
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Queen Elizabeth II
Aiming for the Top
Scholarship
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June 15th
Review & Submit
Get an estimate
Send signature pages to
your school
OSAP Web Site –
http://osap.gov.on.ca
OSAP Info
The Access Window
Estimated OSAP Funding 2008/09
Arts & Science student – 8 months
Family has 2 children, one in post secondary,
living away from home
Family
Income
Loan
Grant
Total OSAP
Funding
50,000
10,230
1,670
11,900
75,000
10,707
1,193
11,900
100,000
7,140
0
7,140
Grants are increasing in 2009-10, but new estimator is not available yet
Login Page
Click on the
new student
link.
Input your
S.I.N. number
and a
password. An
access
number will be
assigned.
Click the OSAP button
Start Here
for 2009-10
Read these links
Institution you plan on attending
Program of study
Save at any point to
come back and finish
later
Eligibility Page
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Citizenship
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Personal status of student
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Canadian Citizen
Permanent Resident
Protected Person
Married, sole support parent
Independent – out of high school for 4 years
Single dependent (last choice, none of the above)
Provincial Residency – Read carefully
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I have always lived in Ontario
Ontario is the last province resided in without being a full
time post secondary student for 12 months
Release of information
Financial Information
Enter only the RESP
that you will cash this year
Enter all known income
Awards & part time jobs
Vehicles and Other Assets
Vehicles worth
over $5,000
count
as assets
Fill in other assets, such as savings
accounts as of May 12.
Parental Information
Use 2008 tax year
info for custodial
parent
QEII Aiming for the Top
Click here for
More info
Provide name of
your high
school &
OUAC or OCAS
number
Last Step!
Correct any incorrect information
Save your application, then
SUBMIT
So, what happens now?
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Once you submit application, you can not make changes
Print out your OSAP signature (consent) pages
Attach any required changes or corrections
Send them, with any required documents, to your
university or college
Get a summer job & open a bank account!
Prepare a budget!
Late August/early Sept: pick up Loan Documents in the
Financial Aid Office of your institution (at Trent you will
book an appointment on line for loan pick up)
Cash your loan with NSLSC
January 2010: Pick up 2nd OSAP instalment
Remember that OSAP is your loan
Student’s Responsibilities
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Keep your lender (NSLSC) informed
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address changes
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Continuation of Interest-Free Status forms
Keep the Financial Aid Office informed
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address changes
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changes in course load or program changes
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changes in income
Repayment Responsibilities
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understand the terms and conditions of your loan.
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Apply for repayment assistance if you have trouble
repaying
Canlearn web site
www.canlearn.ca
t
e
FAQs
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My parents lost their job this year- can I appeal?
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I need a vehicle to get to school, can I have one
worth more than $5,000?
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Yes, up to $10,000; contact FA office
I live within 40kms, but there is no bus, can I
have the away from home living rate?
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Yes, Lower Estimated Income appeal, on OSAP web site,
contact FA office
Yes, contact FA office
I(the student) had a baby last year, do I get
more OSAP?
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Yes, single parents get more funding, about $18,500
Q&A
Questions?
Have a great summer!
Good luck!