OSAP tips/advice/questions (Old)

[BBQPorkBun]

Hello

After reading some OSAP related posts, I decided to make my own post to see if I can answer some questions out there and give some tips.

Having received the max every year, then worked at NSLSC, I may have some good inside info. Last I worked there it was 3 years ago so if they have made any changes to the system, I wouldn't know about it but generally it will stay the same. Feel free to correct my info if anything has changed.

Some tips:
Unless its for experience, don't make so much income. When you borrow, if you made 4k and u get 6k, why not make 0k then get 10k in loans, plus any amount received over 7k will be give to you in the form of a grant. plus your loan is interest free, add inflation, u probably need to pay back 6500 for a 10k loan. I also advise to live away from home, why get a 6k loan when you can get a 10 k loan, pay back 7k and live away.

Apply for interest relief. No payments and gov't pays your interest. Put ur money into ING or PCF and collect money with what you are not paying yet. Even if you make 40-50k you can still get it depending on if you have kids and/or how large your monthy payments are. no harm in trying. if your under that income level, apply for sure or else you are just giving away free money.

Federal loans are P + 2.5 while provincial is P + 1 (at least in Ontario) so pay off your Federal portions first. If you have both, make the minimum u can on the provincial part and max the fed part.

I knew alot of little tips over the years, I guess they will pop up again as this post jogs my memory.

Anyways, in general, plan yourself, do your research, you will save a bundle.

=)

[PrimoTurbo]

Awesome thread, I have a couple of questions.

1) How much $ did you accumulate in government student loans? What are your current monthly payments?

2) What % is the interest after you finish school?

3) If you complete bachelors and then right away go for masters, will they make you pay for bachelor OSAP loans? Or will they just let you get more money and then pay it off when you find work after.

4) Let’s say you are very unlucky and don’t find work 6 months after finishing school and have no income or savings, any idea what will happen? Will they force you to pay or forget any portion or make some type of a plan for repayment?

Thanks

[lesnar]

if for some reason i'm ineligible the first time i apply can i apply again and change some info on my application?

[PrimoTurbo]

if for some reason i'm ineligible the first time i apply can i apply again and change some info on my application?

Here is what I know, you cannot lie if that’s what you mean because they will check your income and your parents income based on tax forms. You can declare yourself an independent and get OSAP if your parent's income is too high, but you might have to be living away from your parents for that to work.

[PrimoTurbo]

Federal loans are P + 2.5 while provincial is P + 1 (at least in Ontario) so pay off your Federal portions first. If you have both, make the minimum u can on the provincial part and max the fed part.

What is a Federal loan? Isn't OSAP provincial? Ontario Student Assistance Program? So OSAP is only prime + 1% after 6 months of graduating?..

[dolphie]

part of your osap is a federal loan, and part is provincial.

[Azxster]

I got an assessment of $0, but I need money for school.

The money I made over the summer is to help the family.

How should I appeal this, what would my excuse be?

I hate OSAP.

[Bullseye]

So you're basically counselling people to abuse the OSAP system? Nice.

[tigger03]

So you're basically counselling people to abuse the OSAP system? Nice.

Oh please ... save your breath. :mad: It just giving us advice as any FRIEND would!

OP: thx for the info about the fed and provincial thing. When I called NLSC, they said the rate was prime+2.5%. If a lot of that is federal, I'd rather pay that off first and then pay provincial.

But how would I go about doing that? Isn't it just monthly payments, or do I specifically tell them that I want the federal portion paid off first?

[simms]

Oh please ... save your breath. :mad: It just giving us advice as any FRIEND would!


Abuse is still abuse, regardless of if it comes from a friend or a fraud artist.

[Bullseye]

Oh please ... save your breath. :mad: It just giving us advice as any FRIEND would!

Taking more loans than you need just to get free taxpayer money? Abuse.

Taking taxpayer subsidized low interest loans you don't need so you can invest it? Abuse.

[myapple]

3) If you complete bachelors and then right away go for masters, will they make you pay for bachelor OSAP loans? Or will they just let you get more money and then pay it off when you find work after.
As long as you are full time masters, they will not make you start repayments. The government will still pay the interest on your behalf. If you are eligable, you can even apply for more osap money.


4) Let’s say you are very unlucky and don’t find work 6 months after finishing school and have no income or savings, any idea what will happen? Will they force you to pay or forget any portion or make some type of a plan for repayment?
If you quality, you can apply for interest relief (available in 6-month terms). These can be renewed. The government will make interest payments on your behalf, but you are still responsible for the principle amounts.

[BBQPorkBun]

Taking more loans than you need just to get free taxpayer money? Abuse.

Taking taxpayer subsidized low interest loans you don't need so you can invest it? Abuse.

Define 'need'? if you commute to ryerson from oakville, do you need to move out? no, but you may choose to. I am not encouraging to take what you don't need.

If the system was set up so that you can make 40k and not have to pay interest, theres a reason. Its because we live in this great country Canada, OSAP assists people in paying off their student debt. This is an assistance program and they encourage you to make any payments you can to pay off the principal. I am just saying since they come in 6 month intervals, put ur pay cheque in the bank, collect all you can and when it comes time to pay up, put as much as you can. Its smarter to pay $1030 in june than to pay 1000 in January, thats all. This is one of the advantages of a OSAP vs other loans.

I would suggest lets not waste time debating what is abuse and whats not, you can contribute something, or not read this thread.

[BBQPorkBun]

if for some reason i'm ineligible the first time i apply can i apply again and change some info on my application?

Yes, you can apply again. But change what info? Don't lie because they check ur tax return and other assets in your name. Students also get randomly audited. So everyone, please keep your rental receipts.

[ZxExN]

In terms of qualifying for interest relief, what will OSAP or the National Student Loan check to see if you qualify. Or is what you put on the application what they go by? Thanks

[BBQPorkBun]

I got an assessment of $0, but I need money for school.

The money I made over the summer is to help the family.

How should I appeal this, what would my excuse be?

I hate OSAP.

There is an appeal process and you can do that through your schools financial aid. Just tell them straight up what your situation is, and you may need to provide proof. I do encourage the appeal process because it works.

But you got 0 for a reason, either you made too much, or ur parents did (hence you don't need to help your family if that was the case). If your family is just big spenders, then can't help you there. Also osap does assume people will sell their cars for the purpose of going to school if the vehicle is in their name.

[BBQPorkBun]

Abuse is still abuse, regardless of if it comes from a friend or a fraud artist.

No fraud here.

I can choose not to work
I can choose to have gov't assistance to pay off loans if i qualify.
I can choose to pay off certain portions first.

[BBQPorkBun]

Oh please ... save your breath. :mad: It just giving us advice as any FRIEND would!

OP: thx for the info about the fed and provincial thing. When I called NLSC, they said the rate was prime+2.5%. If a lot of that is federal, I'd rather pay that off first and then pay provincial.

But how would I go about doing that? Isn't it just monthly payments, or do I specifically tell them that I want the federal portion paid off first?

All loans is made up of mostly federal and a small portion provincial. If you have an integrated loan, you may not be able to choose to pay one portion first. But some depending on province I believe are split up. Your single montly payment is redirected to two loans on their computer screen, each loan will have its own payment amount and interest rate. You can just request that your federal loan payment amount be increased.

[BBQPorkBun]

Awesome thread, I have a couple of questions.

1) How much $ did you accumulate in government student loans? What are your current monthly payments?

2) What % is the interest after you finish school?

3) If you complete bachelors and then right away go for masters, will they make you pay for bachelor OSAP loans? Or will they just let you get more money and then pay it off when you find work after.

4) Let’s say you are very unlucky and don’t find work 6 months after finishing school and have no income or savings, any idea what will happen? Will they force you to pay or forget any portion or make some type of a plan for repayment?

Thanks

I accumulated about 10k per year for 4 years. I did work but waited until after my assessment. All my info when applying was truthful, I have nothing to hide. After grad I owed 28 k (4x7k). Int at the time was like 6 and 4.5, not the same now for sure. I don't know my monthly payments because I am on interest relief and have been for almost 3 years now and I make lump sum payments to pay off principal. I have a job now that I probably don't qualify anymore so at the end of the 6 months, im just gonna pay as much as i can to it but im almost done. Ive paid almost 0 student loan interest.

[ZxExN]

O O, now move onto my post. My situation is that I'm working right now but I want to save as much as I can before I have to pay. Thats why I want to extend my interest relief period for as long as I can. What is your suggestion?

[BBQPorkBun]

Several things came to mind.

During the 6 month grace period after you grad, you don't have to make payments but interest is accumulating. then when that period ends, you will be asked to consolidate your loans and given the option to pay int accumulated for those 6 months or capitalize (add to ur loan). If you pay it, you can get it tax deductible but capitalize you can't.

If you have loans with another bank (Royal, TD) which would apply to people who went to school before year 2000 I believe, you can raise your monthly payment there and have your interest relief threshold increased indirectly since NSLSC will just call TD and ask how much your payments are. Since monthly pmt is one of the factors that determines your threshold, you have a little bit of power determining your threshold.

You have a maximum of 5 (they say 3, but its really 5) years of interest relief, after that you can apply for a further grant in which the gov't may pay part or all of your loan off. But if you get this, you can no longer get interest relief ever for the rest of time. Now, with 5 years being the max, this number can also be changed. If you ever go back to school full time (60% course load) for even one term and turn yourself back into non-repayment status, your interest relief counter resets to 0 and you now have another 5 years. So say you had a crappy job for 3 years and was on int relief for 3 years, decided to do ur masters full time, your counter resets to 0.

[ZxExN]

Oh I understand all that. I'm on interest relief now and I have until November to start paying but I want to extend my relief period. I already told them that I will have employment in September so the old, no job excuse might not work. What do you suggest? Tell them it didn't work out and I'm still unemployed? What are the criteria and how do they actually check if you do or don't qualify? THanks

[Jeff146]

What's interest relief and how would I apply for it?

[tigger03]

ok ... here's my situation ...

My first year, I got the money = no problem. Even with a p/t job.

My second year, I got the money, but there was a difference b/w what I had GUESStimated I'd earned and what I actually earned = ok, not too much of a problem as the letter said that no further action is needed. I still had a p/t job.

My third year, I got the money, but again, there was a difference b/w what I had GUESStimated that I'd earned, and what I actually earned = $4500+ in overpayment. I had to pay them back $2700 in one semester before they would release my loan for the second semester, and now I just paid them $2010 so that I can apply for my final year.

My fourth year = I haven't applied yet. Do you think that they will give me money this year? I kept my pay stubs from the summer months, so that I can be a bit accurate this year, and not GUESStimate as much. Will they take into consideration that I have only $200 in my bank account coz I had to pay them back? I NEED the money from them this year, else I have to resort to my LOC from TD (NOT a student LOC), and get a second job while attending skool. >:( ... I also have a $1500 merit scholarship from skool (I rec'd this for my third year, and another $1500 for my fourth year) .. which is applied to my acct.

[CSR]

Yes, you can apply again. But change what info? Don't lie because they check ur tax return and other assets in your name. Students also get randomly audited. So everyone, please keep your rental receipts.


How do audits work?

Can they check how much you have in your bank account?
Ie. Savings/ Assets

[Sanhedralite]

with questions? Or do you mind?

Thanks.

[unleashed]

What's interest relief and how would I apply for it?

Hey, I'm also interested in knowing how you apply for interest relief?

[BBQPorkBun]

Oh I understand all that. I'm on interest relief now and I have until November to start paying but I want to extend my relief period. I already told them that I will have employment in September so the old, no job excuse might not work. What do you suggest? Tell them it didn't work out and I'm still unemployed? What are the criteria and how do they actually check if you do or don't qualify? THanks

Then just tell them what your income is, can't get around that. If you make too much then you make too much. Criteria is based on 3 factors. # of kids you have, monthly pmt and income. They will ask for 3 months worth of past income but for the month you are applying for, its only an estimate and the only one they really look at.

[BBQPorkBun]

What's interest relief and how would I apply for it?

gov't program to assist paying loans, gov't pays your int and you don't have ot make any payments. 6 months at a time. call in to do a pre screening to get the forms

[BBQPorkBun]

ok ... here's my situation ...

My first year, I got the money = no problem. Even with a p/t job.

My second year, I got the money, but there was a difference b/w what I had GUESStimated I'd earned and what I actually earned = ok, not too much of a problem as the letter said that no further action is needed. I still had a p/t job.

My third year, I got the money, but again, there was a difference b/w what I had GUESStimated that I'd earned, and what I actually earned = $4500+ in overpayment. I had to pay them back $2700 in one semester before they would release my loan for the second semester, and now I just paid them $2010 so that I can apply for my final year.

My fourth year = I haven't applied yet. Do you think that they will give me money this year? I kept my pay stubs from the summer months, so that I can be a bit accurate this year, and not GUESStimate as much. Will they take into consideration that I have only $200 in my bank account coz I had to pay them back? I NEED the money from them this year, else I have to resort to my LOC from TD (NOT a student LOC), and get a second job while attending skool. >:( ... I also have a $1500 merit scholarship from skool (I rec'd this for my third year, and another $1500 for my fourth year) .. which is applied to my acct.

Yes, apply, whats the harm. If you get too little or not enough, do the appeal process and u will likely get what you want if you explain the situation. Also, in every school there is a person assigned to giving out money in bursary form and all you have to do is ask. Go to your financial aid office to talk to this person and plead ur case if osap doesn't help

[BBQPorkBun]

How do audits work?

Can they check how much you have in your bank account?
Ie. Savings/ Assets

Randomly picked, so have your stuff organized
Yes they can check that you may have a car and other assets

But its really rare, if anyone gets audited, that was some really bad luck.

[BBQPorkBun]

with questions? Or do you mind?

Thanks.

Sure

[jian1]

ok, here is my OSAP loans, total amount is $24924. I received full load started in my 3rd and 4th year, and recently, I got a job for 43k$ annual. The government state that my payment begin in Nov 2006. I wonder if there is any way to exempt some amount? what's the interest rate? I have heard it's about %7 and scare the hell out of me... since I used all the loan to be part of the cash payment for cars purchased for my dad and me.

[tigger03]

Yes, apply, whats the harm. If you get too little or not enough, do the appeal process and u will likely get what you want if you explain the situation. Also, in every school there is a person assigned to giving out money in bursary form and all you have to do is ask. Go to your financial aid office to talk to this person and plead ur case if osap doesn't help

thx. Yes, I usually get the $500 busary (although it's the minimum amount) every year coz I apply. What's the harm in applying, anyway? The worst they can say is "no". I'm applying for every bursary that I qualify for this year :D

[CSR]

ok, here is my OSAP loans, total amount is $24924. I received full load started in my 3rd and 4th year, and recently, I got a job for 43k$ annual. The government state that my payment begin in Nov 2006. I wonder if there is any way to exempt some amount? what's the interest rate? I have heard it's about %7 and scare the hell out of me... since I used all the loan to be part of the cash payment for cars purchased for my dad and me.

Big mistake, .... the loan was for your education, not a car.

[tigger03]

ok, here is my OSAP loans, total amount is $24924. I received full load started in my 3rd and 4th year, and recently, I got a job for 43k$ annual. The government state that my payment begin in Nov 2006. I wonder if there is any way to exempt some amount? what's the interest rate? I have heard it's about %7 and scare the hell out of me... since I used all the loan to be part of the cash payment for cars purchased for my dad and me.

.. lol .. oh man .. used it for car payments, eh? ;) ... well, since you make $43K/yr, I'd say stay at home (rent free, or very LITTLE rent) for a year and pay off your loans. That's what I plan to do until I put the maximum $$$ to pay off my loans.

[jian1]

Big mistake, .... the loan was for your education, not a car.

ok, becoz originally mistaken by someone said you don't have to pay interest for 1 year, and you can exempted from paying loans too. so I was decided to purchase cars, with cash discount. I wonder what truth interest is for OSAP, since most money I have put into some index or stock, if the osap charges more interest than my stock yields, I would be so pxxxed off.

[jian1]

.. lol .. oh man .. used it for car payments, eh? ;) ... well, since you make $43K/yr, I'd say stay at home (rent free, or very LITTLE rent) for a year and pay off your loans. That's what I plan to do until I put the maximum $$$ to pay off my loans.

hehe, yes. our family used to own a 11 year old camry le v6 and at 400,k,km, it's getting worse and my dad purchased a 2005 camry v6, I got myself a 2006 subaru 2.5i, a little bit short in finance that time, I used up all the OSAP loans accumulated for 3 years. if OSAP charges high interest , it was really a bad decision to make a purchase instead of financing. My original plan is to use OSAP as an low-non interest amortization loan for car purchasing.

[coolspot]

Geez... if you can afford stocks and a car, you should not have received OSAP.

I have no sympathy for you! :D :cheesygri :D :cheesygri :D :cheesygri

[Valek]

I already asked this once in the WLU thread in the Uni forum, but I see no harm asking again since you might have more experience.

My Uni invoice is due on Aug 25th for the Fall Term, OSAP is releasing me funding sometime in early September. If I pay the Fall term off in Full by the due date of the Invoice, will the University still release the OSAP funding to me, even though I paid it off in full for the Fall?

[Jeff146]

For OSAP your tution isn't due until 1 month after, at least for York it was like that.

[YnD]

Abuse is still abuse, regardless of if it comes from a friend or a fraud artist.

And those rogers customers that conspire to purposely call in to get a retention plan is not considered abuse???

Ok there buddy.

[BBQPorkBun]

I already asked this once in the WLU thread in the Uni forum, but I see no harm asking again since you might have more experience.

My Uni invoice is due on Aug 25th for the Fall Term, OSAP is releasing me funding sometime in early September. If I pay the Fall term off in Full by the due date of the Invoice, will the University still release the OSAP funding to me, even though I paid it off in full for the Fall?

Yes

[BBQPorkBun]

ok, becoz originally mistaken by someone said you don't have to pay interest for 1 year, and you can exempted from paying loans too. so I was decided to purchase cars, with cash discount. I wonder what truth interest is for OSAP, since most money I have put into some index or stock, if the osap charges more interest than my stock yields, I would be so pxxxed off.

Let this be a lesson to others to know all your info before making decisions.

Int rate is prime + 2.5 FED and 1.0 PROV. So about 8.5% and 7%.

Last a saw Subaru's int rate was 2.8%

Cash discount, i assume you paid cash for the car. I sorta doubt u worked for that, so wherever you got it from, best bet is to pay off ur loan with that source (parents im guessing) and then pay your parents back.

[BBQPorkBun]

For OSAP your tution isn't due until 1 month after, at least for York it was like that.

Each institution has its own rules, contact your Financial Aid office for that info.

[jian1]

Let this be a lesson to others to know all your info before making decisions.

Int rate is prime + 2.5 FED and 1.0 PROV. So about 8.5% and 7%.

Last a saw Subaru's int rate was 2.8%

Cash discount, i assume you paid cash for the car. I sorta doubt u worked for that, so wherever you got it from, best bet is to pay off ur loan with that source (parents im guessing) and then pay your parents back.

I admitt I was ill-informed. originally I thought osap would be only around %1~%2 interest rate(don't blame me, the guy told me and he put all the OSAP loan into Stock and lost all of them), and not accumulated begin 1 year after study period ends.

So anyone can give me a correct information? I may decide to pay this much chunk as soon as interest started to accumulate.

[D-Sisive]

And those rogers customers that conspire to purposely call in to get a retention plan is not considered abuse???

Ok there buddy.

YnD 1 : simms 0

[Xtreme2001]

I have a question.

I have 17k in Osap debt. I obtained $4000ish' each year while in school. I am now graduated and making 45k in my profession. The funny thing is, my parents were and still are bairly 'skimming' the middle-class income level, which gave me very poor earnings throughout the year. If my mom went part-time we would have been in a lower income level. I had to struggle through school to find ways to pay off my remainder of tuition, plus food etc while I lived at home because my tuition and books would cost me over $5000/year. My summer jobs payed minimum wage.

Is there anyway I could write a letter to NCLS or whomever to discuss my concerns in hope to either get interest relief, or a loan forgiveness? I know when it comes time to pay back my loan (September) and they look at my income and I won't be eligible (I also have no kids, and live with my gf). I had to take out an RBC student loan to assist with my tuition,which I am trying to rapidly pay off now ($1500-$2000/month). I feel my only hope is to write a letter explaining my entire situation. Will that work? I want to be taking seriously, but I feel a letter won't do squat. Other suggestions (calling?)

I just am very fustrated because I hear others who recieve their money and use it towards other expenses and end up obtaining a loan forgiveness later down the road. While i'm here struggling away.

Any comments would be appreciated!
Thanks

[rilhouse]

question:

if you were to loose your job and go on unemployment insurance would you automaticaly qualify for interest releif? would it matter if you made a lot of $ at your last job?

[BBQPorkBun]

question:

if you were to loose your job and go on unemployment insurance would you automaticaly qualify for interest releif? would it matter if you made a lot of $ at your last job?

EI is capped at a really low yearly rate so even at the max (under 20k i believe), you would still qualify most likely. Not automatically, just go through the usual process.

[BBQPorkBun]

I have a question.

I have 17k in Osap debt. I obtained $4000ish' each year while in school. I am now graduated and making 45k in my profession. The funny thing is, my parents were and still are bairly 'skimming' the middle-class income level, which gave me very poor earnings throughout the year. If my mom went part-time we would have been in a lower income level. I had to struggle through school to find ways to pay off my remainder of tuition, plus food etc while I lived at home because my tuition and books would cost me over $5000/year. My summer jobs payed minimum wage.

Is there anyway I could write a letter to NCLS or whomever to discuss my concerns in hope to either get interest relief, or a loan forgiveness? I know when it comes time to pay back my loan (September) and they look at my income and I won't be eligible (I also have no kids, and live with my gf). I had to take out an RBC student loan to assist with my tuition,which I am trying to rapidly pay off now ($1500-$2000/month). I feel my only hope is to write a letter explaining my entire situation. Will that work? I want to be taking seriously, but I feel a letter won't do squat. Other suggestions (calling?)

I just am very fustrated because I hear others who recieve their money and use it towards other expenses and end up obtaining a loan forgiveness later down the road. While i'm here struggling away.

Any comments would be appreciated!
Thanks

A letter or a call will do squat. Loan forgiveness comes in after using 5 years of interest relief. They can't go on a case by case basis, you have this situation but theres probably another 1000 out there thats worse off, how do you judge who to give what. According to my threshold chart, you are way beyond it, so no chance of IR.

You are doing the right thing in trying to pay it all off asap, thats the way to go now.

Like tax planning, sometimes if you can, play with the timing a bit. Most people will grad in April, start paying in Oct. If you have the choice, start the job in Nov, get ur 6 months IR then go do your job and start paying in the following April, you may not qualify then but then you would have a great head start. Also if you see a layoff coming or if you plan to quit your job, quit after your IR period ends then reapply, or if you weren't on IR, go on it immediately, it doesn't matter that you have saved up X amount. What matters is what you are making in the month you are applying.

[jian1]

ok, my situation is different.

although I finished all my courses at UofT, I am currently taking PEY(don't ask me how I managed to get it, it's a bit luck and tecnique in controlling my credits), and it's where the 430k$ coming from.

So, OSAP asked me to payback starting OCT, since I no longer a student?! but my ROSI showed I am still *part-time* student and the PEY office charged me abou $103x for enrolling. Also, I clicked the graduating confirmation in November... ah...

ok, am I screwd up a bit? I am so confused if I am graduated or not.. or still a part-time student?

If the interest is that much high, I probably would like to pay back in a lump-sum, RIGHT NOW. Can someone clarify it for me?

[BBQPorkBun]

ok, my situation is different.

although I finished all my courses at UofT, I am currently taking PEY(don't ask me how I managed to get it, it's a bit luck and tecnique in controlling my credits), and it's where the 430k$ coming from.

So, OSAP asked me to payback starting OCT, since I no longer a student?! but my ROSI showed I am still *part-time* student and the PEY office charged me abou $103x for enrolling. Also, I clicked the graduating confirmation in November... ah...

ok, am I screwd up a bit? I am so confused if I am graduated or not.. or still a part-time student?

If the interest is that much high, I probably would like to pay back in a lump-sum, RIGHT NOW. Can someone clarify it for me?

Your interest and grace period starts right when you become part time, grad or not.

I don't understand what you need clarified. You are paying 8.5% probably right now, accumulated daily. You can pay a lump sum anytime you want.

[CSR]

I hear that anything above 7k you don't have to pay back, can I get an explaination please.

[rockthecasbah]

Good thread!

So I read through most of it.

Found the link for the Interest Relief Program -> http://osap.gov.on.ca/eng/not_secure/ir.htm

And read that 6 months after grad they consolidate your loan but you're paying interest during those 6 months.

Am I correct?

I just want to clarify this... I graduated in June, I haven't received any letters regarding repayment for OSAP yet. And I am currently unemployed (but thinking of maybe going for a MA).
Does this mean I can't apply for the interest relief program until I get word about repayment from OSAP/consolidate my loan? And is this process of applying for this program very meticulous in how it picks out who qualifies or not and do applicants have to jump through a lot of hoops to get into it? Thanks!

[TenzoR]

so is it a myth that you can lower your debt by calling and whine :dunno:

[Junoon123]

My question is a generic one.
I have applied for my neice's osap and this is what shes getting
On sept 10th she'll get 4627
On Jan 1st she'll get 909$
and she'll get 2176$ in Ontario access grant.
My question is about the grant will she have to pay this back?

My other question is that how much interest will she has to pay once she has to pay the money back

Also what if she don't want the entire money i mean i think she's getting 1000k in access can we just return it back?

Thanks Im just trying to help her out but i really don't know how osap works.
Thanks

[subbgg]

My question is a generic one.
I have applied for my neice's osap and this is what shes getting
On sept 10th she'll get 4627
On Jan 1st she'll get 909$
and she'll get 2176$ in Ontario access grant.
My question is about the grant will she have to pay this back?

My other question is that how much interest will she has to pay once she has to pay the money back

Also what if she don't want the entire money i mean i think she's getting 1000k in access can we just return it back?

Thanks Im just trying to help her out but i really don't know how osap works.
Thanks


The grant is pretty much free money, it is not paid to you, it is paid directly to your loans so you do not need to pay that back =D

I believe you can always start paying back your osap anytime you want. Right now I am currently on OSAP, and any extra money that I am recieving I am putting in a high interest bank account along with additional funds that I throw in from my summer jobs, part time jobs etc. So I am planning on making my extra osap money work for me =>

[Dragon120]

BBQ,

Here's my question to your thread. I have roughly $10k left in my student loan (not OSAP, from BC) which the whole amount is federal loan. My monthly payment is approximately $200. I've been paying the monthly amount without default and wrote off the interest paid on the loan for income tax purposes.

Here's my question:
What is/are the disadvantages(s) of paying off my loan on a monthly basis? I realized the monthly amount consist of the interest + principal. At tax time, I claimed the interest paid...so why am I in a hurry to pay off the loan? Please shed some light into my scenario...thank you!

[babysham]

I have a set amount that is taken out of my bank account every month:

$284 for my Federal loan and
$70 for my Provincial loan

I have 2 questions:

1. Can I increase this amount for either of the loans?

2. How much can I increase it by?

[Neovingian]

Good thread!

So I read through most of it.

Found the link for the Interest Relief Program -> http://osap.gov.on.ca/eng/not_secure/ir.htm

And read that 6 months after grad they consolidate your loan but you're paying interest during those 6 months.

Am I correct?

I just want to clarify this... I graduated in June, I haven't received any letters regarding repayment for OSAP yet. And I am currently unemployed (but thinking of maybe going for a MA).
Does this mean I can't apply for the interest relief program until I get word about repayment from OSAP/consolidate my loan? And is this process of applying for this program very meticulous in how it picks out who qualifies or not and do applicants have to jump through a lot of hoops to get into it? Thanks!...I'm surprised this hasn't been posted or added to the start of this thread. I thought this might help those loking for the chart or Interest Relief forms.

Interest Relief Eligibility Chart: This chart went into effect after August 2005

OSAP Interest Relief Eligibility Chart. (http://osap.gov.on.ca/eng/PDF/0506/Income%20Eligibility%20Chart%20-%20August%201%20%202005.pdf)

OSAP Interest Relief Paper Apllication:

OSAP Interest Relief Paper Application (http://osap.gov.on.ca/eng/PDF/0506/34-1531.pdf)

Way 2 Go BBQPorkBun, thanks for all the tips..PleezeBeliveIt!

[BBQPorkBun]

I hear that anything above 7k you don't have to pay back, can I get an explaination please.

its given to you in the form of a grant

[BBQPorkBun]

Good thread!

So I read through most of it.

Found the link for the Interest Relief Program -> http://osap.gov.on.ca/eng/not_secure/ir.htm

And read that 6 months after grad they consolidate your loan but you're paying interest during those 6 months.

Am I correct?

I just want to clarify this... I graduated in June, I haven't received any letters regarding repayment for OSAP yet. And I am currently unemployed (but thinking of maybe going for a MA).
Does this mean I can't apply for the interest relief program until I get word about repayment from OSAP/consolidate my loan? And is this process of applying for this program very meticulous in how it picks out who qualifies or not and do applicants have to jump through a lot of hoops to get into it? Thanks!

Depends when you are doing ur MA, if in sept after june, ur good, just go back on in school status. If longer, you have to pay interest on ur grace period and start paying the loan until you do ur MA.

[BBQPorkBun]

so is it a myth that you can lower your debt by calling and whine :dunno:

myth

[BBQPorkBun]

My question is a generic one.
I have applied for my neice's osap and this is what shes getting
On sept 10th she'll get 4627
On Jan 1st she'll get 909$
and she'll get 2176$ in Ontario access grant.
My question is about the grant will she have to pay this back?

My other question is that how much interest will she has to pay once she has to pay the money back

Also what if she don't want the entire money i mean i think she's getting 1000k in access can we just return it back?

Thanks Im just trying to help her out but i really don't know how osap works.
Thanks

Grant is free money, its not owing.
Why return it, its an interest free loan, and you may need it when unexpected expenses come up. Better to have a buffer.

[eliteblaze]

can I make payments to the loan at anytime?

Say I received $5000 in OSAP over 4 years, before I graduate can I pay it off with a LOC?

[BBQPorkBun]

BBQ,

Here's my question to your thread. I have roughly $10k left in my student loan (not OSAP, from BC) which the whole amount is federal loan. My monthly payment is approximately $200. I've been paying the monthly amount without default and wrote off the interest paid on the loan for income tax purposes.

Here's my question:
What is/are the disadvantages(s) of paying off my loan on a monthly basis? I realized the monthly amount consist of the interest + principal. At tax time, I claimed the interest paid...so why am I in a hurry to pay off the loan? Please shed some light into my scenario...thank you!

You are under the impression you somehow end up not paying any interest. But if you follow the math through, you will find you get about 15% of it back only. If you owned a business, is more or less expenses good? yeah you can write off expenses but less expenses the better

[BBQPorkBun]

I have a set amount that is taken out of my bank account every month:

$284 for my Federal loan and
$70 for my Provincial loan

I have 2 questions:

1. Can I increase this amount for either of the loans?

2. How much can I increase it by?

1) Yes
2) As much as you want.

[BBQPorkBun]

...I'm surprised this hasn't been posted or added to the start of this thread. I thought this might help those loking for the chart or Interest Relief forms.

Interest Relief Eligibility Chart: This chart went into effect after August 2005

OSAP Interest Relief Eligibility Chart. (http://osap.gov.on.ca/eng/PDF/0506/Income%20Eligibility%20Chart%20-%20August%201%20%202005.pdf)

OSAP Interest Relief Paper Apllication:

OSAP Interest Relief Paper Application (http://osap.gov.on.ca/eng/PDF/0506/34-1531.pdf)

Way 2 Go BBQPorkBun, thanks for all the tips..PleezeBeliveIt!

Yeah, sorry, I have the paper version but didn't know there was one online. I was part of that time when things were all done on paper =P

[BBQPorkBun]

Just FYI, all grants, scholarships, and bursaries are free money but taxable only on the summed amounts over $3000. It used to be $500 before 1999 when they came out with the millenium scholarship, people were pissed they had to pay tax on the $3000 so they threshold has been raised to $3000.

So say you recieved, $2500 in a grant and $1000 in scholarship. On your return, you just put $500 under other income. If you end up putting $3500, they might not catch it. So if you made like 5k in work that year, you might of ended up paying tax when you shouldn't have.

I think you can backdate corrections of up to 3 years if anyone has had this happen to them.

[ZxExN]

That 3000 amount has been changed. Now all grants, bursaries or scholarships are exempt as income. That means you don't need to put them on your tax forms.

[BBQPorkBun]

can I make payments to the loan at anytime?

Say I received $5000 in OSAP over 4 years, before I graduate can I pay it off with a LOC?

Yes and Yes

[BBQPorkBun]

That 3000 amount has been changed. Now all grants, bursaries or scholarships are exempt as income. That means you don't need to put them on your tax forms.

Changed for what year? I have the 2005 guide here in front of me and it says $3000 still. Plz try not to confuse people.

But generally, everyone look up these things for yourself before taking any action.

[ZxExN]

2005 Guide is outdated. The changes came in effect this year.

[Mint]

Hi BBQ,

After my first year of loans, I think i received 7K for the regular year and I also applied for loans for summerschool. I think it totaled ~10K. I never heard of any grants to be deducted? Am I not qualified or was something missed?

In addition, after my first year, they said overpaid me and they made me pay back $710 the following semester (which I did). After going through my documents I think that they didn't deduct they $710 I paid back. From the paperwork I have, i'm 95% certain, but because my paperwork is scatter and not too organized I can't be certain. I talked to the financial aid dept after I grad and they said a bunch of stuff about going through it and checking. I havent had a chance to follow up with it. Is there anyway for me to confirm 100%? Its currently 2 years after I graduated, would this cause any trouble for following up after?

[BBQPorkBun]

Hi BBQ,

After my first year of loans, I think i received 7K for the regular year and I also applied for loans for summerschool. I think it totaled ~10K. I never heard of any grants to be deducted? Am I not qualified or was something missed?

In addition, after my first year, they said overpaid me and they made me pay back $710 the following semester (which I did). After going through my documents I think that they didn't deduct they $710 I paid back. From the paperwork I have, i'm 95% certain, but because my paperwork is scatter and not too organized I can't be certain. I talked to the financial aid dept after I grad and they said a bunch of stuff about going through it and checking. I havent had a chance to follow up with it. Is there anyway for me to confirm 100%? Its currently 2 years after I graduated, would this cause any trouble for following up after?

Its not anything over 7k per calender year, but per regular two terms (sept to april)

Call the NSLSC and ask for an ad hoc statement sent to you. Its free and you can see your history from the first loan given to you till the present. You can see if they reduced it by $710 sometime during that period.

[pcpro]

sikkkkkkkk.

[Mint]

Its not anything over 7k per calender year, but per regular two terms (sept to april)

Call the NSLSC and ask for an ad hoc statement sent to you. Its free and you can see your history from the first loan given to you till the present. You can see if they reduced it by $710 sometime during that period.

Cool. Thanks, will call and ask for an ad hoc statement tomorrow. :)

[Spiderpal93]

Question: I've been repaying my loans for about 9 months now(~$350/month). I'm planning to go back to school this September to take a course (20% of Full course load and I'm not planning to get OSAP).

Is there such a thing as delay in repaying my loans back(That is I don't pay back any $$$ from September 2006-May 2007 while I'm taking the course) if I do go back to take the course?

Thanks!

[rilhouse]

Question: I've been repaying my loans for about 9 months now(~$350/month). I'm planning to go back to school this September to take a course (20% of Full course load and I'm not planning to get OSAP).

Is there such a thing as delay in repaying my loans back(That is I don't pay back any $$$ from September 2006-May 2007 while I'm taking the course) if I do go back to take the course?

Thanks!

no, you need to be enrolled at least 60% of a full course load to not have to make payments. of course if you are not working at that time you could try to get interest releif.

[revert]

You can also check your current balance at
http://www.canlearn.ca/cgi-bin/gateway/canlearn/id/nslsc.asp

You'll need your SIN and account number.

Also with you can use your account number to pay OSAP online thru your bank. What i do is everytime i have some extra cash, after bills, savings,rent and rrsp. I throw them some money. They should be listed as National Student Loan Service either Private or Public

[jian1]

OK, I got the One Time Debit Form, and it seems only need to fill one amount... not indicating Iam repaying the interest or loan, neither said about federal or provincial..

so the amount Ifilled in will be the loan only? not interest? lol, my OSAP website didn't even tell me which part is federal, and which part is provincial.

[BBQPorkBun]

Question: I've been repaying my loans for about 9 months now(~$350/month). I'm planning to go back to school this September to take a course (20% of Full course load and I'm not planning to get OSAP).

Is there such a thing as delay in repaying my loans back(That is I don't pay back any $$$ from September 2006-May 2007 while I'm taking the course) if I do go back to take the course?

Thanks!

what rillhouse said

[BBQPorkBun]

OK, I got the One Time Debit Form, and it seems only need to fill one amount... not indicating Iam repaying the interest or loan, neither said about federal or provincial..

so the amount Ifilled in will be the loan only? not interest? lol, my OSAP website didn't even tell me which part is federal, and which part is provincial.

call and ask what type of loan you have

Ur form is a generic form, specify what you want done.

[jian1]

call and ask what type of loan you have

Ur form is a generic form, specify what you want done.

Hi, I phoned them and only got a Loan Number. Is it enough?

[BBQPorkBun]

Hi, I phoned them and only got a Loan Number. Is it enough?

phone in and ask them, if you didn't get your answer then you obviously didn't ask the right question.

[Mint]

Cool. Thanks, will call and ask for an ad hoc statement tomorrow. :)

Update:
I went through my bank statements, and it shows that there was a withdrawal from my account in May 2001 for $710. I believe this is when I made payment back to OSAP.

What i'm wondering is who would this payment go to? My loan at my local bank or the NSLSC?

I called Royal Bank Student Loan Centre and they have informed me that they have no records of repayment in 2001 and that all loans after 2000 are administered through the NSLSC.

I managed to get a copy of my NSLSC student load records and it starts in Jan 2001 and also does not have records of any re-payment.

I thought I was going crazy as I recall making a re-payment, because at that time they wouldn't give me any more loans unless I pay them back.
I couldn't find that letter stating that, but I did find a letter stating "As of this statement, the ministry has received information that has resulted in a change to your loan overpayment (overpayment amount now $0). As a result you are now eligible for further funding"

My argument is that I didn't pay OSAP back, then why would they loan me more money?

Right now, i'm not sure who to call? Any advice BBQ?

[BBQPorkBun]

Firstly, if $710 came out of your account, and you can prove it, it would be good to know what this was for regardless if its for loans. Ask your bank what transaction this is, it had to go somewhere.

You are contradicting a bit here, first you say you recall paying something so your loans can be released. then you ask you didn't pay osap back so why should you get funding. so i am not sure how to make of that.

third, an overpayment would result in you having to pay something back, but from your quote it looks like it had been re-adjusted so you wouldn't have to pay anything, so which is it?

Find out what the $710 is, who is it paid to, then go from there. Ask them an open ended question, $710 came out, where did it go to?

Update:
I went through my bank statements, and it shows that there was a withdrawal from my account in May 2001 for $710. I believe this is when I made payment back to OSAP.

What i'm wondering is who would this payment go to? My loan at my local bank or the NSLSC?

I called Royal Bank Student Loan Centre and they have informed me that they have no records of repayment in 2001 and that all loans after 2000 are administered through the NSLSC.

I managed to get a copy of my NSLSC student load records and it starts in Jan 2001 and also does not have records of any re-payment.

I thought I was going crazy as I recall making a re-payment, because at that time they wouldn't give me any more loans unless I pay them back.
I couldn't find that letter stating that, but I did find a letter stating "As of this statement, the ministry has received information that has resulted in a change to your loan overpayment (overpayment amount now $0). As a result you are now eligible for further funding"

My argument is that I didn't pay OSAP back, then why would they loan me more money?

Right now, i'm not sure who to call? Any advice BBQ?

[crosswire]

I have been paying my student loan for 4 yrs now.
The interest is 8.5%,,,i asked them of lowering the rate and they said its set my cdn government.
Anyway to pay less interest ibesides paying more monthly...
any other tips to pay off osap faster or get a grant maybe to pay a bit off when ones working full time etc etc..(knowing its a loooong short for things like this)
thanks;)

[BBQPorkBun]

They will not lower your rate
Any grant you qualify for was already considered at the start of paying off the loan.

Tips: turn ur one large monthly pmt to smaller weekly payments

I have been paying my student loan for 4 yrs now.
The interest is 8.5%,,,i asked them of lowering the rate and they said its set my cdn government.
Anyway to pay less interest ibesides paying more monthly...
any other tips to pay off osap faster or get a grant maybe to pay a bit off when ones working full time etc etc..(knowing its a loooong short for things like this)
thanks;)

[Broker9o5]

They will not lower your rate
Any grant you qualify for was already considered at the start of paying off the loan.

Tips: turn ur one large monthly pmt to smaller weekly payments

Will that lower the interest rates? and if so by how much on avg?

I got about $12k in loans, working making around $43k. I got a house paying $1000 mortgage, $300 car loan, insurance, and company pension any chance for Interest relief? I pay about $200/mth

[BBQPorkBun]

Will that lower the interest rates? and if so by how much on avg?

I got about $12k in loans, working making around $43k. I got a house paying $1000 mortgage, $300 car loan, insurance, and company pension any chance for Interest relief? I pay about $200/mth

Your rate will be the same, you are just reducing your principle alot faster when you pay weekly.

no interest relief, most of those factors don't matter and those that do won't get u to qualify. 43k is big enough, 200/m is small enough

[Allsys]

I read in an earlier post that I can get more money if I am staying away from my parents. Currently I study in Waterloo and my parents are in Richmond Hill. Does this constitute "away". At the moment my parents earn a total 90k, so I get very little osap.

[trixR4kids]

hi, i have a question. I recently got my osap payment, and i was wondering if i could put this money aside in some investment to get a return back, i've already paid off most of my school tuition for the year. And if yes, any recommendations?

[netriones]

You can also check your current balance at
http://www.canlearn.ca/cgi-bin/gateway/canlearn/id/nslsc.asp

You'll need your SIN and account number.

Also with you can use your account number to pay OSAP online thru your bank. What i do is everytime i have some extra cash, after bills, savings,rent and rrsp. I throw them some money. They should be listed as National Student Loan Service either Private or Public


How can I pay osap by online banking.
Can you explain the details?

[BBQPorkBun]

I read in an earlier post that I can get more money if I am staying away from my parents. Currently I study in Waterloo and my parents are in Richmond Hill. Does this constitute "away". At the moment my parents earn a total 90k, so I get very little osap.

Yes, that is away, u will get more if on your application you state u are away, they also ask you km and cost to visit home i believe. if you filled it out saying ur not away, you can notify osap to re-evaluate ur case, you have to write something up, but you can get additional funding.

[BBQPorkBun]

hi, i have a question. I recently got my osap payment, and i was wondering if i could put this money aside in some investment to get a return back, i've already paid off most of my school tuition for the year. And if yes, any recommendations?

You can do whatever you want with it.

Keep it liquid, there may be times when you suddenly need it for something.

[BBQPorkBun]

How can I pay osap by online banking.
Can you explain the details?

Set it up with your bank like a bill payment. Or easiest way is preauthorized withdrawls every month, just fax the NSLSC your account info.

[netriones]

Set it up with your bank like a bill payment. Or easiest way is preauthorized withdrawls every month, just fax the NSLSC your account info.

ya, I know its a bill payment. But what I what to know is: What is the name I search for when I add payee? I found: National Student Loan Public. Not sure if this is the right one. I also found a NSLC Private Div..

My osap loan is an integrated loan.

[dav1209]

i have a OSAP loan of 14219.59 right now
i done school more than a years but still doesn't have a job yet
have wife and a kid....will i qualify for interest relief ?
if yes how can i apply for it
they already charging me interest for around $100 every month.
They sent me the bill with minimum payment of $390 due on Dec 02
what can i do in my situation ?
Dave

[BBQPorkBun]

ya, I know its a bill payment. But what I what to know is: What is the name I search for when I add payee? I found: National Student Loan Public. Not sure if this is the right one. I also found a NSLC Private Div..

My osap loan is an integrated loan.

Public

[BBQPorkBun]

i have a OSAP loan of 14219.59 right now
i done school more than a years but still doesn't have a job yet
have wife and a kid....will i qualify for interest relief ?
if yes how can i apply for it
they already charging me interest for around $100 every month.
They sent me the bill with minimum payment of $390 due on Dec 02
what can i do in my situation ?
Dave

call the NSLSC asap, you will almost 100% get it, do it quickly to avoid paying dec 02's payment. even during the application process, you don't have to pay anything until theres a result. be prepared to provide proof of your case.

[instanoodles]

ive got a quick question, OSAP reassessed a loan I have already gotten and they decided they paid me too much money. I have tired calling the student loan center at my school for some info about what exaclty osap wants since even thou they paid me too much I am paying it back anyways but they are no help. They keep telling me I need to come to the school to talk to someone but that is hard when you work almost 50hrs a week. Could osap demand this extra money they paid me back in one payment?

[jackieskwong]

hi i'm currently first year and i owe OSAP 5 grand already. I recently started a PC financials savings account and i decided that whtever money i can save i'll stash it in there (i.e. left over from student loan and grants, also savings fom my student income tht my parents give me). But i've been thinking recently..is it a wise idea? because if i keep money in there won't the government know i have money saved up so they will lend me less money for student loan on my second year? and also after 4 years of savings can i still apply for no interest on my osap loan?(the once every 6 months thing, up to 30 months)

Thankyou~Jackie

[BBQPorkBun]

ive got a quick question, OSAP reassessed a loan I have already gotten and they decided they paid me too much money. I have tired calling the student loan center at my school for some info about what exaclty osap wants since even thou they paid me too much I am paying it back anyways but they are no help. They keep telling me I need to come to the school to talk to someone but that is hard when you work almost 50hrs a week. Could osap demand this extra money they paid me back in one payment?

Yes they can. Don't talk to your school, skip the middle man and call the NSLSC. google for phone #.

[BBQPorkBun]

hi i'm currently first year and i owe OSAP 5 grand already. I recently started a PC financials savings account and i decided that whtever money i can save i'll stash it in there (i.e. left over from student loan and grants, also savings fom my student income tht my parents give me). But i've been thinking recently..is it a wise idea? because if i keep money in there won't the government know i have money saved up so they will lend me less money for student loan on my second year? and also after 4 years of savings can i still apply for no interest on my osap loan?(the once every 6 months thing, up to 30 months)

Thankyou~Jackie

Osap uses income as a factor more than your assets but will ask what your assets amount to. You can have two bank accounts, one for osap to go in (have nothing in there to start with) and one as your savings acct for your assets and put it in both you and mother/fathers name. so even if you have a savings of 10k in there, they can't prove that belongs to you as apposed to your parents (not that they will go to that extent to check). I always prefer osap to have my bank acct info of one acct while having my saved up lump sum in another.

you can still get interest relief regardless of your assets or savings because thats not a factor in how they evaluate eligibility. they use, dependants (if you have children), monthly payment and income. so you can have 100k in savings, not work and still get interest relief.

[Jeff146]

Here is my situation, I'm currently finished school and currently in the repayment phase but unfortunately I received a letter stating I underestimated my income and therefore I have an OSAP overpayment of $2,138 and they stated that they won't release anymore funds until I pay the overpayment amount.

Well since I'm finished school and I don't need any money from OSAP, I was wondering if I would still need to pay this lump amount or can I just pay the monthly minimum?

Thanks in advance.

[BBQPorkBun]

Here is my situation, I'm currently finished school and currently in the repayment phase but unfortunately I received a letter stating I underestimated my income and therefore I have an OSAP overpayment of $2,138 and they stated that they won't release anymore funds until I pay the overpayment amount.

Well since I'm finished school and I don't need any money from OSAP, I was wondering if I would still need to pay this lump amount or can I just pay the monthly minimum?

Thanks in advance.

Pay it, they are entitled to it back and its not a loan, its an overpayment. You don't want this 2k affecting your long term credit if they decide to work with collections.

[veejam]

i just checked my bank account online and it says there has been a pre-authorized electronic fund transfer of 158.** to student loans clc... are they entitled to go into my bank account and just take money from it? the only reason i think this is happening because of an overpayment but i'm still in school for another 2 years so why are they taking money from me now? im going to my financial aid office tomorrow to ask but was wondering if you can help give me an answer. thanks.

[Evil Baby]

Here is my situation, I'm currently finished school and currently in the repayment phase but unfortunately I received a letter stating I underestimated my income and therefore I have an OSAP overpayment of $2,138 and they stated that they won't release anymore funds until I pay the overpayment amount.

Well since I'm finished school and I don't need any money from OSAP, I was wondering if I would still need to pay this lump amount or can I just pay the monthly minimum?

Thanks in advance.

I'm not sure if it changes anything because you're not in school anymore, but I know if you are in school you get one free pass on the over payment, so if that was the first letter you've recieved you should be ok. I'd call them if I were you though

[BBQPorkBun]

I'm not sure if it changes anything because you're not in school anymore, but I know if you are in school you get one free pass on the over payment, so if that was the first letter you've recieved you should be ok. I'd call them if I were you though

never heard of such a thing while working there.
the gov't is going to give you a 'free pass' for overpayment of osap because you miscalculated/lied about your income?

cmon, lets get real.

[BBQPorkBun]

i just checked my bank account online and it says there has been a pre-authorized electronic fund transfer of 158.** to student loans clc... are they entitled to go into my bank account and just take money from it? the only reason i think this is happening because of an overpayment but i'm still in school for another 2 years so why are they taking money from me now? im going to my financial aid office tomorrow to ask but was wondering if you can help give me an answer. thanks.

looks like they think you are out of school, send them the proper forms to get back on to non repayment status. when they deposit money in your account, they have your info. hence i always advise deposit into one acct, then transfer lump to another acct for daily banking.

did you pay back the overpayment? if not, do so.

don't go to financial aid, skip the middle man and go right to the source, NSLSC.

[Evil Baby]

never heard of such a thing while working there.
the gov't is going to give you a 'free pass' for overpayment of osap because you miscalculated/lied about your income?

cmon, lets get real.


Go ask any school osap office. It happend with me last year and with my cousin. I didn't lie about how much I had made during the pre-school term but I put down 0 for during school term as I didn't have a job and wasn't sure if I would need one. I did and I got a job, so OSAP declared that they overpaid me. However they gave me one free pass which was nice, but now I'm screwed this year :)

My cousin on the otherhand, did mis-represent his summer earnings. Not sure if it was becasue when he filled out his OSAP form he had a different job or what. However they also gave him one free pass.

why not go ask a few schools and see what they tell you.

[Evil Baby]

looks like they think you are out of school, send them the proper forms to get back on to non repayment status. when they deposit money in your account, they have your info. hence i always advise deposit into one acct, then transfer lump to another acct for daily banking.

did you pay back the overpayment? if not, do so.

don't go to financial aid, skip the middle man and go right to the source, NSLSC.

IMO
he should go to his school's financial aid because if OSAP doesn't know that he's still a studen financial aid will have the proper documents for him to fill out and the proper number to fax them to. Being it a government facility they will need a paper trail. A phone call aint going to do it for them.

[BBQPorkBun]

Go ask any school osap office. It happend with me last year and with my cousin. I didn't lie about how much I had made during the pre-school term but I put down 0 for during school term as I didn't have a job and wasn't sure if I would need one. I did and I got a job, so OSAP declared that they overpaid me. However they gave me one free pass which was nice, but now I'm screwed this year :)

My cousin on the otherhand, did mis-represent his summer earnings. Not sure if it was becasue when he filled out his OSAP form he had a different job or what. However they also gave him one free pass.

why not go ask a few schools and see what they tell you.

since your cousin went through financial aid, its possible that your cousin pleaded his/her case in writing on how he needed this overpayment so osap agreed to give this to him/her in the form of a loan.

its in no way a 'free pass' as you've described it from the gov't. theres more to the story

[BBQPorkBun]

IMO
he should go to his school's financial aid because if OSAP doesn't know that he's still a studen financial aid will have the proper documents for him to fill out and the proper number to fax them to. Being it a government facility they will need a paper trail. A phone call aint going to do it for them.

Depending whether its the student or the schools responsiblity to notify osap that he/she is still in school is where the screw up lies. go to financial aid to see who is responsible.

In some provinces, faxing won't be accepted.

Phone in was refering to get information as to what his status is. Going to financial aid will just make them call and make things go longer. Find out now, you are on daily interest.

[Evil Baby]

since your cousin went through financial aid, its possible that your cousin pleaded his/her case in writing on how he needed this overpayment so osap agreed to give this to him/her in the form of a loan.

its in no way a 'free pass' as you've described it from the gov't. theres more to the story


It actually is a free pass. That's exactally what I was told and what my cousin was told by our corrisponding schools. That's why I didn't have to pay back my overpayment laster year but I do this year, because I've already used my "free pass". Perhaps OSAP has a different term for it but neither of us argued our case and neither of us had to pay anything back last year. This year on the other hand it's a different story.

[justlam_]

Wat if I just not pay back after finishing school? Like I already haf realli bad credit from 407, cell phone bills, credit cards, car insurance, and other stuff.

[L_and_S]

Hello!

This is such a useful thread, thank you.

I have one question. OSAP has informed me that I have an overpayment from 2005/2006. I agree, as I made more money than I anticipated when I filled out the application. I am still a FULL TIME student in the 2006/2007 school year and did not receive OSAP. My question: do I need to pay my overpayment right now or can it wait and I can pay it back when I start repaying my loan? The letter I got from OSAP was not clear if repayment was required immediately. Any advice is appreciated.

Thank you!

Sarah

[BBQPorkBun]

It actually is a free pass. That's exactally what I was told and what my cousin was told by our corrisponding schools. That's why I didn't have to pay back my overpayment laster year but I do this year, because I've already used my "free pass". Perhaps OSAP has a different term for it but neither of us argued our case and neither of us had to pay anything back last year. This year on the other hand it's a different story.

Ok, thank you for sharing.

[BBQPorkBun]

Wat if I just not pay back after finishing school? Like I already haf realli bad credit from 407, cell phone bills, credit cards, car insurance, and other stuff.

So your solution to having bad credit is to not pay back your loans to have worse credit? What will happen is your debt will be dealt by a third party collections agency who are basically going to harass you until you respond and they won't want a monthly payment, they want it all. Ive seen situations where they freeze your assets, just go into your account, take your car. Not to mention you will not be able to get any credit from anyone again. Ive seen people who have missed payments and can't get a mortgage, or even a sears card.

[BBQPorkBun]

Hello!

This is such a useful thread, thank you.

I have one question. OSAP has informed me that I have an overpayment from 2005/2006. I agree, as I made more money than I anticipated when I filled out the application. I am still a FULL TIME student in the 2006/2007 school year and did not receive OSAP. My question: do I need to pay my overpayment right now or can it wait and I can pay it back when I start repaying my loan? The letter I got from OSAP was not clear if repayment was required immediately. Any advice is appreciated.

Thank you!

Sarah

I would imagine they are expecting you to pay it back. Or else whats the point of the letter? Also imagine this scenario, you wrote income of 0 but you actually made 60k. Osap overpayment of the whole amount lets say 12k resulted. They aren't writing you a letter as an FYI and they also don't say if its under a certain amount we'll leave it and if its over that amount we go after them. If you got osap this year they would be doing the 'pay us back or nothing released to you in january' routine.

In summary, they expect it back, call in to doubly confirm.

[BBQPorkBun]

Just a funny story that came to mind while answering questions. A person was inquiring as to where is money is because its suppose to be in his account. Records indicated he called in the day before and was notified that processing everything will result in money in his acct within a week. Turns out he was calling from a pay phone at a gas station because he had no money for gas.

Oh, my very first client, I couldn't really help them because she defaulted on her loan so she was screaming and yelling at me with a bunch of racist comments then hung up. Problem was, wrong race. So I didn't know if I was suppose to be offended or confused. I just brushed it off.

Also, alot of people threaten to sue. Doesn't work people.

sigh....students =)

[L_and_S]

Interesting. I called my school's financial aid office about my OSAP overpayment. I was informed that I DO NOT need to pay it back until I start paying back my OSAP loan. When the worker looked at my account, she informed me that my account is in the status where repayment is not yet required. I might check with the actual loan company to be sure. Thanks.

[BBQPorkBun]

Interesting. I called my school's financial aid office about my OSAP overpayment. I was informed that I DO NOT need to pay it back until I start paying back my OSAP loan. When the worker looked at my account, she informed me that my account is in the status where repayment is not yet required. I might check with the actual loan company to be sure. Thanks.

Yup, call in to make sure.

[Jeff146]

Pay it, they are entitled to it back and its not a loan, its an overpayment. You don't want this 2k affecting your long term credit if they decide to work with collections.

But I'm already in repayment status, I would rather pay a set amount every month as agreed upon before then pay this lump sum but if you guys don't know I guess I'll have to make a call.

[BBQPorkBun]

But I'm already in repayment status, I would rather pay a set amount every month as agreed upon before then pay this lump sum but if you guys don't know I guess I'll have to make a call.

always call in to double chk

[UrbanPoet]

can i do this...?
when ig raduate , i just put down $15g's and get it over with.. and pay everythign..
do i still get charged interest?

[GCee]

can i do this...?
when ig raduate , i just put down $15g's and get it over with.. and pay everythign..
do i still get charged interest?

Of course you can, you are only being charged interest on your outstanding balance. so if your balance is $0, you're effectively being charged interest on nothing, which is no interest.

[BBQPorkBun]

Of course you can, you are only being charged interest on your outstanding balance. so if your balance is $0, you're effectively being charged interest on nothing, which is no interest.

what he said

[akpower]

Brilliant thread. Good to know that interest relief period can be extended up to 5 years. You said its 3, but 5 in reality. What did u mean by that? Also, do they provide any other assistance to grads who are out of work? Thanks..

[BBQPorkBun]

Brilliant thread. Good to know that interest relief period can be extended up to 5 years. You said its 3, but 5 in reality. What did u mean by that? Also, do they provide any other assistance to grads who are out of work? Thanks..

They say 3 to get you to move your arse to find something to do quick. After 3 they change ur montlhy pmt to the max period (smallest monthly pmt) if its not already and judge if you qualify then (cuz one of the factors is amt of monthly pmt)

After 5 years you can apply for loan forgiveness in which the gov't can forgive all or part of your loan. But the condition is that you cannot go on interest relief ever in your life.

Remember though, if you go back to school full time (60%) for even a term, your interest relief counter resets to 0. (loophole)

[GoiNGPoSTaL]

I have a question, my sister is in repayment for $158.xx/month will increasing the payment amount affect her interest rates?

[BBQPorkBun]

I have a question, my sister is in repayment for $158.xx/month will increasing the payment amount affect her interest rates?

It will not change the rate, but it changes the total amount of interest you would have paid on the loan (and subsequently pay it off faster)

Its a good idea to raise your payment or have frequent smaller payment if you can.

[TechRock]

osap question: what happen if you drop a course? how does dropping a course affect your osap?

[BBQPorkBun]

osap question: what happen if you drop a course? how does dropping a course affect your osap?

Then you case changes, but also depends what has changed. Lets say you were at 100% course load but now 90%. You can notify osap or the school will and you funding will be adjusted accordingly or they may ask for something back. But if you were to go from 60% which is still considered full time to 50% (part time) then you are deemed out of school since the last day you were full time meaning you are currently in your 6 month grace period (interest is accumulating and expect to may payments at the end of that 6 months).

The above 60% or below 60% mark is what makes the most difference.

[java]

Do you know the what the interest rate is for the old bank student loans. I am now done school and have:
Canada Student Loan
BC Student Loan
and one of the old ones from 1999/2000.

Are the bank ones the same as a Canada, Prime + 2.5% ?

[BBQPorkBun]

Do you know the what the interest rate is for the old bank student loans. I am now done school and have:
Canada Student Loan
BC Student Loan
and one of the old ones from 1999/2000.

Are the bank ones the same as a Canada, Prime + 2.5% ?

The rate regardless of new or old is the same for everyone, federal is P+2.5 and provincial is P+1 (in ontario and i believe in BC).

OSAP done by the bank and their rate and NSLSC rates are the same.

[TechRock]

so lets say i was at 90% course load and now i drop a course which will put me in 70%...but im taking another course in the next term to put it back up to80%...osap already gave me all the money (the 60% at first term) n im getting money from grants (the remamining 40%) so does it mean im gonna pay the new course im taking during winter term with the money i get from grants?

[oasis100]

I read about that anything over $7,000 from osap is giving as a grant. So let's say you get $10,000 as your loan. Wouldn't you only be basically getting a $7,000 loan for $4,000?
$7k - $3k grant = $4k?

Does that make sense?
So is it not better to just basically work as little as possible? Like one day a week during the school year.

[BBQPorkBun]

so lets say i was at 90% course load and now i drop a course which will put me in 70%...but im taking another course in the next term to put it back up to80%...osap already gave me all the money (the 60% at first term) n im getting money from grants (the remamining 40%) so does it mean im gonna pay the new course im taking during winter term with the money i get from grants?

The % is based on your whole school year or 10 equivalent half courses or 5 full. It doesn't matter what you pay with what, if you take less courses, diff situation, diff loan.

In your case it may not change at all if your full year was equivalent % before and after the change

[BBQPorkBun]

I read about that anything over $7,000 from osap is giving as a grant. So let's say you get $10,000 as your loan. Wouldn't you only be basically getting a $7,000 loan for $4,000?
$7k - $3k grant = $4k?

Does that make sense?
So is it not better to just basically work as little as possible? Like one day a week during the school year.

No, its not a 7k loan for 4k, its a 10k loan for 7k

In most cases yes, because lets say you can either get 10k, 3k grant, or make 3k and borrow 7k, both cases u end up owing 7k but the first scenario you did nothing. Unless 1) you won't get to borrow over 7k or 2) its for experience, i would not reccomend working your brains out. But do make pocket money etc.

[pajamaparty]

You are under the impression you somehow end up not paying any interest. But if you follow the math through, you will find you get about 15% of it back only. If you owned a business, is more or less expenses good? yeah you can write off expenses but less expenses the better

Hey Kool Kat :P Show me the math.. unless it's somewhere here in the thread. You know who this is. Heehee. Later dude.

[pajamaparty]

They say 3 to get you to move your arse to find something to do quick. After 3 they change ur montlhy pmt to the max period (smallest monthly pmt) if its not already and judge if you qualify then (cuz one of the factors is amt of monthly pmt)

After 5 years you can apply for loan forgiveness in which the gov't can forgive all or part of your loan. But the condition is that you cannot go on interest relief ever in your life.

Remember though, if you go back to school full time (60%) for even a term, your interest relief counter resets to 0. (loophole)

Hey dude. So you're saying you can be on interest relief for 3 years straight (or 5 years as you said)? Or do you mean you can avail of interest relief for 3 years (or 5 years) beginning your graduation date at 6 month intervals? :confused:

[netriones]

I read about that anything over $7,000 from osap is giving as a grant. So let's say you get $10,000 as your loan. Wouldn't you only be basically getting a $7,000 loan for $4,000?
$7k - $3k grant = $4k?

Does that make sense?
So is it not better to just basically work as little as possible? Like one day a week during the school year.

In your example,whether you receive grant or not, you get a $10000 loan.
If you and your parents income is low enough, you'll receive $3000 grant which the government pay directly to your debt to reduce it to $7000.
And you're not garrantee to get the $3000 grant.

[BBQPorkBun]

Hey Kool Kat :P Show me the math.. unless it's somewhere here in the thread. You know who this is. Heehee. Later dude.

Go to last yrs income tax return, follow the math.

[Hybrid88]

Excellent thread and info BBQPorkBun!

The interest paid against our student loans can be put against are income tax. With the tax credits earned through the interests paid on student loans, is it worth wild to keep making the payments for 10 years or pay it off immediately if we can?

So, if I pay $100 in interest is it $100 tax credits earned? If so, then there is no real rush to pay off my student loan(s).

[BBQPorkBun]

Hey dude. So you're saying you can be on interest relief for 3 years straight (or 5 years as you said)? Or do you mean you can avail of interest relief for 3 years (or 5 years) beginning your graduation date at 6 month intervals? :confused:

You have up to 5 years from the end of your grace period which is 6 months after you are not full time or grad

[BBQPorkBun]

In your example,whether you receive grant or not, you get a $10000 loan.
If you and your parents income is low enough, you'll receive $3000 grant which the government pay directly to your debt to reduce it to $7000.
And you're not garrantee to get the $3000 grant.

the 3000 grant if u were to get 10,000 loan is pretty much a for sure thing. your parents income would be a factor considered when they gave you the loan of 10k, doesn't play a part in after you get ur loan

[Hello26]

If you apply for interest relief do they check how much money you have in your bank acct?

[BBQPorkBun]

Excellent thread and info BBQPorkBun!

The interest paid against our student loans can be put against are income tax. With the tax credits earned through the interests paid on student loans, is it worth wild to keep making the payments for 10 years or pay it off immediately if we can?

So, if I pay $100 in interest is it $100 tax credits earned? If so, then there is no real rush to pay off my student loan(s).

its worthwhile to pay it off asap. you pay 100 interest out of pocket, but then get back 100 in credit means you won't have to pay tax on 100 worth of income, so that comes to about 15% back in your pocket.

so ur paying 100, getting 15 back. get a paper tax return and follow then numbers and simulate some scenarios if you want more detail

[mayluvz]

hi,

I just got decl for a CITI driver's edge and they said it was because they didn't get sufficient info from equifax and they only see my OSAP,never had a cc, have pt job(under-the-table) and I haven't paid my OSAP yet cz I'm not graduating,so OSAP being in my credit report affecting me NEGATIVELY when i apply for major CC's ie.AMEX???

[BBQPorkBun]

hi,

I just got decl for a CITI driver's edge and they said it was because they didn't get sufficient info from equifax and they only see my OSAP,never had a cc, have pt job(under-the-table) and I haven't paid my OSAP yet cz I'm not graduating,so OSAP being in my credit report affecting me NEGATIVELY when i apply for major CC's ie.AMEX???

Its not that its affecting negatively, its that they have assessed you and found that at this point, they don't wish to grant you more credit especially with only a PT job. They only see your osap meaning they've never seen you so far demontrating responsilibity paying off debt.

Don't worry, theres plenty of companies out there waiting to give credit cards to students, sign up and get something free. After you build up some credibility, try again in 6 months. But make sure u know what their income requirement is cuz it can be just that factor and you could be declined again which doesn't look good.

[Evil Baby]

How on God green Earth can it take 3 buisness days to fax a reciept?

[BBQPorkBun]

How on God green Earth can it take 3 buisness days to fax a reciept?

One person has to tell another to tell another. Then theres a line for faxing stuff out. Thirdly, they want to be conservative and protect themselves so 3 days is the max.

[MadCow]

After being eligible for about $4700 from OSAP a few months ago, I walk into my college today to find out that I am no longer qualified to receive OSAP.

Due to the income I will be receiving during my study period (I'm supposed to start my new program in January--next week), I am no longer eligible to receive anything from OSAP. Apparently, you're only allowed to make $50 a week during your study period in order to qualify, and I'm making over $100.

I guess there's nothing I can do about this apart from quit my job. The person at the Financial Aid office gave me a form to apply for aid from the college and other places, but I have no clue how much I could get from them.

Is there anything you might know, BBQPorkBun, that could help me out here? Or am I royally screwed now?

[BBQPorkBun]

After being eligible for about $4700 from OSAP a few months ago, I walk into my college today to find out that I am no longer qualified to receive OSAP.

Due to the income I will be receiving during my study period (I'm supposed to start my new program in January--next week), I am no longer eligible to receive anything from OSAP. Apparently, you're only allowed to make $50 a week during your study period in order to qualify, and I'm making over $100.

I guess there's nothing I can do about this apart from quit my job. The person at the Financial Aid office gave me a form to apply for aid from the college and other places, but I have no clue how much I could get from them.

Is there anything you might know, BBQPorkBun, that could help me out here? Or am I royally screwed now?

Apply for aid at the college, at the same time, appeal to osap in writing explaining your cirucmstances. Quiting your job and sayig something like you need to quit to study etc. will help your case. I am confident this will work out.

Whenever it comes to predicting future income, always be a pessimist and say 0. Because really you never know, job might be taken already or fired/layoff. When you get the loan and its in ur acct, then go for the job because theres no way for them to chk, your employer is not gonna make sure student loans know how much you are making.

Assume no work first, get loan in ur acct, then look for the job.

[thezone]

I think i'm going to run into some problems in getting OSAP. I'm currently in first year and I had a loan over $10000 and on my income i stated I will make $1000 during the school year but i've actually have made around $3000 now and i'm guessing $5000 by the end of the semester. During the summer i'll expect to make another $5000 if not much more but i'm not getting any help from home because of the financial situation and I live away from home too. So i'd like to know how much money can you make before they start taking money from your loans during study period and time off. Also after passing that limit at what ratio do they start taking off your loan? (e.g. $3000 over limit $1000 taken off osap loan) Cause in the end I don't want to end up working my ass off missing some school to go to work and only to find out that in the end i'm worse off than had i just not worked as much. Also BBQPorkBun thanks for making this post its very resourceful

[MadCow]

Apply for aid at the college, at the same time, appeal to osap in writing explaining your cirucmstances. Quiting your job and sayig something like you need to quit to study etc. will help your case. I am confident this will work out.

Whenever it comes to predicting future income, always be a pessimist and say 0. Because really you never know, job might be taken already or fired/layoff. When you get the loan and its in ur acct, then go for the job because theres no way for them to chk, your employer is not gonna make sure student loans know how much you are making.

Assume no work first, get loan in ur acct, then look for the job.

Thanks for replying, BBQPorkBun!

I'm wishing I didn't mention my job when filling out the Income Verification form. What made me uneasy though, is that my employer is my college. My work ID is my student ID. I'm sure you're right about student loans not figuring out about my income, but the office I work in is right beside the Financial Aid office; plus, I already had the job for a few months.

After running other errands at the college that included inquiring about Advanced Standing, I found out that I would have bumped into more problems with OSAP. If I'm granded advanced standing for what I applied for, I'll be attending only a 33% course load, which would disqualify me for OSAP anyway. I was screwed regardless.

If I get a bursary from the college, and a tuition refund from this advanced standing, I should be alright financially to continue my education.

Thanks again for your input. Your knowledge is appreciated.

[netriones]

Not telling the truth about having a job will not effect this year's funding but I am sure your future funding will be reduced. They verified your income with CRA EVERY YEAR.

[BBQPorkBun]

I think i'm going to run into some problems in getting OSAP. I'm currently in first year and I had a loan over $10000 and on my income i stated I will make $1000 during the school year but i've actually have made around $3000 now and i'm guessing $5000 by the end of the semester. During the summer i'll expect to make another $5000 if not much more but i'm not getting any help from home because of the financial situation and I live away from home too. So i'd like to know how much money can you make before they start taking money from your loans during study period and time off. Also after passing that limit at what ratio do they start taking off your loan? (e.g. $3000 over limit $1000 taken off osap loan) Cause in the end I don't want to end up working my ass off missing some school to go to work and only to find out that in the end i'm worse off than had i just not worked as much. Also BBQPorkBun thanks for making this post its very resourceful

They assume you make about $1000, anything more than that and you will see your osap going down. Unless the job is for experience and is a great benefit to your professional future, focus on studying, take the 10k in which 3k of that will be a grant.

[BBQPorkBun]

Not telling the truth about having a job will not effect this year's funding but I am sure your future funding will be reduced. They verified your income with CRA EVERY YEAR.

Not really, by the time they check your last yrs income, they are more interested in your current assets and future income once again. I myself have always received the max amount at the time and then did 3 part time jobs after receiving the loan and osap was not affected.

The truth is I'll assume I make nothing until I make it.

[BBQPorkBun]

Thanks for replying, BBQPorkBun!

I'm wishing I didn't mention my job when filling out the Income Verification form. What made me uneasy though, is that my employer is my college. My work ID is my student ID. I'm sure you're right about student loans not figuring out about my income, but the office I work in is right beside the Financial Aid office; plus, I already had the job for a few months.

After running other errands at the college that included inquiring about Advanced Standing, I found out that I would have bumped into more problems with OSAP. If I'm granded advanced standing for what I applied for, I'll be attending only a 33% course load, which would disqualify me for OSAP anyway. I was screwed regardless.

If I get a bursary from the college, and a tuition refund from this advanced standing, I should be alright financially to continue my education.

Thanks again for your input. Your knowledge is appreciated.

You are welcome.
Just keep in mind if you were to be declared part time in this term, your interest and grace period would of started jan 1 and expect repayment of your loans starting in 6 months.

Sounds like you are in ok shape. Good luck.

[Evil Baby]

One person has to tell another to tell another. Then theres a line for faxing stuff out. Thirdly, they want to be conservative and protect themselves so 3 days is the max.

I sure as heck hope 3 days is freaken max. It's a damn fax!. Just so frustrating because I have to wait for them to send my school a reciept, so I can give my school a reciept so they can send OSAP a letter letting them know to release my next years forums. I'm sure that'll take another week(if I'm lucky). Then they'll finally send me the documents which I'll have to fill out again, sign a gain and send back to OSAP. Then wait another week for the cash. Good thing I have some cash saved up to last me through January but I might be screwed for one of my classes that I need to buy a membershp to OCETT.


I wish I got lucky like you and they never found out about my part time jobs, but that is not the case and that is why I had to pay back $2546 in a matter of weeks.

[BBQPorkBun]

I sure as heck hope 3 days is freaken max. It's a damn fax!. Just so frustrating because I have to wait for them to send my school a reciept, so I can give my school a reciept so they can send OSAP a letter letting them know to release my next years forums. I'm sure that'll take another week(if I'm lucky). Then they'll finally send me the documents which I'll have to fill out again, sign a gain and send back to OSAP. Then wait another week for the cash. Good thing I have some cash saved up to last me through January but I might be screwed for one of my classes that I need to buy a membershp to OCETT.


I wish I got lucky like you and they never found out about my part time jobs, but that is not the case and that is why I had to pay back $2546 in a matter of weeks.

My case is not the same as your case.

Go to the centre in person, may make things go faster. Southeast corner of hurontario and robert speck road in mississauga, 9th floor. a block from square one.

[TechRock]

got my osap today...i was suppose to pick up grants only but for reason osap gave me some money too...whats up with that, last time i check the site i wasnt suppose to receive anything from them

[BBQPorkBun]

got my osap today...i was suppose to pick up grants only but for reason osap gave me some money too...whats up with that, last time i check the site i wasnt suppose to receive anything from them

A grant is money.

Call the centre.

[MrSquirrel]

How much does owning a car affect your OSAP assessment? What if I were to lease one, technically I don't own it, do I have to state it?

thanks for answering our questions =]

[BBQPorkBun]

How much does owning a car affect your OSAP assessment? What if I were to lease one, technically I don't own it, do I have to state it?

thanks for answering our questions =]

no problem. It affects it alot, osap would assume you would do pretty much anything to get enough funds to go to school so if you have a car, you would sell it, if you leased a car, then you would try to get someone to take over your lease.

[pop_tart]

I’d like a few things clarified about course loads and interest accumulation. How will switching to a part-time course load affect my OSAP loan?

I'm currently a 3rd year student at university. I have received funding from OSAP in the past, but didn’t need to apply for it this year (and probably won’t need to next year). As of September, I submitted my 'Continuation of Interest-Free Status' forms and have enrolled in a full course load.

If I switch to a part-time course load just for this semester (January-May) and then return in the summer/September as a full-time student, what/when would I be required to repay..? :confused:

I hope this makes sense. I’m a little confused myself. If you could help clarify, I'd really appreciate it. Thanks!

[BBQPorkBun]

I’d like a few things clarified about course loads and interest accumulation. How will switching to a part-time course load affect my OSAP loan?

I'm currently a 3rd year student at university. I have received funding from OSAP in the past, but didn’t need to apply for it this year (and probably won’t need to next year). As of September, I submitted my 'Continuation of Interest-Free Status' forms and have enrolled in a full course load.

If I switch to a part-time course load just for this semester (January-May) and then return in the summer/September as a full-time student, what/when would I be required to repay..? :confused:

I hope this makes sense. I’m a little confused myself. If you could help clarify, I'd really appreciate it. Thanks!

In general, switching to part time would be equivalent to graduating or just stopping school, meaning int starts accumulating and you are in your grace period.

Case 1: full time until dec. part time jan to april. full time may onwards
In this case your jan to april will be like ur summer and once you are on full time again, you will be on int free status. no int accumulated.

Case 2: full time until dec. part time/no school from jan to aug. full time in sept onwards.
In this case, grace period from jan to june (int accumulates), start paying loan for july and august. Back on to int free status in sept.

[pop_tart]

In general, switching to part time would be equivalent to graduating or just stopping school, meaning int starts accumulating and you are in your grace period.

Case 1: full time until dec. part time jan to april. full time may onwards
In this case your jan to april will be like ur summer and once you are on full time again, you will be on int free status. no int accumulated.

Case 2: full time until dec. part time/no school from jan to aug. full time in sept onwards.
In this case, grace period from jan to june (int accumulates), start paying loan for july and august. Back on to int free status in sept.

This really puts things into perspective. Thanks for taking the time to respond. :)

[BBQPorkBun]

This really puts things into perspective. Thanks for taking the time to respond. :)

no prob

[Anessa]

So how do you go about paying them back and how do you apply for debt forgiveness?

[BBQPorkBun]

So how do you go about paying them back and how do you apply for debt forgiveness?

6 month grace period after you grad, int accumulates. start paying monthly after grace based on prime + x depending on what prov and wht kind of loan, amortized at 15 yrs i believe. (someone can correct me on the term if the default is changed)

debt forgivness does not come into play until you use up 5 years of int relief, which is not easy to do, cuz u would have to either make really low income for those 5 years or have way too many kids. after that you can apply for loan forgivness in which they may pay all or part of the loan. if you happen to get it, you may not get interest relief for the rest of your life ever.

its more for those who are disabled and cannot work, those kind of extreme cases.

[mayluvz]

Hi,

I recently switched to part time status 21 credits due to demanding work hours, I'm gonna get OSAP soon meant for a full time, but once I get the money I want to give it back to NSL people, is that a good idea? my logic would be that it would decrease my OSAP debt sooner than later.... should I just keep the money to pay bills, or give it back now..?? Please advice.

Thanks in advance.

[MadCow]

Hi,

I recently switched to part time status 21 credits due to demanding work hours, I'm gonna get OSAP soon meant for a full time, but once I get the money I want to give it back to NSL people, is that a good idea? my logic would be that it would decrease my OSAP debt sooner than later.... should I just keep the money to pay bills, or give it back now..?? Please advice.

Thanks in advance.

OSAP will receive notice of your part-time status. Once they do, they will demand some, if not all, of the loan back immediately. A similar situation happened to me recently.

[lokisama]

Awesome thread bbqporkbun!
The part time job and amount of osap has already been discussed but I would like to have some more info.
i got an osap loan of about 9k and when I told the financial office that I now have a part time job where I would earn about 2.5k during the course of my study period and they slashed it about 7k. [silly me] But that same day I got informed by email that there have been changes in the amount of osap I would be getting and it is still at 9k.

I'm thinking maybe the amount that I would earn through part time is too low to affect my amount of osap or there have been some kind of error.

If I could get the amount of 9k and keep my part time job I would. It is not an experience kind of job but something I planned to have as a backup source of income in case of emergencys. So if the amount of osap is lowered by the part time job then it is pretty meaningless.

My question is should I go see my financial office about this matter? Should I tell them the truth, quit work and try to have my original amount back? or will my loans be 9k as it still is on my osap status online?

I am also out of high school for more than 4 years and an independent.

I appreciate your help.

[BBQPorkBun]

Hi,

I recently switched to part time status 21 credits due to demanding work hours, I'm gonna get OSAP soon meant for a full time, but once I get the money I want to give it back to NSL people, is that a good idea? my logic would be that it would decrease my OSAP debt sooner than later.... should I just keep the money to pay bills, or give it back now..?? Please advice.

Thanks in advance.

As Mad Cow says, its not up to you. They will ask for most or all of it back, and prepare to accumulate interest. The most financially beneficial option would be to not be part time. Its not worth making extra bucks, an interest free loan is far better.

[BBQPorkBun]

Awesome thread bbqporkbun!
The part time job and amount of osap has already been discussed but I would like to have some more info.
i got an osap loan of about 9k and when I told the financial office that I now have a part time job where I would earn about 2.5k during the course of my study period and they slashed it about 7k. [silly me] But that same day I got informed by email that there have been changes in the amount of osap I would be getting and it is still at 9k.

I'm thinking maybe the amount that I would earn through part time is too low to affect my amount of osap or there have been some kind of error.

If I could get the amount of 9k and keep my part time job I would. It is not an experience kind of job but something I planned to have as a backup source of income in case of emergencys. So if the amount of osap is lowered by the part time job then it is pretty meaningless.

My question is should I go see my financial office about this matter? Should I tell them the truth, quit work and try to have my original amount back? or will my loans be 9k as it still is on my osap status online?

I am also out of high school for more than 4 years and an independent.

I appreciate your help.

I would not work and tell them that, maybe your loan will end up being 11k then with 4k coming in as a grant. If you wanted to consider emergencies just keep aside 2k of the 11k for that, it would be the same scenario.

[Shadow Rider]

Would my savings affect my OSAP assessment? I have about $4000 in savings under my name and another $4000 under a joint account with my parents. Would I still be entitled to bursaries and such, or would OSAP tell me to use the money I already have to pay my education. Also, would the savings in my parents' accounts affect my entitlement?

Lastly, if I work study during the year and make $3100 that applies to my residence fees, would OSAP provide me with less money?

[BBQPorkBun]

Would my savings affect my OSAP assessment? I have about $4000 in savings under my name and another $4000 under a joint account with my parents. Would I still be entitled to bursaries and such, or would OSAP tell me to use the money I already have to pay my education. Also, would the savings in my parents' accounts affect my entitlement?

Lastly, if I work study during the year and make $3100 that applies to my residence fees, would OSAP provide me with less money?

Yes, but just put your assets in the joint account
Yes, if you tell them you project you will make 3100.
Don't assume here, until you've made that money, use worse case scenario and project 0.

[canabiz]

Thanks BBQ Bun for a very informative thread. I didn't have a chance to read all of the messages but here's my personal situation, if you don't mind chiming in with your thoughts, I would be very much appreciated.

I still have $5,700 left with OSAP right now and my interest relief period is over so they will start taking money out of my account at the end of every month

I asked them if I could write them a cheque each month with flexible amounts since that gives me more control but they say they already have my banking info so they will simply do pre-authorized payment ? Is that correct ?

Anyway the interest is accruing at 8.5 % for both my federal and integrated provincial loan. Long story short, it is accruing at about $1.33 per day. Now I am not a financial expert by any means but when they say that, does that mean every single day including weekends too ? ;-)

So I bumped my minimum payment for federal loan to $200/month and integrated provincial loan to $100/month. I asked them if I could call them back and increas or decrease the amount as I see fit and they say go ahead...don't know why they don't let me write a cheque then, much easier don't you think ?

Is it also possible to pay everything in 1 shot ? I will try to save up as much as possible, perhaps using my income tax refund and get rid of this once and for all, what do you think ?

Thanks for your input.

[TenzoR]

I asked them if I could write them a cheque each month with flexible amounts since that gives me more control but they say they already have my banking info so they will simply do pre-authorized payment ? Is that correct ?


Untrue, I told OSAP specifically I will be managing my own payment via online banking. Though I'm not sure about Cheques?


Anyway the interest is accruing at 8.5 % for both my federal and integrated provincial loan. Long story short, it is accruing at about $1.33 per day. Now I am not a financial expert by any means but when they say that, does that mean every single day including weekends too ? ;-)


Yes


So I bumped my minimum payment for federal loan to $200/month and integrated provincial loan to $100/month. I asked them if I could call them back and increas or decrease the amount as I see fit and they say go ahead...don't know why they don't let me write a cheque then, much easier don't you think ?


Well it takes time to send a cheque, depositing a personal cheque can take up to 7 business days, lost mail, etc


Is it also possible to pay everything in 1 shot ? I will try to save up as much as possible, perhaps using my income tax refund and get rid of this once and for all, what do you think ?


You can pay as much as you want, as long as it's above the minimal, though you can ask them to re-calculate your minimal/defer your payment depending on your financial situation (e.g. haven't found a job)

[netriones]

I have Canada-Ontario Integrated Student Loan which consisted of Canada loan and NSLSC loan. If I pay lumbsum using online banking, how does payment applied to loans? Is it splitted in two halves ? or ??

[BBQPorkBun]

Thanks BBQ Bun for a very informative thread. I didn't have a chance to read all of the messages but here's my personal situation, if you don't mind chiming in with your thoughts, I would be very much appreciated.

I still have $5,700 left with OSAP right now and my interest relief period is over so they will start taking money out of my account at the end of every month

I asked them if I could write them a cheque each month with flexible amounts since that gives me more control but they say they already have my banking info so they will simply do pre-authorized payment ? Is that correct ?

Anyway the interest is accruing at 8.5 % for both my federal and integrated provincial loan. Long story short, it is accruing at about $1.33 per day. Now I am not a financial expert by any means but when they say that, does that mean every single day including weekends too ? ;-)

So I bumped my minimum payment for federal loan to $200/month and integrated provincial loan to $100/month. I asked them if I could call them back and increas or decrease the amount as I see fit and they say go ahead...don't know why they don't let me write a cheque then, much easier don't you think ?

Is it also possible to pay everything in 1 shot ? I will try to save up as much as possible, perhaps using my income tax refund and get rid of this once and for all, what do you think ?

Thanks for your input.

You can give them post dated cheques or send them one every month that has to cover at minimal the monthly interest. I did what you want to do but I lived close to the centre so i always went in person and wrote them a cheque for whatever amt i can pay. You can choose preauthorized or not, you can also request that they delete your bank information.

yes, weekends too.

you can write them cheques in addition to your pre authorized payments, they will just reduce the loan even faster. bumping up payments is great, paying it all off is even better.

[BBQPorkBun]

I have Canada-Ontario Integrated Student Loan which consisted of Canada loan and NSLSC loan. If I pay lumbsum using online banking, how does payment applied to loans? Is it splitted in two halves ? or ??

you can have a fed loan, prov loan or integrated loan. even though integrated is made of 2 parts, it should only have 1 loan number and will be applied there. if you have several loan numbers then do specify.

if they already have your bank info, just tell them to do a one time debt for the remainder of the loan (or whatever loan you choose)

[D-Sisive]

what is the fastest way to repay your whole loan before graduation so you dont get hit with interest

its been determined now that im in my final semester that i will be getting a graduation gift in the form of $ to pay off my debts

so i would rather pay off OSAP ASAP :) since i can get the money before i graduate

i checked the NSLC site and the other sites but i guess i am blind cause i dont see any info on repaying your loan before graduation, all of the info is how to manage your loan after graduation and that they will send you info near the end of the 6 month grace period with pay options

thx

edit: i just read your post about online banking, so if i make a payment to my account for the lump sum in say march, i should be ok?

[netriones]

what is the fastest way to repay your whole loan before graduation so you dont get hit with interest

its been determined now that im in my final semester that i will be getting a graduation gift in the form of $ to pay off my debts

so i would rather pay off OSAP ASAP :) since i can get the money before i graduate

i checked the NSLC site and the other sites but i guess i am blind cause i dont see any info on repaying your loan before graduation, all of the info is how to manage your loan after graduation and that they will send you info near the end of the 6 month grace period with pay options

thx

edit: i just read your post about online banking, so if i make a payment to my account for the lump sum in say march, i should be ok?


First if you know your loan account number, you can find that number on the letter NSLSC sent you. Then you can use online banking to pay it as a bill payment, just add a payee by searching for NSLSC..

You can make $1 or $2 payment to test it make sure it works before paying $$$$ of money.
You can check your loan balance at www.canlearn.ca.

[BBQPorkBun]

what is the fastest way to repay your whole loan before graduation so you dont get hit with interest

its been determined now that im in my final semester that i will be getting a graduation gift in the form of $ to pay off my debts

so i would rather pay off OSAP ASAP :) since i can get the money before i graduate

i checked the NSLC site and the other sites but i guess i am blind cause i dont see any info on repaying your loan before graduation, all of the info is how to manage your loan after graduation and that they will send you info near the end of the 6 month grace period with pay options

thx

edit: i just read your post about online banking, so if i make a payment to my account for the lump sum in say march, i should be ok?

You can even pay it at the end of april, that should be fine. May is when interest would start accumulating.

Sweet grad gift. My grad gift was having to pay my parent's property tax bill.

[D-Sisive]

First if you know your loan account number, you can find that number on the letter NSLSC sent you. Then you can use online banking to pay it as a bill payment, just add a payee by searching for NSLSC..

You can make $1 or $2 payment to test it make sure it works before paying $$$$ of money.
You can check your loan balance at www.canlearn.ca.


ok i found the # since they sent me a letter last year and thought i stopped going to school

i added NSLSC public + my loan # to my list of payee

dropped $1 in the account, will see if it updates through canlearn next week

thx for the tip

You can even pay it at the end of april, that should be fine. May is when interest would start accumulating.



your right, after i checked the canlearn site
Period of Study End Date: April 30, 2007

but i'll probably pay after my midterms in mid april if i come out confident that i passed everything lol

[zimmerDN]

Are there any benefits in not paying the loan off in one lump sum? Tax deduction, how does that work?

[netriones]

Are there any benefits in not paying the loan off in one lump sum? Tax deduction, how does that work?

No benifit except if you can find investment which returns more than osap interest rate. Remember paying down debt is like getting a guarantee return of rate the debt charges.

Tax deduction for student loan is like paying $1 interest and get back 20 cents tax refund.

[BBQPorkBun]

Are there any benefits in not paying the loan off in one lump sum? Tax deduction, how does that work?

netrione is right, no benefit unless you can make with 100% assurance more than 8.5% (less deductible ~15% of 8.5%) of after tax return which would probably be around 12% (depending on tax bracket, what type of investment etc.)

I personally prefer to not have to pay 8.5% than try to make 12% elsewhere.

[hyperion]

I was looking over my OSAP Total Funding summary on their site, and I noticed 2 very important discrepancies. First of all, it claims I was given an extra $1652 in November, on top of the base OSAP I was getting last semester. I checked my bank statement, and the original base amount shows up in October, but the extra $1652 was never given to me, yet OSAP counts it in it's grand total!!!!!

Another problem, the Total Funding summary also says I was given a Ontario Access Grant of $1092 in late December 2006, but I checked my account summary with the university, and no such thing shows up.

I'm really pissed off about both of these things. How can these people screw up so bad?? I don't even know where to go or who to call about this.

OP, please give me some advice if you have any.

[hyperion]

bump

[M33]

I was looking over my OSAP Total Funding summary on their site, and I noticed 2 very important discrepancies. First of all, it claims I was given an extra $1652 in November, on top of the base OSAP I was getting last semester. I checked my bank statement, and the original base amount shows up in October, but the extra $1652 was never given to me, yet OSAP counts it in it's grand total!!!!!

Another problem, the Total Funding summary also says I was given a Ontario Access Grant of $1092 in late December 2006, but I checked my account summary with the university, and no such thing shows up.

I'm really pissed off about both of these things. How can these people screw up so bad?? I don't even know where to go or who to call about this.

OP, please give me some advice if you have any.

These amounts should be part of your OSAP for the second semester. If these amounts weren't included, you should contact your school's financial office.

[BBQPorkBun]

I was looking over my OSAP Total Funding summary on their site, and I noticed 2 very important discrepancies. First of all, it claims I was given an extra $1652 in November, on top of the base OSAP I was getting last semester. I checked my bank statement, and the original base amount shows up in October, but the extra $1652 was never given to me, yet OSAP counts it in it's grand total!!!!!

Another problem, the Total Funding summary also says I was given a Ontario Access Grant of $1092 in late December 2006, but I checked my account summary with the university, and no such thing shows up.

I'm really pissed off about both of these things. How can these people screw up so bad?? I don't even know where to go or who to call about this.

OP, please give me some advice if you have any.

Im not sure how you organize your money but you should have an idea in what semester to expect what amount and if almost 2k is not there that you were suppose to get, that it had been taken care of then.

Just call the NSLSC 1-888-815-4514. I would not want to guess at what your situation is about

[DaveCheliose]

can i cancel the 6th-month grace period and apply for interest relief right away? and whats the point of this period if I still have pay the interest?

[netriones]

can i cancel the 6th-month grace period and apply for interest relief right away? and whats the point of this period if I still have pay the interest?

No you can't, the point of 6 months no payment period is that you can look for job during this time.

Eligibility

The following is a list of eligibility requirements:

* You must have consolidated your loan(s) and signed a Consolidation Agreement for your Integrated Student Loans, Canada Student Loans, and/or Provincial Student Loans, as applicable. If you have not signed a Consolidation Agreement, contact the NSLSC and/or your Financial Institution, as applicable.
* You must reside in Canada. For the purposes of this application, an individual who is participating in an international internship program or is a member of the Canadian Armed Forces who is stationed abroad is considered to be residing in Canada.
* You must pay or capitalize (up to a maximum of three months) any unpaid interest as of the start of the period for which you are eligible for interest relief in order to receive interest relief.
* Your monthly gross family income (before deductions) must fall within the maximum income guidelines. You can view these guidelines by visiting http://www.CanLearn.ca or by requesting a copy of these guidelines from the NSLSC.
* Your eligibility for interest relief must not have been previously revoked or terminated.
* You may be ineligible for interest relief if you are currently restricted from eligibility for student loans from the Government of Canada and/or the province from which your student loans were issued.

[DaveCheliose]

thanks!

but what do they mean by - "(up to a maximum of three months)"
in here

* You must pay or capitalize (up to a maximum of three months) any unpaid interest as of the start of the period for which you are eligible for interest relief in order to receive interest relief.

And what if I have a loan overpayment from my last year, would I have to pay it back to be eligible for interest relief? thanks

[hassan123]

After graduation there is a 6 months interest free period. Do u have the option of paying off the loan during the 6 months to avoid paying the interest?

[DaveCheliose]

After graduation there is a 6 months interest free period. Do u have the option of paying off the loan during the 6 months to avoid paying the interest?

this period is NOT interest free. And thats my problem with it, as it looks like I cant do anything about it, and they still rip me off with the interest for 6 month grace period regardless.

[devious9191]

If someone has posted this, or something similar, sorry. I was just on my way out the door and say your topic.

My question is this, I've been repaying my loans for.. about 6 years now I guess. I believe that I received over 7k in loans per year, each year. I know that they didn't 'automatically' give me anything over and above, and I've been repaying the entire amount since graduation.

So, I guess my question is, is it too little too late at this point? To go back and get the amount over 7k forgiven?

Thanks

[BBQPorkBun]

this period is NOT interest free. And thats my problem with it, as it looks like I cant do anything about it, and they still rip me off with the interest for 6 month grace period regardless.

cancel grace period, good one =)

Its a loan people, interest free while you were in school, appreciate what Canada has to offer.

[BBQPorkBun]

If someone has posted this, or something similar, sorry. I was just on my way out the door and say your topic.

My question is this, I've been repaying my loans for.. about 6 years now I guess. I believe that I received over 7k in loans per year, each year. I know that they didn't 'automatically' give me anything over and above, and I've been repaying the entire amount since graduation.

So, I guess my question is, is it too little too late at this point? To go back and get the amount over 7k forgiven?

Thanks

this grant or forgiven part as you've put it happens automatically. call the NSLSC and see what was ur loan balance was from the beginning. if its less than 7k times # yr in school than u know something was done.

[MtX]

you got a private message :!:

[DaveCheliose]

cancel grace period, good one =)

well I guess that means NO, and I can NOT cancel it?

;-)

[BBQPorkBun]

well I guess that means NO, and I can NOT cancel it?

;-)

nope, can't get around it. but if you see the big picture, its a small price to pay for this kind of loan and you can get IR after. also i would advise you to pay the int instead of capitalize it to the loan for tax purposes

[BBQPorkBun]

In terms of qualifying for interest relief, what will OSAP or the National Student Loan check to see if you qualify. Or is what you put on the application what they go by? Thanks

income, # of kids, montly payment amount

these 3 and only these 3 factors.

it was good for those that have loans still from the other banks (royal, TD) cuz the montly pmt part can be manipulated

also for income, they focus most on the month you are applying for.

[Deans21]

Question....

I just received a notice saying that $2,400 of my loan is being forgiven by OSOG or whatever it is. I logged into OSAP and it says I'm ineligible for OSOG in my 2003-2004 year because my mom's income couldn't be verified.

Basically... if I call them and get it sorted out can I still be considered for it? I mean its 4 years later so will they just say forget it and not give it to me?

I guess my best bet is to phoen them anyway... but if anyone can offer any info.....

[BBQPorkBun]

Question....

I just received a notice saying that $2,400 of my loan is being forgiven by OSOG or whatever it is. I logged into OSAP and it says I'm ineligible for OSOG in my 2003-2004 year because my mom's income couldn't be verified.

Basically... if I call them and get it sorted out can I still be considered for it? I mean its 4 years later so will they just say forget it and not give it to me?

I guess my best bet is to phoen them anyway... but if anyone can offer any info.....

call

[DaveCheliose]

also for income, they focus most on the month you are applying for.
but if it's the current year, there is no way for them to check with CRA, would they just believe me on that? not that im not eligible, just wondering.

[BBQPorkBun]

but if it's the current year, there is no way for them to check with CRA, would they just believe me on that? not that im not eligible, just wondering.

Yes, they ask you to estimate. But based on your last two months they should find a similar pattern, if its much bigger/smaller they will question it and may ask for other things. This is great for those on low base with high commissions (aren't going to assume we will make those commissions)

[UrbanPoet]

what happens if you are estranged from your parents and therefore cannot live @ "Home" even tho your parents home is within the same city?
will you still be able to get extra money for OSAP?

[ace321]

yes osap will check everything

[BBQPorkBun]

what happens if you are estranged from your parents and therefore cannot live @ "Home" even tho your parents home is within the same city?
will you still be able to get extra money for OSAP?

Then your application will still be living away and then they will take that into consideration.

My parents can be in toronto but i may still live on my own going to U of T for example.

[Karpoozi]

Great thread BBQ. Very informative.

I've got a Q for my OSAP. In April i'll be graduating. I know there is a 6 month grace period where I don't need to pay off any of my loans. However, if I'm correct in my understanding, if I find a job between April and October, the grace period is revoked and I immediately start having to pay off my loan. This is assuming that I find a FULL-TIME position. My question is, during the grace period (i.e. between April-October), if I manage to find a PART-TIME position, is my grace period revoked? Or does the removal of the grace period only apply to finding a FULL-TIME position, i.e. am I still exempt from paying off any of my loan despite not having a FULL-TIME job?

Thanks for the help man!

[BBQPorkBun]

Great thread BBQ. Very informative.

I've got a Q for my OSAP. In April i'll be graduating. I know there is a 6 month grace period where I don't need to pay off any of my loans. However, if I'm correct in my understanding, if I find a job between April and October, the grace period is revoked and I immediately start having to pay off my loan. This is assuming that I find a FULL-TIME position. My question is, during the grace period (i.e. between April-October), if I manage to find a PART-TIME position, is my grace period revoked? Or does the removal of the grace period only apply to finding a FULL-TIME position, i.e. am I still exempt from paying off any of my loan despite not having a FULL-TIME job?

Thanks for the help man!

Whether you have a job or not has nothing to do with the grace period, you get it for 6 months regardless of your situation.

[ricetankid]

the topic of interest relief keeps coming up and i'm wondering how it works for the "newer loans" that are being managed by NSLC rather then the banks.

BEFORE: you could work with your bank and manipulate your monthly payment and get it high enough to fit the income eligibility chart.

NOW:you can still do this but its done directly with the NSLC. if i call the NSLC and ask for my monthly payment to be increased to the point that i would qualify under the income eligiblity chart, would they give me interest relief? or simply ask me to lower my monthly payment?

[BBQPorkBun]

the topic of interest relief keeps coming up and i'm wondering how it works for the "newer loans" that are being managed by NSLC rather then the banks.

BEFORE: you could work with your bank and manipulate your monthly payment and get it high enough to fit the income eligibility chart.

NOW:you can still do this but its done directly with the NSLC. if i call the NSLC and ask for my monthly payment to be increased to the point that i would qualify under the income eligiblity chart, would they give me interest relief? or simply ask me to lower my monthly payment?

You can to an extent, by default you have a set monthly pmt an you can change them anytime and you may get away from raising them a little like 100 bucks. But they won't give it to you if you are inflating it to the point where they say, hey you don't have to pay 1000 per month.

Every application goes to a person to evaluate your situation, and if you've raised your pmt from 275 to 350, you may be able to get away with it. 350 a month is very common compared to 1000.

[jackieskwong]

My parents make 15,000 a year(i know very little but we get help from my uncle). i really don't get much money from them. This is my first year in U and this year i got a total of 8000 in OSAP (4000 in loans and 4000 grants). I hear i don't get any more low-income family grants after first year. I want to get a job, but however i don't want to decrease my OSAP loan. I hear if my loan totals 7000 in a year i won't have to pay the 7000(forgiveness grant). Is it better if i tell Osap i am not dependant on my parents? cause i want to get a job but i do not want to get less grant so i have to work harder neglecting school.

any ideas or suggestions on what i should do?:confused:

[BBQPorkBun]

My parents make 15,000 a year(i know very little but we get help from my uncle). i really don't get much money from them. This is my first year in U and this year i got a total of 8000 in OSAP (4000 in loans and 4000 grants). I hear i don't get any more low-income family grants after first year. I want to get a job, but however i don't want to decrease my OSAP loan. I hear if my loan totals 7000 in a year i won't have to pay the 7000(forgiveness grant). Is it better if i tell Osap i am not dependant on my parents? cause i want to get a job but i do not want to get less grant so i have to work harder neglecting school.

any ideas or suggestions on what i should do?:confused:

First yr is no diff than any other year, you will still get grants
You won't have to pay anything OVER 7k, not u dun have to pay the 7k

Don't work, get assessed with 0 projected income, get your loan, then if you find the need and ur running out of money, then work during the school year. This way you know your assessment was the max u could get in loans and/or grants.

[D-Sisive]

hey BBQPorkBun

i want to ask about the over 7000 amount per year issue

so if OSAP gives you exactly 8000 loan for the year

that means the extra 1000 is forgiven and you only pay them 7000

when do they actually tell you that its forgiven?

i want to pay off my loan before graduation so as to not incur interest

if i pay it all off, do they refund me the 1000, or do they not do anything

[BBQPorkBun]

hey BBQPorkBun

i want to ask about the over 7000 amount per year issue

so if OSAP gives you exactly 8000 loan for the year

that means the extra 1000 is forgiven and you only pay them 7000

when do they actually tell you that its forgiven?

i want to pay off my loan before graduation so as to not incur interest

if i pay it all off, do they refund me the 1000, or do they not do anything

Just call in before you want to pay to find out your amount owed. If you overpay, yes they will return your money

[mayluvz]

In general, switching to part time would be equivalent to graduating or just stopping school, meaning int starts accumulating and you are in your grace period.

Case 1: full time until dec. part time jan to april. full time may onwards
In this case your jan to april will be like ur summer and once you are on full time again, you will be on int free status. no int accumulated.

Case 2: full time until dec. part time/no school from jan to aug. full time in sept onwards.
In this case, grace period from jan to june (int accumulates), start paying loan for july and august. Back on to int free status in sept.

so..CASE 1 applies to me. what status should I put down for my summer osap? I am planning to take 2 courses this summer to make up...will I be penalize in any way?? Please advice. >:(

[BBQPorkBun]

so..CASE 1 applies to me. what status should I put down for my summer osap? I am planning to take 2 courses this summer to make up...will I be penalize in any way?? Please advice. >:(

so then ur essentially part time from jan to aug. which means int will start accumulating in jan and you will have to make payments in july and august, grace period interest you can either pay or capitalize. then go back onto full time student status in sept.

[ricetankid]

i went and tried to complete the interest relief form from the NSLC website today. i made a call to them to confirm the form was up to date and they told me that you cannot do the form yourself anymore.

you must call them and answer several qualifying questions before they will send you a prefilled form that you just add details to and sign/date.

the questions are income related much like credit card application questions. if you do it at the end of the month they will date your application for the comming month.

this good if you are unsure of your total income in the upcoming month. they will not ask you for proof because paystubs have not been issued. columns 2 (month before date of application) and 3 (month before column 2) dont apply if you are not in arears making this a relatively simple process.

hope this helps clear up some of the process.

[BBQPorkBun]

dont apply if you are not in arears making this a relatively simple process.

Apply regardless. If your payment is on the 30th, apply sometime at the beginning of the month.

This was always the process as Ive known it. Call to prequalify, get form.

[shakezula]

I didn't call to prequalify on the phone, I just downloaded the form off the site, sent it in the first week of January, and received a letter last week informing me that I was approved for interest relief until June 2007... so has it changed this month then? I hope I don't have to go over it all on the phone in 6 months time if I want to continue it.

[BBQPorkBun]

I didn't call to prequalify on the phone, I just downloaded the form off the site, sent it in the first week of January, and received a letter last week informing me that I was approved for interest relief until June 2007... so has it changed this month then? I hope I don't have to go over it all on the phone in 6 months time if I want to continue it.

you should be good

[ricetankid]

Apply regardless. If your payment is on the 30th, apply sometime at the beginning of the month.

This was always the process as Ive known it. Call to prequalify, get form.

sorry if my sentence structure was confusing.

"columns 2 and 3 do not apply making this a relatively simple process"

as in you do not actually have to provide proof of income if you do it at the end of the month and are not currently in arears (if you ARE in arears then those two columns must be filled in)

[jerrytoyer]

i think the system has been abused

[BBQPorkBun]

i think the system has been abused

Questions/issues only plz. Want opinions, start your own thread.

[Anessa]

i think the system has been abused

And what system hasn't been? Move on and go start your own thread.

[DaveCheliose]

In addition, the 6 months grace period is not interest free. Rather it accumlates from day 1.

btw how do they calculate the interest during the grace period? looks like they know it in advance even if the rate is floating.

and why do they want me to sign the consolidation agreement so much, and what happens if I dont? is there a trick to it?

[BBQPorkBun]

btw how do they calculate the interest during the grace period? looks like they know it in advance even if the rate is floating.

and why do they want me to sign the consolidation agreement so much, and what happens if I dont? is there a trick to it?

prime doesn't fluctuate erratically, its 6% today and will be 6% tomorrow and what you pay is always prime + 1.0 or 2.5

no tricks, just procedure to put ur 4 yrs of loans together

[DaveCheliose]

+ 1.0 or 2.5

1.0 or 2.5? they told me i have 2.5, whats the difference? I mean 1.0 is better than 2.5 :D

and thx for the reply, keep it up man!

[lokisama]

So last week I talked with my financial advisor about my part time job and she said the maximum I could earn a week without affecting my current OSAP funding was $50/week.

What happens during summer break then? Is my summer break considered 'study period' by osap and funds calculated accordingly?

Can I work in summer without affecting the amount of my loans or do I still have to rely on osap?

Thanks in advance.

[BBQPorkBun]

1.0 or 2.5? they told me i have 2.5, whats the difference? I mean 1.0 is better than 2.5 :D

and thx for the reply, keep it up man!

A loan to you is made of a provincial portion and federal portion. provincial for ontario is 1.0 and fed is 2.5. provincial can be different depending on province. If you have the option, make the min payment (or int only even) on the provincial first and put whatever you can toward the federal portion.

[BBQPorkBun]

So last week I talked with my financial advisor about my part time job and she said the maximum I could earn a week without affecting my current OSAP funding was $50/week.

What happens during summer break then? Is my summer break considered 'study period' by osap and funds calculated accordingly?

Can I work in summer without affecting the amount of my loans or do I still have to rely on osap?

Thanks in advance.

Summer is not your 'study period'. It would somewhat affect your osap with regard to the questions of your income and how much savings/assets you have starting the next school year.

[DaveCheliose]

A loan to you is made of a provincial portion and federal portion. provincial for ontario is 1.0 and fed is 2.5. provincial can be different depending on province. If you have the option, make the min payment (or int only even) on the provincial first and put whatever you can toward the federal portion.
But im talking about the grace period, I have no option here right?

[Xtreme2001]

What happens if I want to leave the country for a year or two, while I still have money owing to OSAP?

The simple solution would be to have money in the account each month for withdrawl, but are there any issues with leaving the country?

[BBQPorkBun]

But im talking about the grace period, I have no option here right?

You don't have to pay during grace period but you always have the option. they are not going to prevent you from paying them back.

[BBQPorkBun]

What happens if I want to leave the country for a year or two, while I still have money owing to OSAP?

The simple solution would be to have money in the account each month for withdrawl, but are there any issues with leaving the country?

no issues, except you are not eligible for interest relief.

[zimmerDN]

How is the interest rate applied/added/calculated to the principle amount? Yearly compound?

Example, $10,000 at 10% would be how much if it is to be repaid over 4 years?

[canabiz]

I finally finished the last payment last week

5 years and approx. $35K after and I am free like a BIRD!!

Granted I was on interest relief for about 3 years but every little money that I could save, i put it towards OSAP. It's amazing how determined you are when you have that one goal and you have to do everything you could to achieve it in the shortest time possible

Right now my accounts at Canlearn.ca shows $0, are they going to send me a confirmation letter ? Do I have to request it ? Or is it all good now ?

[BBQPorkBun]

How is the interest rate applied/added/calculated to the principle amount? Yearly compound?

Example, $10,000 at 10% would be how much if it is to be repaid over 4 years?

Daily simple interest based on your daily principle. Int cannot be capitalized, must be paid by you at the end of the month (or gov't if int relief).

[BBQPorkBun]

I finally finished the last payment last week

5 years and approx. $35K after and I am free like a BIRD!!

Granted I was on interest relief for about 3 years but every little money that I could save, i put it towards OSAP. It's amazing how determined you are when you have that one goal and you have to do everything you could to achieve it in the shortest time possible

Right now my accounts at Canlearn.ca shows $0, are they going to send me a confirmation letter ? Do I have to request it ? Or is it all good now ?

Congrats. good move with the IR, you probably saved thousands.

They will send you one automatically. If you don't get it you can call and request another one be sent.

[Xtreme2001]

I have 17k owing. Making 45k/year. Just finished my grace period 3 months ago. Is there any way I can obtain Interest Relief? or anything else to cut down my interest/payments?

If I were to extend my payments over 5-10 years, making minimal contributions, would OSAP assist me and remove any amount? (i've heard through friends that after 2-3 years into their payback, OSAP cut a chunk of their loan).

[BBQPorkBun]

I have 17k owing. Making 45k/year. Just finished my grace period 3 months ago. Is there any way I can obtain Interest Relief? or anything else to cut down my interest/payments?

If I were to extend my payments over 5-10 years, making minimal contributions, would OSAP assist me and remove any amount? (i've heard through friends that after 2-3 years into their payback, OSAP cut a chunk of their loan).

IR - not likely but you can try
Cut down - no, extending term will just make you end up paying more interest
Assist from extending term - no, makes the monthly pmts even easier to make, why would they assist you (or need to for that matter)
Chunk cutting - no, you wish, no random handouts from the gov't

Nothing much you can do, you are probably just over the max income to recieve IR. In some cases (if you are really borderline), you can be better off making less income and getting on IR

[ShadowVlican]

this isn't a repayment question, but i wonder if you can still help me out

i just picked up my 2nd semester OSAP loan from UofT (late i know) and it came with a cheque payable to me

i also have the form "Certificate of Loan" from the Gov't (3 sheets, white, blue, yellow)

question is:
what do i do with the form and cheque? deposit the cheque and keep the form?

[mily]

HI.I'll finish with my 3-years IR in April ,but I am still allowed for IR,as I have income of 47000 ,two small childrens and my wife is stay at home.What should I do, heard I can obtain 2 years more of IR.What is procedure for new aplication.
What is happening after all 5 years of IR.
Thanks

[Emancipated]

This is an eligibility question. Many moons ago, I was on an OSAP loan but due to family issues, had to drop out of school to work. OSAP took notice of that and started to withdraw money from my account on a monthly basis. There was a period when I hit pretty much rock bottom and had absolutely no money left for them to withdraw and my account was declared delinquent which leads us to the crux of my question: According to a document I read, I am no longer eligible to apply for OSAP. Is this true, if so, what are measures I can take to get myself on a better footing to make myself eligible once more? I should mention the repayment for one of them (Provincial I believe) has continued. The other loan seems to be in collections obscurity. I tried pleading with the collection agency to give it back to CIBC so we could continue the automatic monthly withdraw, but they weren't listening and insisted I pay the lump sum -- that I cannot do.

At any rate, I would love to know what my options are because I would like to go back to school.

Thanks

[BBQPorkBun]

this isn't a repayment question, but i wonder if you can still help me out

i just picked up my 2nd semester OSAP loan from UofT (late i know) and it came with a cheque payable to me

i also have the form "Certificate of Loan" from the Gov't (3 sheets, white, blue, yellow)

question is:
what do i do with the form and cheque? deposit the cheque and keep the form?

Deposit the chk. The form basically proves you have this loan and proves you have a 'in school' status. Its used to put you on in school status if you are not already, call just in case to make sure of ur status to prevent any headaches. On the bottom of the form for each color you should see where each form is suppose to go, you keep only one of them I believe.

[BBQPorkBun]

HI.I'll finish with my 3-years IR in April ,but I am still allowed for IR,as I have income of 47000 ,two small childrens and my wife is stay at home.What should I do, heard I can obtain 2 years more of IR.What is procedure for new aplication.
What is happening after all 5 years of IR.
Thanks

Yes, you can still get IR. Application procedure is the same.
After 5 years you can apply for loan forgiveness in which they evaluate whether to forgive your loan in part or all of it. The condition to get this loan forgiveness is that you will never get IR in your life ever again.

[BBQPorkBun]

This is an eligibility question. Many moons ago, I was on an OSAP loan but due to family issues, had to drop out of school to work. OSAP took notice of that and started to withdraw money from my account on a monthly basis. There was a period when I hit pretty much rock bottom and had absolutely no money left for them to withdraw and my account was declared delinquent which leads us to the crux of my question: According to a document I read, I am no longer eligible to apply for OSAP. Is this true, if so, what are measures I can take to get myself on a better footing to make myself eligible once more? I should mention the repayment for one of them (Provincial I believe) has continued. The other loan seems to be in collections obscurity. I tried pleading with the collection agency to give it back to CIBC so we could continue the automatic monthly withdraw, but they weren't listening and insisted I pay the lump sum -- that I cannot do.

At any rate, I would love to know what my options are because I would like to go back to school.

Thanks

I am sorry to hear of your situation. In retrospect, this could have been taken cared of by just applying for interest relief. Apply now for the provincial loan.

From my experience, theres still a chance to get the loan back from collections to CIBC (at which you can apply for IR) but its rare.

I would not know about collections agency procedure but try to negotiate something with them. Pleading doesn't help, everyone has a job to do, treat it as a business negotiation.

[crosswire]

Just wanted to let you know about my expereince.
I was unemployed at one point and defaulted on the payments 2 times..however, i never did get a letter from them stating that it was and before i knew it, i got a letter from collections. I was upset.

So i investigated and in the end faxed them my research and all the letters i received for interest relief etc etc and received a letter and they indeed did mail a notice letter out to the wrong place.When i call student loans, i had to speak to the investigation dept.However, mind you some of them there dont care. I persisted in nagging them and in the end, the student loan was removed from collection on their error.
i know this might now work for everyone, depends on ure situation,however, its good to fax them a letter and explain ure situation etc.
however, im not sure if that will work 100%.

[weedb0y]

Just wanted to let you know about my expereince.
I was unemployed at one point and defaulted on the payments 2 times..however, i never did get a letter from them stating that it was and before i knew it, i got a letter from collections. I was upset.

So i investigated and in the end faxed them my research and all the letters i received for interest relief etc etc and received a letter and they indeed did mail a notice letter out to the wrong place.When i call student loans, i had to speak to the investigation dept.However, mind you some of them there dont care. I persisted in nagging them and in the end, the student loan was removed from collection on their error.
i know this might now work for everyone, depends on ure situation,however, its good to fax them a letter and explain ure situation etc.
however, im not sure if that will work 100%.

I think I have to look into this as well for my wife's account. We had paid it all off in one lump-sum (from my OSAP that I had but thankfulyl I was working and was able to pay uni on montly basis) but when I checked there was something on creditfile from national loans.

[ShadowVlican]

Deposit the chk. The form basically proves you have this loan and proves you have a 'in school' status. Its used to put you on in school status if you are not already, call just in case to make sure of ur status to prevent any headaches. On the bottom of the form for each color you should see where each form is suppose to go, you keep only one of them I believe.
thanks! i did some additional reading and it seems i need to send in the yellow portion of the form to a designated Canada Post outlet

http://www.canlearn.ca/en/shared/pay/school/gov_stu_loans/tool/general/canadapost/postaloutlets.shtml
(beware this link only functions properly in IE, firefox didn't work)

[tictac11]

hi, BBQPorkBun! I have a few questions for you, hopefully won't take you much time. ^^

After graduation, I've applied a couple of times for the interest relief program and even exceeded its maximum extension (6 applications). Right now I am paying the interest-only loan which is only half of the previous amount of monthly payment (this only could last for 6 months then i'll have to re-apply again). And now my question is, I'm planning to return to University in this fall and for sure I'd need to apply the oscap again, will i be able to make it? How high is the possibility of getting it again since my past record looks so bad that i only paid a little after graduated. And What if I want to study aboard? what's the maximum amount of the loan i could get? I need to calculate all the risks and expenses if i live away from home, or else I'll need to stay at hometown.

Thank you!! :)

[BBQPorkBun]

hi, BBQPorkBun! I have a few questions for you, hopefully won't take you much time. ^^

After graduation, I've applied a couple of times for the interest relief program and even exceeded its maximum extension (6 applications). Right now I am paying the interest-only loan which is only half of the previous amount of monthly payment (this only could last for 6 months then i'll have to re-apply again). And now my question is, I'm planning to return to University in this fall and for sure I'd need to apply the oscap again, will i be able to make it? How high is the possibility of getting it again since my past record looks so bad that i only paid a little after graduated. And What if I want to study aboard? what's the maximum amount of the loan i could get? I need to calculate all the risks and expenses if i live away from home, or else I'll need to stay at hometown.

Thank you!! :)

You are in good position to get OSAP again because what you did was the responsible thing to do. Its not 'bad' because you didn't pay much back, its only bad if you were delinquent on the loans, missed payments, things like that.

If you study abroad you can still get osap. I don't know the maximum. Times have changed and the max now is not the max when I was in school.

[tictac11]

.........its only bad if you were delinquent on the loans, missed payments, things like that.

But I was delinquent and had delayed the payment occassionally before, but that only occured a few times. Does that affect my chances a great deal?

[BBQPorkBun]

But I was delinquent and had delayed the payment occassionally before, but that only occured a few times. Does that affect my chances a great deal?

It may depending on the seriousness. Apply and find out.

[BBQPorkBun]

Just a reminder as most people will be graduating in April that the interest on your loan begins at the start of may. For those loan repayment keeners, if you have a lump sum or can borrow from family to pay it off, you can apply it anytime now. You can't apply for IR in the grace period but you can starting in Nov. Pay off the grace period interest because capitlizing it (adding it to the loan) won't get you a deduction.

[D-Sisive]

Just a reminder as most people will be graduating in April that the interest on your loan begins at the start of may. For those loan repayment keeners, if you have a lump sum or can borrow from family to pay it off, you can apply it anytime now. You can't apply for IR in the grace period but you can starting in Nov. Pay off the grace period interest because capitlizing it (adding it to the loan) won't get you a deduction.

im graduating

ok so this year they gave me $8xxx for the 2 semesters for the year

i have other amounts of osap from previous years

i can pay it all off now

if i pay it off, do i get a cheque back for part of the $8xxx amount (ie they give me back $1xxx)

you know, because of that over $7000 per 2 semester amount grace

thanks

(yea you answered it before but wasnt that clear so i would like some clarification, thanks again)

[BBQPorkBun]

im graduating

ok so this year they gave me $8xxx for the 2 semesters for the year

i have other amounts of osap from previous years

i can pay it all off now

if i pay it off, do i get a cheque back for part of the $8xxx amount (ie they give me back $1xxx)

you know, because of that over $7000 per 2 semester amount grace

thanks

(yea you answered it before but wasnt that clear so i would like some clarification, thanks again)


No, just pay 7k for this year. If in the event you made an overpayment though they would return to you whatever you overpaid.

[Tereno]

Hi there,

I have been on internship for the past year, earning a full time salary. How will this affect my OSAP Loans? I have been repaying them for the time that I have been working. I've saved up some..enough for school fees but not enough for accomodation costs. I live about an hour plus away from school. Just wondering what are my chances of getting OSAP if any? Going back to school full time in May.

Thanks.

[BBQPorkBun]

Hi there,

I have been on internship for the past year, earning a full time salary. How will this affect my OSAP Loans? I have been repaying them for the time that I have been working. I've saved up some..enough for school fees but not enough for accomodation costs. I live about an hour plus away from school. Just wondering what are my chances of getting OSAP if any? Going back to school full time in May.

Thanks.

its too hard to say without knowing all the factors, but you just have to try and see what they give you.

[BBQPorkBun]

:arrowu: bump!

Theres alot of good issues and questions raised in this thread and I may have confused people with the previous title 'osap repayment'. I did specialize in the repayment part of osap when i worked there but you may ask any general questions regarding osap and I will continue to answer them the best I can.

For those who just graduated, welcome to the third day of paying interest in your grace period =) some are really shocked when they see they are paying $20 per day for interest. Like i said before, if you have a lump sum, even a small lump, throw it on.

[issy]

how does one apply for IR........
my daughter graduates in june ..........
she is looking for employment as this present ......
thanks

[netriones]

I just paid off loan in lumbsum using bill payment. Now it says there's no active loan account in NSLSC website. Thanks for all the help on how to repay it.(They hide the repayment method as deep as possible so you have no idea how to repay it.). Now I can start from 0 and start investing. :cheesygri :cheesygri

I suggest people who took out student loan to get a part time job. You're better not gambling with your future like carrying a huge debt when you graduate.

[BBQPorkBun]

how does one apply for IR........
my daughter graduates in june ..........
she is looking for employment as this present ......
thanks

call the nslsc, they will send you a form. you can only apply after 6 months after june (grace period). you can't get around the grace period interest.

[perplexed_one]

how much is the interest rate for a OSAP loan after you graduate? is the current market interest rate? how do they calculate it?

is it on annual, semi-annual, quarterly or monthly basis?

[netriones]

how much is the interest rate for a OSAP loan after you graduate? is the current market interest rate? how do they calculate it?

is it on annual, semi-annual, quarterly or monthly basis?


Prime+2.5%, currently it is 8.5% annually. I believe the interest is calculated on a daily basis.

[BBQPorkBun]

Prime+2.5%, currently it is 8.5% annually. I believe the interest is calculated on a daily basis.

yes daily

[perplexed_one]

so lemme get this str8, say you have $32,000 owing at the end of your undergraduate program. after the six months grace period (interest accrues right? how much though?), you are required to make monthly payments.

so how do they decide the %s of principal and interest you pay off in your repayment plan? is it like the first year you have a interest ratio higher than the principal ratio, (to pay off the initial six month accumulation of interest) and then in subsequent years you have a gradually increasing principal-to-interest ratio?

how does this all work? im a beginner at loans, so is their a site where this can be all answered?

(im going to call OSAP monday anyway).

thnx

[BBQPorkBun]

so lemme get this str8, say you have $32,000 owing at the end of your undergraduate program. after the six months grace period (interest accrues right? how much though?), you are required to make monthly payments.

so how do they decide the %s of principal and interest you pay off in your repayment plan? is it like the first year you have a interest ratio higher than the principal ratio, (to pay off the initial six month accumulation of interest) and then in subsequent years you have a gradually increasing principal-to-interest ratio?

how does this all work? im a beginner at loans, so is their a site where this can be all answered?

(im going to call OSAP monday anyway).

thnx

Interest accumulates on the principle for the 6 months, then at the end of your grace period you have the choice of paying it off or adding it to the total of your loan. suggest paying it off for tax purposes.

your loan is amortized with a default term of 12 years i believe. your montly payment is calculated by what you have to pay to get to 0 debt at the end of 12 years. so there will always be a portion reducing the principle or else you would be in debt forever.

Do you have to know how it works? no. Just pay it off asap and you're good.

Suggest reading any finance/math/stats text book.

[perplexed_one]

Interest accumulates on the principle for the 6 months, then at the end of your grace period you have the choice of paying it off or adding it to the total of your loan. suggest paying it off for tax purposes.

your loan is amortized with a default term of 12 years i believe. your montly payment is calculated by what you have to pay to get to 0 debt at the end of 12 years. so there will always be a portion reducing the principle or else you would be in debt forever.

Do you have to know how it works? no. Just pay it off asap and you're good.

Suggest reading any finance/math/stats text book.

OSAP says you interest starts when you graduate, right? what if you worked during your studies, ie CO-OP, summer?

[BBQPorkBun]

OSAP says you interest starts when you graduate, right? what if you worked during your studies, ie CO-OP, summer?

Yes, after you grad.
Working is fine as long as you are back to full time student before your grace period is up. Then you won't pay interest over that break.

[Ruthless750]

A question, I've been making payment towards my OSAP both Fed and Prov, but fell behind I think 3 months but they got reassigned to agencies that tell me to Pay If Full :evil:

I want to go back to school to take a minor f/t, but can't get OSAP due to the OSAP being in agency's hands.

Can I just pay the interest on which I'm behind and get OSAP for one more year??????

[BBQPorkBun]

A question, I've been making payment towards my OSAP both Fed and Prov, but fell behind I think 3 months but they got reassigned to agencies that tell me to Pay If Full :evil:

I want to go back to school to take a minor f/t, but can't get OSAP due to the OSAP being in agency's hands.

Can I just pay the interest on which I'm behind and get OSAP for one more year??????

No, it will not leave the collection agency's hands.

No, you will probably not be able to get any loan anymore let alone OSAP.

Good luck

[greg123]

this is what it says on my 2007 Fall status page

You have been placed on academic probation for OSAP purposes. Because you have not maintained satisfactory academic progress, you must provide a letter of explanation outlining your situation and the reason(s) you have not progressed academically.

3 years of university i had 1 D, no F's and majority being B's couple of lucky A's, definitly its not a great track record but i dont think i should be on "probation", the reason i think Im on probation is because 06 Winter semester due to family problems i had to drop all my classes 3 weeks before the final exam and leave the country, so that might be why im on it....

anyone ever write one of the "explanation letters" before? are they hard to convince?

[Mom4]

On the OSAP application how does an RESP for our child get claimed? Is this an asset declared at it's full amount? Or is it income received while she's in school via her Educational Payments. And do we make up whatever number we want for how much we decide she'll get 1st year? Or does the gov't divide the total in the account by 2 or 3 or 4 years (however many years we say are left in her program) for the purposes of this application?

We would like for more of the $ in the RESP to be given out in any later years as perhaps child will not be living at home when she gets older. We also would like there to be some $ if she decides to go onto more education after College.
Thanks.

[Mom4]

I see that one is to estimate tuition & books & computer expense if there is one. Does this mean that all students are now expected reasonably by OSAP to have computer & a reasonable amount can be put in here. Yeah, I went to Post-Secondary prior to computers. OR is this line on the application only for special computers for disabiity or if one is in computer-tech Programs?

If the line is there for the first reason -- welcome to the 21st Century -- then what IS a reasonable amount to put? I would imagine OSAP (used to be Ontario Stereo Assistance Plan) is not expecting a large screen monitor & entire home entertainment system here for school purposes & that's what a lot of ads are for these days.
Thank you again.

[BBQPorkBun]

this is what it says on my 2007 Fall status page

You have been placed on academic probation for OSAP purposes. Because you have not maintained satisfactory academic progress, you must provide a letter of explanation outlining your situation and the reason(s) you have not progressed academically.

3 years of university i had 1 D, no F's and majority being B's couple of lucky A's, definitly its not a great track record but i dont think i should be on "probation", the reason i think Im on probation is because 06 Winter semester due to family problems i had to drop all my classes 3 weeks before the final exam and leave the country, so that might be why im on it....

anyone ever write one of the "explanation letters" before? are they hard to convince?

You just gotta do what u gotta do.

[BBQPorkBun]

I see that one is to estimate tuition & books & computer expense if there is one. Does this mean that all students are now expected reasonably by OSAP to have computer & a reasonable amount can be put in here. Yeah, I went to Post-Secondary prior to computers. OR is this line on the application only for special computers for disabiity or if one is in computer-tech Programs?

If the line is there for the first reason -- welcome to the 21st Century -- then what IS a reasonable amount to put? I would imagine OSAP (used to be Ontario Stereo Assistance Plan) is not expecting a large screen monitor & entire home entertainment system here for school purposes & that's what a lot of ads are for these days.
Thank you again.

You are overcomplicating the whole process, there is no need to read too much into every single field.

RESP is an asset under the person, its income is income under the person
RESP is for education, not living expenses when she decides to leave
OSAP is done year by year
Tuition you should know
Books, you can find out, avg price per book times # of courses
Computer, is another one needed? not likely if you have one

[Mom4]

Thank you for you answers. Sorry, if it looked like over-complication.

Her RESP will not cover all years of school. BUT if it is considered HER asset at it's full amount & also HER Income via whatever withdrawals we expect to make then she will not get anything in OSAP 1st year. Is it OSAPs expectation that we cash it out completely then apply for OSAP in subsequent years with zero savings?

I understood that RESP, like OSAP is to be used for a student to survive while attending school. If she becomes an away from home student then naturally costs increase. Tuition & other school $ rise also. She has a medical condition & we will be hit with having to replace a medical device in a few years also. So our inclination was NOT to cash out her entire RESP in early years.

And yes, there is a computer in the home. But there are 2 younger High School sibs & an elementary school sib who share it. This is already a daily scheduling nightmare. We (parents & herself & sibs) will have to get her her own computer for Post-Secondary, so whether it is a reasonable & even expected expense to OSAP to put on the app at that line is important to us.

Like all parents we just want to set her up to succeed.
Thanks for all your help in this thread. Lots of great info.

[BBQPorkBun]

Thank you for you answers. Sorry, if it looked like over-complication.

Her RESP will not cover all years of school. BUT if it is considered HER asset at it's full amount & also HER Income via whatever withdrawals we expect to make then she will not get anything in OSAP 1st year. Is it OSAPs expectation that we cash it out completely then apply for OSAP in subsequent years with zero savings?

I understood that RESP, like OSAP is to be used for a student to survive while attending school. If she becomes an away from home student then naturally costs increase. Tuition & other school $ rise also. She has a medical condition & we will be hit with having to replace a medical device in a few years also. So our inclination was NOT to cash out her entire RESP in early years.

And yes, there is a computer in the home. But there are 2 younger High School sibs & an elementary school sib who share it. This is already a daily scheduling nightmare. We (parents & herself & sibs) will have to get her her own computer for Post-Secondary, so whether it is a reasonable & even expected expense to OSAP to put on the app at that line is important to us.

Like all parents we just want to set her up to succeed.
Thanks for all your help in this thread. Lots of great info.

Don't cash out the RESP and just recognize the income

OSAP will not expect you to sell all your assets but they will take that into consideration when deciding your amount.

With whatever amount OSAP gives you, I would suggest to write an appeal explaining you child's financial needs to try to get the maximum amount.

She will need another computer then, it really depends what kind of program she is in. If shes in a complex graphics design course that may need a $3000 computer then put down that amount. Other than that, you can get a decent computer for everday needs for under $1000 so put $1000 to be conservative.

Good luck with everything.

[Mom4]

Thank you again. I know I am being dense here & I have tried to find the info through other sources. Is the RESP we, her parents, have established for her OUR asset & therefore not included on the OSAP application as a lump sum asset of ours (like a car would be -- which she doesn't have)? It is afterall registered with her SIN number so I wouldn't want to apply & not declare this properly.

So the only declaring is whatever amount of withdrawals we permit her to have from the RESP during the school year i.e. her expected income?

And Mom & Dad's pitifully small RRSPs are OURS. She doesn't have one. When the app asks for RRSP they mean any of hers, right? Or do we include ours too there.

[matkun]

I think there are seperate sections for your assets, and your parents assets.. Not sure since by the time I applied for my first OSAP (3rd year of co-op Uni) I had already lived on my own for long enough to not include my parents on my OSAP.

[J_u_n_i_o_r_3]

when do you find out if you will get osap for sure?

[BBQPorkBun]

when do you find out if you will get osap for sure?

When you get mail notification or u can check ur status online

[BBQPorkBun]

Thank you again. I know I am being dense here & I have tried to find the info through other sources. Is the RESP we, her parents, have established for her OUR asset & therefore not included on the OSAP application as a lump sum asset of ours (like a car would be -- which she doesn't have)? It is afterall registered with her SIN number so I wouldn't want to apply & not declare this properly.

So the only declaring is whatever amount of withdrawals we permit her to have from the RESP during the school year i.e. her expected income?

And Mom & Dad's pitifully small RRSPs are OURS. She doesn't have one. When the app asks for RRSP they mean any of hers, right? Or do we include ours too there.

If its in her name then its hers, not who established it.

Income is not dependant on whats withdrawn, you earn it, its income

Do not include your rrsps, only hers.

[ghostryder]

Thank you again. I know I am being dense here & I have tried to find the info through other sources. Is the RESP we, her parents, have established for her OUR asset & therefore not included on the OSAP application as a lump sum asset of ours (like a car would be -- which she doesn't have)? It is afterall registered with her SIN number so I wouldn't want to apply & not declare this properly.

So the only declaring is whatever amount of withdrawals we permit her to have from the RESP during the school year i.e. her expected income?

It says right on the form under Applicant's Income box 661 "Enter amount of income you expect to receive from RESP (Registered Education Savings Plan), Scholarship Trust Fund, or other education savings plan that you intend to use for your 2007-2008 study period."

And Mom & Dad's pitifully small RRSPs are OURS. She doesn't have one. When the app asks for RRSP they mean any of hers, right? Or do we include ours too there.

Section F is Applicant's Assets, not parents assets, so yes it means her RRSP's not yours.

http://osap.gov.on.ca/eng/PDF/0708/07-08%20OSAP%20Application%20Form%20FINAL%20June%2020 07.pdf

[J_u_n_i_o_r_3]

When you get mail notification or u can check ur status online

When is that around july?

[SwiZz]

Sorry if this question was already asked, I can't read through the 20 pages of this right away, but I will go through it mroe in detail at home.

My quick question is:

I'm in my 5th year of undergrad, and someone told me that after 4 years of university I don't have to put my parent's income anymore on the 5th year, which would thus increase my OSAP loan. Is this true? Will OSAP already determine that thsi is my 5th year? or do i have to apply in a special way?

[BBQPorkBun]

When is that around july?

Yeah, around end of July

[BBQPorkBun]

Sorry if this question was already asked, I can't read through the 20 pages of this right away, but I will go through it mroe in detail at home.

My quick question is:

I'm in my 5th year of undergrad, and someone told me that after 4 years of university I don't have to put my parent's income anymore on the 5th year, which would thus increase my OSAP loan. Is this true? Will OSAP already determine that thsi is my 5th year? or do i have to apply in a special way?

thats absolutely false

[andrew2good4u]

alright, its my turn to take a shot at this.

I just finished my first year at the University of Waterloo.
To give you an idea of the financial bracket I fall into, I recieved an entrance bursary from my school for $4000, and two grants from OSAP for $3000. That is along with a $5000 loan.

This is my dilemma. I am a waterloo co op student and will make roughly $8000 per work term. I alternate work terms and school terms until I graduate. I live at home during work terms but cannot save too much money because I need to help out at home. Judging from the amount of money I received this last year, you can tell that I'm stone broke. My financial status has not changed. I have been approved for an osap loan of $3000 for this upcoming school term.


Will my grants and bursaries depend on:
- my family's financial situation?
- how much money I make this summer?
- how much of an estimated osap loan I have?

And if all three come into play, could you rate which things are the most important. It's very hard to save money when your family is struggling to get by and you still want to enjoy life.

Thanks in advance for your help.

[BBQPorkBun]

alright, its my turn to take a shot at this.

I just finished my first year at the University of Waterloo.
To give you an idea of the financial bracket I fall into, I recieved an entrance bursary from my school for $4000, and two grants from OSAP for $3000. That is along with a $5000 loan.

This is my dilemma. I am a waterloo co op student and will make roughly $8000 per work term. I alternate work terms and school terms until I graduate. I live at home during work terms but cannot save too much money because I need to help out at home. Judging from the amount of money I received this last year, you can tell that I'm stone broke. My financial status has not changed. I have been approved for an osap loan of $3000 for this upcoming school term.


Will my grants and bursaries depend on:
- my family's financial situation?
- how much money I make this summer?
- how much of an estimated osap loan I have?

And if all three come into play, could you rate which things are the most important. It's very hard to save money when your family is struggling to get by and you still want to enjoy life.

Thanks in advance for your help.

1) how much you make
2) family situation
3) how much osap

If your household is so poor that they need a student's contribution to stop from crumbling then #2 is not a factor.
Find more economical ways to enjoy life, for now u gotta do what u gotta do to make ends meet, sometimes its not fun.
It does not really matter what my answers are because you are still going to have to apply stating what the numbers are and what you get is what you get.

[matkun]

I'm in my 5th year of undergrad, and someone told me that after 4 years of university I don't have to put my parent's income anymore on the 5th year, which would thus increase my OSAP loan. Is this true? Will OSAP already determine that thsi is my 5th year? or do i have to apply in a special way?

It's not after 4 years of university. It is after you have been out of high school for 4 years.

From OSAP Definitions:
Dependent Student
For OSAP purposes, you are considered a dependent student if none of the following applies to you:
You are married.
You are in a common-law relationship.
You are a sole-support parent.
You are separated, divorced, or widowed, AND have NO dependent children living with you.
You have not been a full-time student at a high school or postsecondary institution for at least 12 consecutive months on 2 or more occasions.
You have been out of high school for at least 4 years before the start of your study period.

If you are NOT a Dependent Student, then you do not need to provide any information about your parent's income. It is assumed at that point in your life you are supporting yourself and cannot count on your parents support.

I did not apply for OSAP until my 3rd year of co-op. I had been out of high school for 4 years at that point and I am also in what is probably a legal common-law relationship (engaged), so I did not put ANY information about my parents on my application last year. Had ~22k income for that year and had a 4 month study term and got ~1.5k from OSAP.

Though this is also with me living on my own and supporting myself since 1st year of Uni, though occasionally parents would help with tuition or 1-2k for living expenses a year since at times I would run short.

[SwiZz]

It's not after 4 years of university. It is after you have been out of high school for 4 years.

Thank you very much for clearing that up. I remembered for sure that someone told me this.

thats absolutely false

Maybe you were mistaken and thinking about something else?

[andrew2good4u]

1) how much you make
2) family situation
3) how much osap

If your household is so poor that they need a student's contribution to stop from crumbling then #2 is not a factor.
Find more economical ways to enjoy life, for now u gotta do what u gotta do to make ends meet, sometimes its not fun.
It does not really matter what my answers are because you are still going to have to apply stating what the numbers are and what you get is what you get.

Thanks for the quick response BBQPorkBun.

Just one more question, do you think I would be getting comparable grants like I did last year? One of those would set me up really good for an upcoming school term.

[BBQPorkBun]

Thanks for the quick response BBQPorkBun.

Just one more question, do you think I would be getting comparable grants like I did last year? One of those would set me up really good for an upcoming school term.

Not likely, in their eyes you are going into each term after making 8k gross, better than alot of other students out there.

[Evil Baby]

Just trying to figure out how much money I'm going to owe a month.

I should finish up owing $33 542. Now if I take the longest possible time to pay them back what would my monthy payments be?

I'm trying to figure out if it would be more benificial to start off paying osap min amount possible and buy a house or pay osap more money but rent a house and be out 900-1000 each month.

[BBQPorkBun]

Just trying to figure out how much money I'm going to owe a month.

I should finish up owing $33 542. Now if I take the longest possible time to pay them back what would my monthy payments be?

I'm trying to figure out if it would be more benificial to start off paying osap min amount possible and buy a house or pay osap more money but rent a house and be out 900-1000 each month.

http://www.1728.com/annuity.htm

[Tofu Drift Shinji]

I've been accepted to my #2 choice law school and put on the waitlist for my #1 choice. I will be applying for OSAP for my #2 choice, but am holding out for a chance to get into my #1 choice. If it matters, both schools are in Ontario.

If I get accepted to my #1 choice and do indeed choose to go there, this will likely be after the July 1st deadline for OSAP. Is there any way to amend my OSAP application to reflect my decision to change schools or will I have to reapply again? Will I just have to accept the fact that I will get OSAP money late because I applied after the deadline?

Thanks in advance.

[BBQPorkBun]

I've been accepted to my #2 choice law school and put on the waitlist for my #1 choice. I will be applying for OSAP for my #2 choice, but am holding out for a chance to get into my #1 choice. If it matters, both schools are in Ontario.

If I get accepted to my #1 choice and do indeed choose to go there, this will likely be after the July 1st deadline for OSAP. Is there any way to amend my OSAP application to reflect my decision to change schools or will I have to reapply again? Will I just have to accept the fact that I will get OSAP money late because I applied after the deadline?

Thanks in advance.

You will have to update them on your situatio if it has changed to be reassessed but you won't have to reapply again. You may get the money late but you can apply for osap year round, July 1 is more a guideline.

[greg123]

alright, its my turn to take a shot at this.

I just finished my first year at the University of Waterloo.
To give you an idea of the financial bracket I fall into, I recieved an entrance bursary from my school for $4000, and two grants from OSAP for $3000. That is along with a $5000 loan.

This is my dilemma. I am a waterloo co op student and will make roughly $8000 per work term. I alternate work terms and school terms until I graduate. I live at home during work terms but cannot save too much money because I need to help out at home. Judging from the amount of money I received this last year, you can tell that I'm stone broke. My financial status has not changed. I have been approved for an osap loan of $3000 for this upcoming school term.


Will my grants and bursaries depend on:
- my family's financial situation?
- how much money I make this summer?
- how much of an estimated osap loan I have?

And if all three come into play, could you rate which things are the most important. It's very hard to save money when your family is struggling to get by and you still want to enjoy life.

Thanks in advance for your help.

are the coop terms still 16weeks? if so $8000 is too low unless your in arts, if your in the hardcore majors Finance/accounting double, computers you should be making a lot more then that.

[pontiac_driver]

if i underestimated my income when i filled out my application because at the time i had no job but than to later found a job and made some money

what is the process to make changes to previous applications?

[SwiZz]

are the coop terms still 16weeks? if so $8000 is too low unless your in arts, if your in the hardcore majors Finance/accounting double, computers you should be making a lot more then that.

Well a normal coop staring job say at

$14/hr * 37.5 hours/week * 16 weeks = $8400 (before taxes)

so he's not that far off...and the figure seems about right from when I was in coop over there.

[michael10]

ok in my application I put down a different program than what I'm taking. Im taking humanities and I put down management at utsc. Do i have to change it because, they have identical costs? I'm planning to take management courses anyways. Also I got quoted 3900 as an estimate is there any thing I can do to get more funding?

[BBQPorkBun]

if i underestimated my income when i filled out my application because at the time i had no job but than to later found a job and made some money

what is the process to make changes to previous applications?

Call the NSLSC and tell them your situation has changed to get reassessed

[BBQPorkBun]

ok in my application I put down a different program than what I'm taking. Im taking humanities and I put down management at utsc. Do i have to change it because, they have identical costs? I'm planning to take management courses anyways. Also I got quoted 3900 as an estimate is there any thing I can do to get more funding?

Yes, let them know you are taking a diff program. Not changing it just opens a door for potential trouble.

You can appeal.

[greg123]

Well a normal coop staring job say at

$14/hr * 37.5 hours/week * 16 weeks = $8400 (before taxes)

so he's not that far off...and the figure seems about right from when I was in coop over there.

my first term 2years ago in Ottawa was 20/hr roughly, could have gotten more but i took the first offer i got, and Ottawa was my hometown lived with parents didnt pay rent. I was in computer science, most of the engineering(Aerospace/electrical/mechanical) students was getting more, even networking coop students from colleges are getting $17/hr terms. So unless your doing arts then it should be a lot higher then that.

[BBQPorkBun]

Lets stick to osap issues plz. thx

[RowaH]

Hi there, I need some help.

My OSAP status page states:
"Your application has processed.
Based on the information provided, it has been determined that you have adequate resources available to cover your allowable educational costs. You will not, therefore, receive any OSAP funding."

My parents make 86k combined, but the problem is they won't give me a penny! I NEED the OSAP, how can I get it?

[J_u_n_i_o_r_3]

Hi there, I need some help.

My OSAP status page states:
"Your application has processed.
Based on the information provided, it has been determined that you have adequate resources available to cover your allowable educational costs. You will not, therefore, receive any OSAP funding."

My parents make 86k combined, but the problem is they won't give me a penny! I NEED the OSAP, how can I get it?

what school do you go to?

[J_u_n_i_o_r_3]

Your application is currently on hold.
Your institution is in the process of providing the ministry with information on their programs and tuition, fee, and book costs. Therefore, at this time the ministry is not assessing your application to determine your level of funding and/or not releasing any funding to students attending this institution.

[BBQPorkBun]

Hi there, I need some help.

My OSAP status page states:
"Your application has processed.
Based on the information provided, it has been determined that you have adequate resources available to cover your allowable educational costs. You will not, therefore, receive any OSAP funding."

My parents make 86k combined, but the problem is they won't give me a penny! I NEED the OSAP, how can I get it?

File an appeal at your financial aid office and explain your situation.

[7ofu]

86k is very sufficient for university

[RowaH]

Thank you for helping me in my time of need ^_^.

what school do you go to?

York University.

86k is very sufficient for university

I don't get any of it :'(

File an appeal at your financial aid office and explain your situation.

Can you please offer me advice on what to say? A little background information: we have a lot of bills, live in a large, detached house, I have a sibling, and parents won't give me a penny no matter how much I beg them.

Thanks in advance,

Rohan A.

[BBQPorkBun]

All you can say is exactly what the situation is, that you can't get money from parents. May be a much more convincing case if you give them a breakdown of your families expenses and try to prove how 86k is just getting them by but that will be hard.

Not getting money from parents isn't going to be convincing becoz its the same if they made 186k or 286k, anyone can claim they don't get anything.

But why wouldn't parents support their kids (if they can) to go to school I don't understand.

Last choice, take out a line of credit and work your butt off at several jobs.

[elty]

I still owe OSAP 2k, the inetrest rate is 7%. Should I repay it? The interest is tax deductible so the real rateis only like 5.4%.

[tweetybird]

I have a question,

i have taken OSAP, however i am currently not working and i have a baby. I have applied for interest releif. They asked me how much my husband make. Does this affect me in any way...Does his income affect me..or affect them in making their decision or giving me the interest releif period.?

[TenzoR]

I have a question,

i have taken OSAP, however i am currently not working and i have a baby. I have applied for interest releif. They asked me how much my husband make. Does this affect me in any way...Does his income affect me..or affect them in making their decision or giving me the interest releif period.?

if your husband can financially support you then why would you ned interest relief?

[r2r]

I have PMed you a question if you don't mind answering, I would appreciate it.

[BBQPorkBun]

I still owe OSAP 2k, the inetrest rate is 7%. Should I repay it? The interest is tax deductible so the real rateis only like 5.4%.

If you can make more than 5.4% after tax in some kind of investment then no, otherwise why pay interest.

[BBQPorkBun]

I have a question,

i have taken OSAP, however i am currently not working and i have a baby. I have applied for interest releif. They asked me how much my husband make. Does this affect me in any way...Does his income affect me..or affect them in making their decision or giving me the interest releif period.?

Yes he does affect you. Its based on family income now and how many heads in the family. If your husband makes alot of money, it would not make sense to give you interest relief.

[nimz]

Hey i have a question....Im looking into studying abroad in the UK...my friend was telling me about Canlearn.ca but to me it looks exactly like OSAP..i just finished my undergrad degree but want to pursue post grad studies abroad for pharmacy...what are options for me in obtaining a loan from Canlearn instead of going to the bank? what would i need to do to obtain this loan?..thx

[BBQPorkBun]

Hey i have a question....Im looking into studying abroad in the UK...my friend was telling me about Canlearn.ca but to me it looks exactly like OSAP..i just finished my undergrad degree but want to pursue post grad studies abroad for pharmacy...what are options for me in obtaining a loan from Canlearn instead of going to the bank? what would i need to do to obtain this loan?..thx

No idea. I worked for OSAP, not Canlearn.
OSAP funds post grad and abroad studies.

[ssiws]

Hi, I have a question hopefully you can help me. I applied for OSAP, but I think I made a mistake on the application, because it says I do not live in Ontario. Who do I contact to fix this, I tried to cancel the application, but it said it was being processed. Please help me, Thank you very much.

[nimz]

No idea. I worked for OSAP, not Canlearn.
OSAP funds post grad and abroad studies.

So i can apply through OSAP for studying abroad as well? I thought they only dealt within Canada?....thx..I just need to know what my options are .thank you

[squall458]

Hi, I have a question hopefully you can help me. I applied for OSAP, but I think I made a mistake on the application, because it says I do not live in Ontario. Who do I contact to fix this, I tried to cancel the application, but it said it was being processed. Please help me, Thank you very much.

This happened to me tooo!! I was so frustrated, you did what I did. We picked the wrong statement that describes our current situation. You have to go to your financial office at whatever school you are heading to, and explain to them what happened. Bring proof that you have resided in Ontario, born there etc. It was a big headache but was quick to fix.

[ssiws]

This happened to me tooo!! I was so frustrated, you did what I did. We picked the wrong statement that describes our current situation. You have to go to your financial office at whatever school you are heading to, and explain to them what happened. Bring proof that you have resided in Ontario, born there etc. It was a big headache but was quick to fix.

Thanks You.

[tweetybird]

if your husband can financially support you then why would you ned interest relief?

because the loan is my responsability, not his. I took the loan, when I was single.

[BBQPorkBun]

because the loan is my responsability, not his. I took the loan, when I was single.

But you are not single now, its like saying if u got 3 kids now, if they decide whether you get IR based on when you were single, it doesn't make sense.
Would they account for the income you made when you were single too? No.

Its by family now, no getting around it.

[Dave98]

So it's that time of year again. I graduated this past April so the interest has started to pile up. I owe quite a bit of money (over 30k). Not currently employed at this time. I've been reading up on the interest relief program and the last several pages of this thread. Other than that, any tips on paying this off?

[tweetybird]

But you are not single now, its like saying if u got 3 kids now, if they decide whether you get IR based on when you were single, it doesn't make sense.
Would they account for the income you made when you were single too? No.

Its by family now, no getting around it.

ok, I see. I thought I could push it back until I worked. Thanks everyone!

[kajan23]

Hey there

So I got my funding summary for next year. Includes a millenium bursary. I put my study income as 0 as I'm not to certain if I will work. But if I decide to work during the school year, will it change my funding summary... or am I allowed a certain amount before it budges.

Thanks in advance.

[BBQPorkBun]

So it's that time of year again. I graduated this past April so the interest has started to pile up. I owe quite a bit of money (over 30k). Not currently employed at this time. I've been reading up on the interest relief program and the last several pages of this thread. Other than that, any tips on paying this off?

Your first payment will be at the end of Nov, so if you find a job near that time, see if you can time it to start in Dec. Apply for IR at the beg of Oct to see if you can get at least 6 months of IR and during that time just pay off your principle as much as u can.

If you can, get your parents to loan you some money and pay off a chunk of it first then pay them back.

If you have a job later, increase your payments and/or increase the frequency (like instead of 400 per month, do 200 per 2 weeks), people don't know you can arrange for money to be withdrawn bi weekly (weekly I am not certain but doesn't hurt to ask)

[BBQPorkBun]

Hey there

So I got my funding summary for next year. Includes a millenium bursary. I put my study income as 0 as I'm not to certain if I will work. But if I decide to work during the school year, will it change my funding summary... or am I allowed a certain amount before it budges.

Thanks in advance.

If its pocket money here and there then its not significant enough to change anything. If you made something in like the 3k range then I'd say theres impact. Stay around 1k. OSAP does expect you to work a little so they take that into consideration.

[royal]

hey man got a quick question, well i am starting off uni september, and i went through my application, and i am basically gettin back my tuition fee from osap $4200, i was calculating it and what ever i enter as my tuition fee , thats what i get back, now in my university brochure it said $4229 and i put in $4200, but now i got an update from my university that actually the program is goning to cost me $5279. Is there a way to change my application, because everything is done, my application was sent a while back i got confirmation and everything of a final amount of $4267 .. but if haveing a greter tuition effect then y not try.. anyway of chnaging?

[Hype1]

Hi everyone!

I will be applying for OSAP for the first time, this will be my final year of university. I know it's sorta late to apply now but I was suppose to get half of my tuition covered by my parents however due to a certain situation that occured that money will not be available to me right now.

Since I'm new to this I want to make sure I do everything right. I'll let you know my situation... it's been 4 years since high school and I will be living with my mother for the school year.

Questions:
1. I currently do not have a job but hope to get one for the remainder of the summer. BBQ said to put 0 until you actually have a job. If I do get one, does this mean that OSAP will determine that they've overpaid me and they will ask for a sum back before they release the next funding?

2. My school has offered me a job for the school year. I don't know the hourly wage as of yet but it's most likely a work-study job. In other words the most you can make a semester is a $1000. Is it ok for me to include 2000$ for employment during the school year? or should i put 0 since i didn't start yet? (again, i dont want any overpayment issues)

3. I will be getting an advance standing for only one of my electives. I won't be replacing it with another course. Since I'll still have a course load of over 60% should this be reported to financial aid aswell? Will this affect my osap?

4. I would like to still apply for scholarships and bursaries. If they are awarded to me in the 1st semester does this simply mean I'll get less funding in January or is it considered an overpayment?

5. I believe BBQ said to have your OSAP deposited in a seperate account and later have it transfered. For example, I'm with TD should I open and account with CIBC? Whats the purpose and why should I do it?

6. When I have to pick up my OSAP and confirm it, it says on the OSAP site that I should bring my pay stubs. What if I didn't end up getting a summer job but on the application, I put an amount in the pre-study income, what happens then? I know it's an issue if you understimate income but what happens if you overestimate?

7. Last question lol, I will most likely be paying off my OSAP in one payment after grad. However if I do have some extra cash can I pay some off during the school year through online banking?

I know it's long post but the OSAP process seems overwhelming to me and your response would be greatly appreciated.

Thanks in advance

[kajan23]

If its pocket money here and there then its not significant enough to change anything. If you made something in like the 3k range then I'd say theres impact. Stay around 1k. OSAP does expect you to work a little so they take that into consideration.

Great thanks. But say there's impact, can they take away the bursary or the grant. Or will the amount of the actual loan be affected only.

[helium]

Okay, so I want to live on campus but I'm not one hundred percent sure yet.

Will they kill me if I state that I am going to live away from parents but then decide not to?

Also - can they check how much money is in my bank account?

Thanks.

[cheeseshredder]

Okay, so I want to live on campus but I'm not one hundred percent sure yet.

Will they kill me if I state that I am going to live away from parents but then decide not to?

Also - can they check how much money is in my bank account?

Thanks.

The living arrangements for on campus look lame :(.

[BBQPorkBun]

hey man got a quick question, well i am starting off uni september, and i went through my application, and i am basically gettin back my tuition fee from osap $4200, i was calculating it and what ever i enter as my tuition fee , thats what i get back, now in my university brochure it said $4229 and i put in $4200, but now i got an update from my university that actually the program is goning to cost me $5279. Is there a way to change my application, because everything is done, my application was sent a while back i got confirmation and everything of a final amount of $4267 .. but if haveing a greter tuition effect then y not try.. anyway of chnaging?

Yes, just give them a call and get reassessed, tell them your tuition is higher than expected, its as if you were reporting you made a lot of income all of a sudden, the opposite works the same.

[BBQPorkBun]

Great thanks. But say there's impact, can they take away the bursary or the grant. Or will the amount of the actual loan be affected only.

Hard to judge, it will be based on the new amount you would of got based on that income projection, a variety of things can happen.

[BBQPorkBun]

Okay, so I want to live on campus but I'm not one hundred percent sure yet.

Will they kill me if I state that I am going to live away from parents but then decide not to?

Also - can they check how much money is in my bank account?

Thanks.

You will get reassessed as if you applied with status of living at home, you just have to give the money back thats all.

No, but if you somehow get caught, can be pretty ugly consequences. Its an asset under your name.

[BBQPorkBun]

Hi everyone!

I will be applying for OSAP for the first time, this will be my final year of university. I know it's sorta late to apply now but I was suppose to get half of my tuition covered by my parents however due to a certain situation that occured that money will not be available to me right now.

Since I'm new to this I want to make sure I do everything right. I'll let you know my situation... it's been 4 years since high school and I will be living with my mother for the school year.

Questions:
1. I currently do not have a job but hope to get one for the remainder of the summer. BBQ said to put 0 until you actually have a job. If I do get one, does this mean that OSAP will determine that they've overpaid me and they will ask for a sum back before they release the next funding?

2. My school has offered me a job for the school year. I don't know the hourly wage as of yet but it's most likely a work-study job. In other words the most you can make a semester is a $1000. Is it ok for me to include 2000$ for employment during the school year? or should i put 0 since i didn't start yet? (again, i dont want any overpayment issues)

3. I will be getting an advance standing for only one of my electives. I won't be replacing it with another course. Since I'll still have a course load of over 60% should this be reported to financial aid aswell? Will this affect my osap?

4. I would like to still apply for scholarships and bursaries. If they are awarded to me in the 1st semester does this simply mean I'll get less funding in January or is it considered an overpayment?

5. I believe BBQ said to have your OSAP deposited in a seperate account and later have it transfered. For example, I'm with TD should I open and account with CIBC? Whats the purpose and why should I do it?

6. When I have to pick up my OSAP and confirm it, it says on the OSAP site that I should bring my pay stubs. What if I didn't end up getting a summer job but on the application, I put an amount in the pre-study income, what happens then? I know it's an issue if you understimate income but what happens if you overestimate?

7. Last question lol, I will most likely be paying off my OSAP in one payment after grad. However if I do have some extra cash can I pay some off during the school year through online banking?

I know it's long post but the OSAP process seems overwhelming to me and your response would be greatly appreciated.

Thanks in advance

1) yes
2) 0, overpayment is always better than under
3) You will report whatever % you are taking, yes
4) your funding may change depending on amount, timing depends, not called overpayment but works the same way
5) I just prefer the gov't have bank info to one acct while i operate in another
6) don't overestimate
7) yes, but no point until you start accumulating interest

[stuff352]

will i qualify for osap?

The company i worked for shut down and have decided i am going back to school for a post grad program at george brown. My income for the year is about 16000 ( ui and a contract that just ended). I have been out of university for about 4 years (i am 28) and had osap for the first two years (it is in good standing order). Should i even try getting osap or just use my line of credit?

[Dave98]

Your first payment will be at the end of Nov, so if you find a job near that time, see if you can time it to start in Dec. Apply for IR at the beg of Oct to see if you can get at least 6 months of IR and during that time just pay off your principle as much as u can.

If you can, get your parents to loan you some money and pay off a chunk of it first then pay them back.

If you have a job later, increase your payments and/or increase the frequency (like instead of 400 per month, do 200 per 2 weeks), people don't know you can arrange for money to be withdrawn bi weekly (weekly I am not certain but doesn't hurt to ask)

For whatever reason, the "Consolidated Student Load Agreement and Repayment Form" that I received in the mail the other day states that my first payment due date is on August 31 even though I graduated in April.
Wouldn it be best to apply for IR as soon as the first payment date comes along?

Thanks for the information. I, and I'm sure the rest of us, really appreciate it :)

[BBQPorkBun]

will i qualify for osap?

The company i worked for shut down and have decided i am going back to school for a post grad program at george brown. My income for the year is about 16000 ( ui and a contract that just ended). I have been out of university for about 4 years (i am 28) and had osap for the first two years (it is in good standing order). Should i even try getting osap or just use my line of credit?

No idea, try, why not.

[BBQPorkBun]

For whatever reason, the "Consolidated Student Load Agreement and Repayment Form" that I received in the mail the other day states that my first payment due date is on August 31 even though I graduated in April.
Wouldn it be best to apply for IR as soon as the first payment date comes along?

Thanks for the information. I, and I'm sure the rest of us, really appreciate it :)

If you grad in april then u should be paying in Nov. they may have the wrong grad date on file in which then means u got a few months less interest free time.

Yes, apply for IR in the month your first payment is due.

[xiLLeNtz]

hi guys;

ive applied late to college but i need to apply to osap; i have not gotten accepted yet, should i still apply for osap or wait until i get accepted? thanks;

[BBQPorkBun]

hi guys;

ive applied late to college but i need to apply to osap; i have not gotten accepted yet, should i still apply for osap or wait until i get accepted? thanks;

Apply

[Dave98]

If you grad in april then u should be paying in Nov. they may have the wrong grad date on file in which then means u got a few months less interest free time.

Yes, apply for IR in the month your first payment is due.

I guess I should call them up and see if I can get that settled

[God_Anubis]

Hi BBQ,

I just finished my degree and applied for a professional school in the states. I've gotten accepted, but as it turns out, after careful research, I've decided not to attend the profession school and have decided a change of career plans

My Q: I've never applied for OSAP for my undergraduate degree. I applied for OSAP back in April for the above to get the $7000-8000 assistance, but because of my situation (as described above), I will not be needing OSAP assistance (at least not for the 2007-2008 school year). What do I do now? Since I've never applied for OSAP before, should I just notify them to withdraw my application or should I wait for them to send me the documents, then withdraw my application?

[BBQPorkBun]

Hi BBQ,

I just finished my degree and applied for a professional school in the states. I've gotten accepted, but as it turns out, after careful research, I've decided not to attend the profession school and have decided a change of career plans

My Q: I've never applied for OSAP for my undergraduate degree. I applied for OSAP back in April for the above to get the $7000-8000 assistance, but because of my situation (as described above), I will not be needing OSAP assistance (at least not for the 2007-2008 school year). What do I do now? Since I've never applied for OSAP before, should I just notify them to withdraw my application or should I wait for them to send me the documents, then withdraw my application?

You can notify them now, no need to wait for the documents.

[greg123]

will i qualify for osap?

The company i worked for shut down and have decided i am going back to school for a post grad program at george brown. My income for the year is about 16000 ( ui and a contract that just ended). I have been out of university for about 4 years (i am 28) and had osap for the first two years (it is in good standing order). Should i even try getting osap or just use my line of credit?

just wondering

what post grade program are you thinking of? and why Geroge Brown?

thanks

[BBQPorkBun]

just wondering

what post grade program are you thinking of? and why Geroge Brown?

thanks

Please PM the person and keep the topic on osap plz. thx

[nabeelk]

BBQPorkBun...

I beleive this was actually posted before. But when I sent in my app for OSAP...I declared no income for the pre-study period. But I feel like I really need a job at the moment...is there anything I can do?

[kajan23]

I ran into this same problem last year. But when you go pick up your OSAP/confirmation of enrollment at your university/college you can tell them how much you worked and they will update that for you (Student Aid Office). If you have a second OSAP installment that maybe reduced depending on how much you work prestudy.

[BBQPorkBun]

BBQPorkBun...

I beleive this was actually posted before. But when I sent in my app for OSAP...I declared no income for the pre-study period. But I feel like I really need a job at the moment...is there anything I can do?

You can still get a job, just note that if you make too much it will affect your funding amount. If you make too much then they will just lend you less, so no point really.

[xiLLeNtz]

hiii, its me again. so today i got my osap papers to sign and stuff.

problem though; i got into a program and did not expect to get in. so the program on my osap forms does not mach the program which i want to get into. what do i do?

[BBQPorkBun]

hiii, its me again. so today i got my osap papers to sign and stuff.

problem though; i got into a program and did not expect to get in. so the program on my osap forms does not mach the program which i want to get into. what do i do?

Call the NSLSC and let them know. Your school's financial aid office can also direct you.

[xiLLeNtz]

Call the NSLSC and let them know. Your school's financial aid office can also direct you.

okay so i got accepted into another program with tuition+fees equaling to double.

my estimate for the other program was pretty much enough to cover the WHOLE program that i listed which i would be attending.

if i change programs would be estimate go higher (or is it possible?)

[BBQPorkBun]

okay so i got accepted into another program with tuition+fees equaling to double.

my estimate for the other program was pretty much enough to cover the WHOLE program that i listed which i would be attending.

if i change programs would be estimate go higher (or is it possible?)

Choose your program then make the necessary adjustments to osap and the funding will be whatever it will be. What I think wouldn't change anything.

[espanolguy]

Hi, I have a question regarding my osap. I am entering my 4th year, and have received full osap from my 2nd and 3rd year. I want to receive full funding for my last year as well, however I am starting a fulltime job that I am going to try to keep during my school year. (NO NEED FOR TIME MANAGEMENT ADVICE HERE! THANKS)...

My question is, how would osap find out that im working full time if I start this job during the first week of august? I am looking to receive my funding come september. This would only be about a month of me working full time. Can I still assume $0 being made during the school year? I dont want to say ill be making anything because things can change right?? Would osap or the gov find out im working and cancel my funding?

[Tofu Drift Shinji]

I have a few questions; kinda fragmented because I never used OSAP in undergrad, but will need it to get through professional school. My apologies if they sound like dumb questions; as I said... I'm still really new to OSAP.

I received my declaration form a week ago. As I'm actually on the waiting list for another school and plan on attending that other school if I get accepted in the next couple of weeks, I have not sent the forms back yet, as I believe they are to be sent to the loan office of my current choice school. Should I be waiting on this?

I submitted my OSAP application before the July 1st deadline only to realize afterwards that I had undershot my gross income estimate by about 2k (should be around 6k instead of 4k as I had put on my app). I received an estimate of a full $11,900, and today received an update that they plan to give me the full amount.

What exactly is the procedure for updating my estimate (At least I think updating it is still possible)? I believe I have to send a written notification, but do I send it to my loan office at my university, or to OSAP? Can I send it with the declaration form to the same place?

What is the likelihood that they are going to take money from my estimate because I'm making an extra 2k gross ("independent status" from parents, single, 1k savings, zero assets, zero debt, no past history with OSAP)? I plan to update anyways so I don't get into any trouble, but I'm just wondering if it will mean I will lose a noticeable chunk of funding.

Thanks very much in advance.

[J_u_n_i_o_r_3]

for my summer income i put down i estimate of what i will be getting from employment, but after working in the summer and getting more ours I calculated i will be get 600$ to 800$ more then the income i stated.

Whould the amount of money they going to give me change?


When can i tell them this information?

[BBQPorkBun]

Hi, I have a question regarding my osap. I am entering my 4th year, and have received full osap from my 2nd and 3rd year. I want to receive full funding for my last year as well, however I am starting a fulltime job that I am going to try to keep during my school year. (NO NEED FOR TIME MANAGEMENT ADVICE HERE! THANKS)...

My question is, how would osap find out that im working full time if I start this job during the first week of august? I am looking to receive my funding come september. This would only be about a month of me working full time. Can I still assume $0 being made during the school year? I dont want to say ill be making anything because things can change right?? Would osap or the gov find out im working and cancel my funding?

They would not find out and will not cancel your funding.
They really have no way of knowing until maybe after the year is over and you do your taxes can they go, oh you worked, please return x amount of dollars to us.

[BBQPorkBun]

for my summer income i put down i estimate of what i will be getting from employment, but after working in the summer and getting more ours I calculated i will be get 600$ to 800$ more then the income i stated.

Whould the amount of money they going to give me change?


When can i tell them this information?

Not likely to change, you can tell them anytime but its not significant enough to report. Don't do anything until you are thousands over.

[BBQPorkBun]

I have a few questions; kinda fragmented because I never used OSAP in undergrad, but will need it to get through professional school. My apologies if they sound like dumb questions; as I said... I'm still really new to OSAP.

I received my declaration form a week ago. As I'm actually on the waiting list for another school and plan on attending that other school if I get accepted in the next couple of weeks, I have not sent the forms back yet, as I believe they are to be sent to the loan office of my current choice school. Should I be waiting on this?

I submitted my OSAP application before the July 1st deadline only to realize afterwards that I had undershot my gross income estimate by about 2k (should be around 6k instead of 4k as I had put on my app). I received an estimate of a full $11,900, and today received an update that they plan to give me the full amount.

What exactly is the procedure for updating my estimate (At least I think updating it is still possible)? I believe I have to send a written notification, but do I send it to my loan office at my university, or to OSAP? Can I send it with the declaration form to the same place?

What is the likelihood that they are going to take money from my estimate because I'm making an extra 2k gross ("independent status" from parents, single, 1k savings, zero assets, zero debt, no past history with OSAP)? I plan to update anyways so I don't get into any trouble, but I'm just wondering if it will mean I will lose a noticeable chunk of funding.

Thanks very much in advance.

Wait if you think you are going to know soon, don't if not.
Go to your schools financial aid office to find procedure to update.
You may lose a bit, maybe the 2k you mentioned.

[GLADmaster]

Great post, BBQ.
I want to appl OSAP. My case is different and need some help. Here is my situation.
I am an immigrant and was in OSAP before. I am currently in PhD program, 2nd year. I am married, no child right now, but plan to have one later this year. I have a car, worth about 5k, which I won't give up, coz when I have a baby, I need it. As a graduate student, I have scholarship, TA and RA, which amount about 20k; My wife has a pt job (which she likes), which will make about 6k a year. I applied OSAP last year, but b/c I have a little asset (?), my assessment was 0.

My questions are: people like me, how to get benefit from OSAP as much as possible? Or I'd better stay away from it, b/c it won't do me much good? we have a bit saving (~10k) in the bank. Shall we take it out for the appl? If we keep it in my wife's name, will it still be counted as my assets? I have a student credit line of 3k with the bank now, shall I cacel it to appl OSAP?
Any suggestions, comments, hints are highly appreciated.

[emoci]

For anyone that has any idea, or anyone at U of T, ArtSci:

This is my third year applying, and I may just be getting anxious for no reason but I still see this online:

Current Status
Your application is currently on hold.
Your institution is in the process of providing the ministry with information on their programs and tuition, fee, and book costs. Therefore, at this time the ministry is not assessing your application to determine your level of funding and/or not releasing any funding to students attending this institution.

Now I filled the application out since May, and I remember other years, I have usually known what I am getting at around this time. It is about half way through summer, and it just...you know feels better to be able to plan...

I called in, but all they said was: If there are no other messages, just wait...

Anyways, anyone else seeing the same thing?

[BBQPorkBun]

For anyone that has any idea, or anyone at U of T, ArtSci:

This is my third year applying, and I may just be getting anxious for no reason but I still see this online:

Current Status
Your application is currently on hold.
Your institution is in the process of providing the ministry with information on their programs and tuition, fee, and book costs. Therefore, at this time the ministry is not assessing your application to determine your level of funding and/or not releasing any funding to students attending this institution.

Now I filled the application out since May, and I remember other years, I have usually known what I am getting at around this time. It is about half way through summer, and it just...you know feels better to be able to plan...

I called in, but all they said was: If there are no other messages, just wait...

Anyways, anyone else seeing the same thing?

Many people get this, all you can do is wait.

[BBQPorkBun]

Great post, BBQ.
I want to appl OSAP. My case is different and need some help. Here is my situation.
I am an immigrant and was in OSAP before. I am currently in PhD program, 2nd year. I am married, no child right now, but plan to have one later this year. I have a car, worth about 5k, which I won't give up, coz when I have a baby, I need it. As a graduate student, I have scholarship, TA and RA, which amount about 20k; My wife has a pt job (which she likes), which will make about 6k a year. I applied OSAP last year, but b/c I have a little asset (?), my assessment was 0.

My questions are: people like me, how to get benefit from OSAP as much as possible? Or I'd better stay away from it, b/c it won't do me much good? we have a bit saving (~10k) in the bank. Shall we take it out for the appl? If we keep it in my wife's name, will it still be counted as my assets? I have a student credit line of 3k with the bank now, shall I cacel it to appl OSAP?
Any suggestions, comments, hints are highly appreciated.

Everything will be judged on family now so moving things around won't help. All you can do is apply and hope for the best. Your assessment of 0 was probably because of your assets amongst other things so the funding can be better used by someone who has none of these assets.

[greg123]

Great post, BBQ.
I want to appl OSAP. My case is different and need some help. Here is my situation.
I am an immigrant and was in OSAP before. I am currently in PhD program, 2nd year. I am married, no child right now, but plan to have one later this year. I have a car, worth about 5k, which I won't give up, coz when I have a baby, I need it. As a graduate student, I have scholarship, TA and RA, which amount about 20k; My wife has a pt job (which she likes), which will make about 6k a year. I applied OSAP last year, but b/c I have a little asset (?), my assessment was 0.

My questions are: people like me, how to get benefit from OSAP as much as possible? Or I'd better stay away from it, b/c it won't do me much good? we have a bit saving (~10k) in the bank. Shall we take it out for the appl? If we keep it in my wife's name, will it still be counted as my assets? I have a student credit line of 3k with the bank now, shall I cacel it to appl OSAP?
Any suggestions, comments, hints are highly appreciated.

20K income for a full time student is decent, please dont try and squeeze every cent out of the fund and leave some for the people who makes $0 and actually need the money.

[J_u_n_i_o_r_3]

Not likely to change, you can tell them anytime but its not significant enough to report. Don't do anything until you are thousands over.

thousands over mean over 2000?

[y2knp]

hi, bbqporkbun, i get some questions. The coming school year will be the last i apply osap. I have about 2k income up to now, and i probably make extra 2k from now to x'mas. Does my income affect my osap? If i choose not to tell them those income im gonna have, can they spot my lies? thx

[BBQPorkBun]

hi, bbqporkbun, i get some questions. The coming school year will be the last i apply osap. I have about 2k income up to now, and i probably make extra 2k from now to x'mas. Does my income affect my osap? If i choose not to tell them those income im gonna have, can they spot my lies? thx

Yes it does affect your osap.
Possibly, you risk them knowing and not getting any osap funding. Also you can just be unlucky and be randomly audited.

[J_u_n_i_o_r_3]

Yes it does affect your osap.
Possibly, you risk them knowing and not getting any osap funding. Also you can just be unlucky and be randomly audited.

what happeans when you are audited?

[basketball]

Hi bbqporkbun,
I got Millennium/Ontario Access grant and on the OSAP application I put down $100 as summer income (pre-study income), but now I got a summer job and (it's more than $100), would I loose my Millennium/Ontario Access grant ?
and if not would it make a difference, if I get the QEII aming for the top Scholarship too?
thx

[caliente]

Great post, BBQ.
I want to appl OSAP. My case is different and need some help. Here is my situation.
I am an immigrant and was in OSAP before. I am currently in PhD program, 2nd year. I am married, no child right now, but plan to have one later this year. I have a car, worth about 5k, which I won't give up, coz when I have a baby, I need it. As a graduate student, I have scholarship, TA and RA, which amount about 20k; My wife has a pt job (which she likes), which will make about 6k a year. I applied OSAP last year, but b/c I have a little asset (?), my assessment was 0.

My questions are: people like me, how to get benefit from OSAP as much as possible? Or I'd better stay away from it, b/c it won't do me much good? we have a bit saving (~10k) in the bank. Shall we take it out for the appl? If we keep it in my wife's name, will it still be counted as my assets? I have a student credit line of 3k with the bank now, shall I cacel it to appl OSAP?
Any suggestions, comments, hints are highly appreciated.

Like another poster said, it won't help to move the money around within the family since you will have to report your wife's assets too.

The reason why your assessment is $0 is because $20k is an acceptable income for a graduate student. Even if you had no assets, I do not think OSAP would give you anymore money.

I believe graduate students can apply to a special branch of OSAP (for example, an OGS scholarship) -- but you cannot hold this award if you hold other awards over a certain value (e.g. you cannot hold both an OGS and an NSERC award). An OGS scholarship is well under $20k for a Master's student. Students are expected to supplement their income through teaching; some supervisors will also top up the award to meet the minimum income set by the school; some generous supervisors will give all their students the same stipend regardless of the value of external awards, hence why my friend earns over 25k(!) as a lowly Master's student.

If you feel you need more money, you should talk to your supervisor.

[BBQPorkBun]

what happeans when you are audited?

They make you prove everything relating to your finances.
The results from being found guilty of lying is bad, you will regret it for years to come.

[BBQPorkBun]

Hi bbqporkbun,
I got Millennium/Ontario Access grant and on the OSAP application I put down $100 as summer income (pre-study income), but now I got a summer job and (it's more than $100), would I loose my Millennium/Ontario Access grant ?
and if not would it make a difference, if I get the QEII aming for the top Scholarship too?
thx

Income does not affect scholarships.
You may or may not, depending on how much you make.

[basketball]

Income does not affect scholarships.
You may or may not, depending on how much you make.

I would make about 2500 throughout the summer, so would that affect my grant?

[michael10]

i have a question bout the millenium bursarys. How do I get this? Ive already applied for osap got about 4k but I need more. I know that you get automatically assessed for the bursary's for applying for osap, but I was wondering how would I get it now that i have osap money?

[BBQPorkBun]

I would make about 2500 throughout the summer, so would that affect my grant?

Can't give you a yes or no but probably.

[BBQPorkBun]

i have a question bout the millenium bursarys. How do I get this? Ive already applied for osap got about 4k but I need more. I know that you get automatically assessed for the bursary's for applying for osap, but I was wondering how would I get it now that i have osap money?

You can't, with or without osap money (thats not a factor). You got assessed for 4k, that already says you don't qualify.

[michael10]

You can't, with or without osap money (thats not a factor). You got assessed for 4k, that already says you don't qualify.

so you are automatically assessed correct? Theres no forms to fill out?

[CSR]

I'm going away for 1 semester for coop, should I bother applying to osap?

[iheartdeals]

Have any of you received your loan agreement forms for this year?

[UrbanPoet]

whats this business of getting money back in the form of a grant if you get a OSAP loan over $7000?
how exactly does that work?

[BBQPorkBun]

so you are automatically assessed correct? Theres no forms to fill out?

no forms

[BBQPorkBun]

I'm going away for 1 semester for coop, should I bother applying to osap?

depends on which semester, the timing, how much you are getting paid. too few details to tell you.

[BBQPorkBun]

whats this business of getting money back in the form of a grant if you get a OSAP loan over $7000?
how exactly does that work?

works just like that, whatever you get assessed for in excess of 7000k is a grant.

[iheartdeals]

^ when do you get notified of it?

[jeeva86]

I'm on a 16-month paid internship, so do I still have to start paying after the 6months? I'm confused because after 16 months, I'll be a full time student then, so doesn't that mean I don't get charged interest. Is it possible to defer my payments until I'm done my final year?

[BBQPorkBun]

^ when do you get notified of it?

Of what? the grant?

At the end of each school year.

[BBQPorkBun]

I'm on a 16-month paid internship, so do I still have to start paying after the 6months? I'm confused because after 16 months, I'll be a full time student then, so doesn't that mean I don't get charged interest. Is it possible to defer my payments until I'm done my final year?

You will accumulate interest starting month 1, start making your monthly payments in month 7. Interest will then stop accumulating once you are back in school in month 17.

No defering.

[jeeva86]

You will accumulate interest starting month 1, start making your monthly payments in month 7. Interest will then stop accumulating once you are back in school in month 17.

No defering.

You think they won't budge at all on deferring? Also do you think it'll be possible to apply to OSAP for my final year, since I'll be paying them back for 17 months.

[BBQPorkBun]

You think they won't budge at all on deferring? Also do you think it'll be possible to apply to OSAP for my final year, since I'll be paying them back for 17 months.

There is no deferring, not even a consideration. You are either in full time school or you aren't. You can also apply, but you've just been making money for 16 months so Im guessing the possiblities are slim. You will only be paying for 10 months (16 minus grace period).

[Shuhman]

a

[Draff]

I've got a question...
When filling out my application, I put in only my income from my summer job. I recently remembered that my dad had put some of his money under a joint account, along with some other accounts and savings bonds under my name alone (I'm considered an independent btw).

On my file, it says that my income will be subject to verification so I want to get it sorted out but I'm confused as to what to include as my income - especially since I told my dad to remove my name from his assets earlier this year so I won't know the exact interest amounts.

[jeeva86]

There is no deferring, not even a consideration. You are either in full time school or you aren't. You can also apply, but you've just been making money for 16 months so Im guessing the possiblities are slim. You will only be paying for 10 months (16 minus grace period).

How about interest relief?

[BBQPorkBun]

How about interest relief?

You can try, but the grace period interest you will not be able to get away from and will just be added to the loan. Depends how much income you make but you can try and see what happens.

[BBQPorkBun]

I've got a question...
When filling out my application, I put in only my income from my summer job. I recently remembered that my dad had put some of his money under a joint account, along with some other accounts and savings bonds under my name alone (I'm considered an independent btw).

On my file, it says that my income will be subject to verification so I want to get it sorted out but I'm confused as to what to include as my income - especially since I told my dad to remove my name from his assets earlier this year so I won't know the exact interest amounts.

Just state income that specifically applies to you only. For assets under both your name you can make an argument that it is not really yours. But if you claim the investment income as income in your income tax return then you have to include that. They won't go this deep anyways and will likely verify with the CCRA your working income.

[BBQPorkBun]

Hi, I just got my OSAP amount back and I have some questions as to whether I am getting the maximum amount possible.

Basically, I started university last year, I filled in $6250 for scholarships (of which $5000 was based upon an entering average of 95% and the other $1250 was an entrance award) I filled in $1000 for my RESP for the year (I have a total of $3200 in RESP to split over the four years of college) and 0 for other assets. I received the maximum $11,900 in OSAP funds distributed as

Canada-Ontario Integrated Student Loan: $5900
Millennium/Ontario Access Grant: $3000
Students from Low-Income Families: $3000


This year I filled in the same things in terms of my parent's income, my merit scholarship of another $5000 (without the extra $1250 in entrance award) and an RESP of $1050, with no other assets. Although I am technically going to be employed by the school for a salary of $3000 a year, I took the advice of other OSAP discussions on this board and filled in $0 for Estimated total gross income for the year as I have not began my employment. Again I received the maximum $11,900 but distributed like this

Canada-Ontario Integrated Student Loan: $7140
Ontario Access Grant: $1760
Millennium Bursary: $3000

So now my Ontario Access Grant is $1240 from the maximum $3000 with the difference being put in the form of a loan instead.

I called up my school and I'm told that the reason for the difference in loan distribution (even though the information filled in is almost exactly the same from the previous year and infact $1250 scholarship less) is that my summer vacation now consists of 16 weeks instead of 9 weeks, which was the amount of my high school vacation. They tell me that OSAP automatically assumes that you can earn income during this time but I have been unable to find a job this summer and so have no actual income.

So now I'm really confused and need help. Does anyone know what the real reason for the change in loan/grant distribution is? Is there any way that I can maximize my Ontario Access Grant and reduce my loan?

No

[BBQPorkBun]

I just wanted to answer that last entry with as few letters possible...anyways...

The answer is no. OSAP does assume you make a certain amount of money over the summer, whether u actually make it, doesn't matter. Realistically anyone can find anything to do and make $1xxx over the summer. So making less then that won't increase your loan but making substantially more will decrease your loan.

Your distribution is not up for negotiation and theres nothing you can manipulate to change it.

With the 3k that I assume is reasonably expected, it will further change your loan structure anyways with the free money portion of the distribution being lowered.

[UrbanPoet]

What happens if you live with your parents, but you actually pay rent?

[Jei]

Great Thread BBQ.

I just have a minor question. If I applied for OSAP, but on the application have stated that I will have no pre-study income ($0 summer income), and have been a similar amount as Shuhman, 6000 grants/5900 loan.

What is most likely to occur if my summer income is 3k-ish. Will the grants go down? Or remain. Or will the loan go down?

Many Thanks!

[CSR]

Re: Should I bother applying to osap if I'm doing co-op

depends on which semester, the timing, how much you are getting paid. too few details to tell you.

Sorry for the lack of info, I'm going away in the fall semester and will be going back to school in the winter. I'm assuming they want me to use my coop income to pay for the winter semester, but it doesn't hurt to apply right? I also want to be osap eligible in order to part take in work study positions at my school, and be qualified for "financial need" scholarships among other things.

I should be getting paid around $7000 for 4 months...but as of now, I put down 0 for estimated income because I haven't earned it yet (as per the advice on this thread).

[xtrader101]

I am planning to go uni January 2008. I am married and one kid. However, I will live away from home during the study period. I do not see a classification as married living away from home. How are they going to classify me? In what degree will my spouse income affect my potential funding? If I get a funding, will it be just for the Jan-April and I need to apply again for 2008/2009 (Fall/Winter).

Thank you.

[BBQPorkBun]

What happens if you live with your parents, but you actually pay rent?

Not gonna work to get more osap unless you appeal with documentation proving the years of rent you've been paying and then ur parents declaring it as income and paying taxes on it.

[BBQPorkBun]

Great Thread BBQ.

I just have a minor question. If I applied for OSAP, but on the application have stated that I will have no pre-study income ($0 summer income), and have been a similar amount as Shuhman, 6000 grants/5900 loan.

What is most likely to occur if my summer income is 3k-ish. Will the grants go down? Or remain. Or will the loan go down?

Many Thanks!

Free money goes down first.

[BBQPorkBun]

Re: Should I bother applying to osap if I'm doing co-op



Sorry for the lack of info, I'm going away in the fall semester and will be going back to school in the winter. I'm assuming they want me to use my coop income to pay for the winter semester, but it doesn't hurt to apply right? I also want to be osap eligible in order to part take in work study positions at my school, and be qualified for "financial need" scholarships among other things.

I should be getting paid around $7000 for 4 months...but as of now, I put down 0 for estimated income because I haven't earned it yet (as per the advice on this thread).

Theres no harm in applying of course and I would advise you to do so.
The assume 0 income is for summer jobs and part time jobs while in school. With something like coop where 99% of the time, plan is not going to change and income is reasonably determinable, you should report it but report something conservative if you think 7k, then put down 6k until you actually earn it. Looks better to osap and less of shock to you when then give you something then take it all away.

[BBQPorkBun]

I am planning to go uni January 2008. I am married and one kid. However, I will live away from home during the study period. I do not see a classification as married living away from home. How are they going to classify me? In what degree will my spouse income affect my potential funding? If I get a funding, will it be just for the Jan-April and I need to apply again for 2008/2009 (Fall/Winter).

Thank you.

Your status is you live at home (with your husband and kid). I assume your family has their own home. His income will greatly affect your funding. Yes, apply in the summer for your 08-09 school year.

[evlbstrd]

Great thread.

Can you estimate a figure for how much one has to make before OSAP stops paying the full 11700. I'm currently a grad student assessed for 11700 of which 4700 should be given in the form of a grant (to my understanding). My reported annual income is 10k, however, I can probably double that if I work more hours. However, it's probably not worth my while if it starts eating into the grants. Also if your cost of living i.e. rent increases, should you inform them?

[xtrader101]

I have RESP for my son ($5000), will it also affect my potential student loan funding? If I have a debt of $5000, will it offset the RESP and make my net assets equal to zero?

Thank you.

[BBQPorkBun]

Great thread.

Can you estimate a figure for how much one has to make before OSAP stops paying the full 11700. I'm currently a grad student assessed for 11700 of which 4700 should be given in the form of a grant (to my understanding). My reported annual income is 10k, however, I can probably double that if I work more hours. However, it's probably not worth my while if it starts eating into the grants. Also if your cost of living i.e. rent increases, should you inform them?

Any more money you make now should be eating to what osap is giving you.

Rent increase is not significant enough to change much, they know what area/city you are in and the cost of living. If it goes up too much, suggest moving.

[BBQPorkBun]

I have RESP for my son ($5000), will it also affect my potential student loan funding? If I have a debt of $5000, will it offset the RESP and make my net assets equal to zero?

Thank you.

Yes, it will for sure affect your student loan. No it will not offset to 0, they do not consider your debt. Or else someone can just say, oh i bought a car, or a house, im at negative, doesn't work that way.

[Ice_Dragon]

Need help for my brother here who will be starting Comp Sci in UofT

He is only getting 6K in OSAP for this year. HE lives with the parents but they won't be able to pay the rest for him. On top of that he said NO in the bursaries option....and submitted it. Should he try and get his application pulled and resubmit it. Can he still apply for bursaries and grants or is there another option?

[BBQPorkBun]

Need help for my brother here who will be starting Comp Sci in UofT

He is only getting 6K in OSAP for this year. HE lives with the parents but they won't be able to pay the rest for him. On top of that he said NO in the bursaries option....and submitted it. Should he try and get his application pulled and resubmit it. Can he still apply for bursaries and grants or is there another option?

Call in to make the adjustment to his application. But if you are getting 6k, thats not high enough to get grants. If you are talking about bursaries through your school, just apply for that.

[Ice_Dragon]

Call in to make the adjustment to his application. But if you are getting 6k, thats not high enough to get grants. If you are talking about bursaries through your school, just apply for that.


Should I get him to review the application? He should be getting the full 10k but hes not...

[BBQPorkBun]

Should I get him to review the application? He should be getting the full 10k but hes not...

How do you come up with he should be getting 10k?

[Sass_829]

Hi,

I have a few more questions:

1-I overestimated my summer income by 3000 approx, and so far have no found a job and most likely won't this summer. The lady at the financial aid office told me she wouldn't change it, that in September when I pick up the confirmation papers I could change it then. If I don't make any money during the summer, is there any way I can get more bursaries from the school? I got max osap and 1000 bursary from the school already.

2-I read that the maximum I could make in the school year was $50 per week without it affecting my funding, but what if I didn't make anything during the summer would I be able to make more during the school year without it affecting funding? The lady at the financial aid had told me I was safe to make 4000 without OSAP being affected (during the summer).

Thanks!

[michael10]

I have a question on my osap application I put down that I have $0 worth of resp's since I didn't think I was going to be using them this year. Apparently my parents want me to use it to pay for my tuition. Would this effect me in any way? I already got quoted 4k for osap which I need but in addition I would be withdrawing money from my resp. Should I leave the osap money, and pay my tuition with my resp or receive the osap money and withdraw my resp?

[BBQPorkBun]

Hi,

I have a few more questions:

1-I overestimated my summer income by 3000 approx, and so far have no found a job and most likely won't this summer. The lady at the financial aid office told me she wouldn't change it, that in September when I pick up the confirmation papers I could change it then. If I don't make any money during the summer, is there any way I can get more bursaries from the school? I got max osap and 1000 bursary from the school already.

2-I read that the maximum I could make in the school year was $50 per week without it affecting my funding, but what if I didn't make anything during the summer would I be able to make more during the school year without it affecting funding? The lady at the financial aid had told me I was safe to make 4000 without OSAP being affected (during the summer).

Thanks!

Bursaries at your school is based on financial need, not how much you made in the summer etc.

I myself have made way more than that per week on avg without it affecting my osap, I do not believe the 50 is any kind of benchmark.

Periods are separate, don't think after not working 3 summers, you can now make 15k this summer and it would be ok. Treat them as independant of each other.

[BBQPorkBun]

I have a question on my osap application I put down that I have $0 worth of resp's since I didn't think I was going to be using them this year. Apparently my parents want me to use it to pay for my tuition. Would this effect me in any way? I already got quoted 4k for osap which I need but in addition I would be withdrawing money from my resp. Should I leave the osap money, and pay my tuition with my resp or receive the osap money and withdraw my resp?

you should not be putting 0 because it does not matter if you plan to use them, they are asking if you have them. if yes then they expect you to use that for tuition etc.

Yes it will affect you, how will probably be lower funding.

[michael10]

you should not be putting 0 because it does not matter if you plan to use them, they are asking if you have them. if yes then they expect you to use that for tuition etc.

Yes it will affect you, how will probably be lower funding.

Sorry but I was saying that I have already received 4k from osap, that is what they are going to give me. But on the application i stated i had $0 in resp's since I didn't think I was going to use it this year. But the problem is that I need to use them in addition to the money I am going to be receiving from osap. Will this cause any problems?

[BBQPorkBun]

Sorry but I was saying that I have already received 4k from osap, that is what they are going to give me. But on the application i stated i had $0 in resp's since I didn't think I was going to use it this year. But the problem is that I need to use them in addition to the money I am going to be receiving from osap. Will this cause any problems?

No, it will not cause any problems to use both, but that 4k was given to you under the assumption you have 0 in resp. Depending on how much you actually have, that 4k should be lowered.

[jeeva86]

How would I be eligible to fill out the schedule 2 form? I'm on an internship so does that count?

[Nguyenmon]

I have a question.. On my status page on OSAP. Theres columns for Loans, Grants, and Scholarships. The loans I need to pay back for sure right? :P.

Do I need to pay back the grants as well? or no? Someone told me grants were free money as well.. but i don't know.. Could you clarify please?

And the scholarships are just free money...

[jeeva86]

I have a question.. On my status page on OSAP. Theres columns for Loans, Grants, and Scholarships. The loans I need to pay back for sure right? :P.

Do I need to pay back the grants as well? or no? Someone told me grants were free money as well.. but i don't know.. Could you clarify please?

And the scholarships are just free money...

Grants aren't paid back. I think the far-most left column shows the loans that was given to you and that's what you need to pay back. Also you can check directly from www.canlearn.ca

[Draff]

Thanks for all the help so far. I just have a few questions:

1. I received an admission scholarship for the 2006-2007 year. Do I have to include this as "income"? And if so, should I just divide it by half since the application is for January 2007 and onwards?

2. I had several accounts either joint or under my name solely (which all belong to my dad). I closed them a few months ago so none of the accounts are under my name currently. The person at UofT claims that I have to include them as assets even though I no longer have access to the funds. The interest I received went to my dad as well. Is the person right - do I have to include the amounts as assets?

[perplexed_one]

I have a question on my osap application I put down that I have $0 worth of resp's since I didn't think I was going to be using them this year. Apparently my parents want me to use it to pay for my tuition. Would this effect me in any way? I already got quoted 4k for osap which I need but in addition I would be withdrawing money from my resp. Should I leave the osap money, and pay my tuition with my resp or receive the osap money and withdraw my resp?

the thing with RESPs (at least with specialized institutions like CST, USC, Heritage trust, I dont know much about the bank's resp programs) is that you dont have to report the principal amt of the resp, because it is going back to your parents and is up to their discretion whether to use this for paying tuition. some parents take out the principal upon maturity and use it to pay down their house.

the rest of the RESP, the interest (that spawned from the principal amt)+ CESG (government grant accumulated over the years) is entirely for your education purposes (for 2nd, 3rd, 4th year tuition costs). that stuff you have to report in their respective years.

so long answer short, no you dont report anything first year because the money released to your parents first year is their money, their initial investment (ie the principal).

hope what i wrote isnt complicated enough for you.

[Nguyenmon]

Grants aren't paid back. I think the far-most left column shows the loans that was given to you and that's what you need to pay back. Also you can check directly from www.canlearn.ca

Thanks, Another question please :P to confirm my last question..

Since Grants and Scholarships are free.. and I don't have to pay back. Only the loans have to be paid back. Does OSAP know how much extra money they're giving me in total of Loans/Grants/Scholarship. Because lets say I get a 5K loan from them and another 5k in grants, but i only used up 8k total and have 2k of the grant left over, they don't care about that right? Because.. I remember reading somewhere.. that i'm supposed to give back extra money or something?..

[parthc007]

I got a question:
Got the max OSAP for first year and applied this year again, but this time i got a query that i have to fill out a residency history form and prove my parents income(They dont live in Canada, but are here 3-6 months every year....the income on the return was around 4k both included <$6200) and savings....

Now,they are asking me how do we manage daily living costs and i said with savings from the home country!!...so acco to them i have to prove it...it's all good until this point but now.....my parents have got around 30k in their account!!!!!!!!

if i show this savings....would i get any osap?...knowing the fact that the income is below $6200 and live on savings?

Now a question about residency history:
I've lived in canada for abt 2 years now, but they still dont consider me an Ontario resident????....lived 10 months before starting full time studies...if that makes a difference!

and my parents havent really lived in Canada ....they are just visiting....like 6 months for my mum and dad just came here for 15 days....if i show this on the residency history chart....do you think i'll qualify for anything.....or i am screwed????
please shed some opinions on my case>:(

[cruisn76]

Question to whom can answer this:

a) I owe $27000
b) graduated in April
c) have not found a job since.
d) looking to apply for interest relief, family income > 40000(combined 2 parents: mom doesn't work)


Right now I have $2500 saved up (from excess OSAP at the end of the year) and looking to put that towards an ING, BMO, etc... high interest savings account only if I am eligible for IR . Or invest in some bonds or GIC's. (Absolutely no risk investment). Personally i am illiterate to investing but learning as I follow this thread. Someone said on this thread that interest savings account doesn't even cover inflation. Is this true ? Should I avoid high interest savings account entirely and invest elsewhere ? Secondly, say if I choose to buy bonds GIC's or some kinda of investment, how does that affect my chances of getting interest relief ?

Thank you ahead time
Danny

[kdotc]

the thing with RESPs (at least with specialized institutions like CST, USC, Heritage trust, I dont know much about the bank's resp programs) is that you dont have to report the principal amt of the resp, because it is going back to your parents and is up to their discretion whether to use this for paying tuition. some parents take out the principal upon maturity and use it to pay down their house.

the rest of the RESP, the interest (that spawned from the principal amt)+ CESG (government grant accumulated over the years) is entirely for your education purposes (for 2nd, 3rd, 4th year tuition costs). that stuff you have to report in their respective years.

so long answer short, no you dont report anything first year because the money released to your parents first year is their money, their initial investment (ie the principal).

hope what i wrote isnt complicated enough for you.

im in a similar situation. i did not get my first year money and im going to 2nd year. i did not get the money from usc or heritage yet so can i put down $0 for now because i want to get my quote from osap asap.

[michael10]

the thing with RESPs (at least with specialized institutions like CST, USC, Heritage trust, I dont know much about the bank's resp programs) is that you dont have to report the principal amt of the resp, because it is going back to your parents and is up to their discretion whether to use this for paying tuition. some parents take out the principal upon maturity and use it to pay down their house.

the rest of the RESP, the interest (that spawned from the principal amt)+ CESG (government grant accumulated over the years) is entirely for your education purposes (for 2nd, 3rd, 4th year tuition costs). that stuff you have to report in their respective years.

so long answer short, no you dont report anything first year because the money released to your parents first year is their money, their initial investment (ie the principal).

hope what i wrote isnt complicated enough for you.

not complicated at all, very informative. But just to be sure, my parents are paranoid about this. So it is so problem if I use osap money in conjunction with RESP to pay my tuition despite stating $0 in my RESP assets

[masterballer]

Parents make 50K a year and i dont work at all, no RRSP GIC or anything like that.

I got a bit over 3000 with no grants...can i ask for them to look it over? i got way more last year with 2k in grants.

Thanks for the input.

[ProfessorChaos]

question:

right now im at mcmaster and taking a full 30 unit course load. it states on my osap that i am 100% course load but i intend on dropping on course bringing it to 27 units....that is still more than my program's 24 unit requirement but less than the normal 30 unit load? will taking 1 less course affect my funding?

[perplexed_one]

not complicated at all, very informative. But just to be sure, my parents are paranoid about this. So it is so problem if I use osap money in conjunction with RESP to pay my tuition despite stating $0 in my RESP assets

no i dont think there will be a problem. you're going into 1st year, right?
remember the principal from the RESP is your parents' money, it isnt obligated to be spent on educational purposes (unlike the rest of the RESP). even if you do plan on using it for 1st year, you dont have to report it. just think of it this way: your parents are giving you a 'gift'. OSAP doesnt require you to report monetary gifts. they only look at your/your parents' income and any assets other than your family's principal residence. also if you have tons of money saved away in a bank acct, your chances of getting more for OSAP drop.

if you need confirmation, call your university's financial aid office, they are your nearest and official OSAP office.

GL

[Spiderpal93]

Parents make 50K a year and i dont work at all, no RRSP GIC or anything like that.

I got a bit over 3000 with no grants...can i ask for them to look it over? i got way more last year with 2k in grants.

Thanks for the input.

Doesn't look right to me. Are you sure you didn't fill out something wrong..?

[masterballer]

Doesn't look right to me. Are you sure you didn't fill out something wrong..?

Nope, i got 3400, parents make about 50K total, York is giving me $1000 that i forgot to mention but even so last year i got more with grants included.

How do i go about getting it re-evaluated?

[mizz_tracy]

this must be getting annoying.. but i am still confused about osap.. cuz alot of my friends got it in first yr.. but i was late so i didnt.. but i am trying to this year.. and this is my situation..

my dad works and makes kind of alot of money.. he's an engineer.. but thing is my mom doesnt work.. so that kinda evens out i guess.. and im trying to get osap because i want to actually pay for university myself.. and my dad has some resp saved up ... i used some of it last yr.. cuz i didnt have osap.. but now i applied and its estimated i get 4000.. (i dont really kno if thats the whole yr or what... ) but thing is .. i have a summer job.. and i got a raise this yr and am wokring the whole time so im making like 2.5 times more than i acutally put for the expected income before skewl.. btu then they say wen we go pick up the loan.. we bring proof of our gross income.. (last pay stub) .. although im still working.. i took like two weeks off of august.. so technically my pay stuff would still be aorund what i SHOULD be making.. cuz it just has the total.. so im wondering do i have to tell them my actual income.. and do they really check..

i also stated that i wasnt living at home with my parents.. so will that help in any way?

because i spent alot of the money i made.. i only just have enough for paying my tuition/rent/books or w/e .. so if my parents take out some resp for me.. my osap will go down even more? and is it true that resp money gets taxed or something if you dont use it?

thank you for you time =]

[lil_c09]

My current OSAP application status says, Released to Date: and then the amount. Does this mean the money has been released to my school? As well, it says "Student must complete Confirmation of Enrolment form" Am I able to do this when I pick up my OSAP money? Thanks!

[J_u_n_i_o_r_3]

My current OSAP application status says, Released to Date: and then the amount. Does this mean the money has been released to my school? As well, it says "Student must complete Confirmation of Enrolment form" Am I able to do this when I pick up my OSAP money? Thanks!

mine states that too

[DaDesign]

ugh the OSAP site is super slow today lol

anyways
I was wondering how do I apply for Living Allowance?
My total funding is $4035 for the year and I only live with my mom who doesn't make a lot just enough. I have a job but my hours will get cut down cuz of school and I was told that I should to apply for Living Allowance. Um what do I do?

thx

[andrew2good4u]

My current OSAP application status says, Released to Date: and then the amount. Does this mean the money has been released to my school? As well, it says "Student must complete Confirmation of Enrolment form" Am I able to do this when I pick up my OSAP money? Thanks!

great question. I would love to know this as well. I was filling out my promissory note for school and noticed this when I went to check my OSAP status.

BBQPORKBUN, could you please let us know what this means?

[kajan23]

If you look carefully on the total funding issued page it will say the negotiable date for the loan. The money hasnt been transfered to the school it is ready to be issued on that date when you go and confirm your enrollment at the student awards office.

[sunflower8]

As long as you are full time masters, they will not make you start repayments. The government will still pay the interest on your behalf. If you are eligable, you can even apply for more osap money.


If you quality, you can apply for interest relief (available in 6-month terms). These can be renewed. The government will make interest payments on your behalf, but you are still responsible for the principle amounts.


really!!! how do i apply? do i do it through my school? or through osap? When do i apply?

[thecharlie]

really!!! how do i apply? do i do it through my school? or through osap? When do i apply?

For interest relief? You'd apply through your school before November, which would be your first required payment after graduation. There are conditions that must be met (ie. unemployment etc), but I hear it's not hard to get. What usually happens is that the government will add the interest charged from May - October into the principle and then gives you the interest relief for 6 months.

You have to re-apply if you need it for another 6 months and you're only allowed to sign up for interest relief a maximum of three times.

[*annie*]

Important question here,

I checked my account today. And on the current status section it says " Your file has been updated with additional information and your OSAP funding has been recalculated.". I checked funding summary and the amounts shown are the same as before.

So I decided to check on the "income verification" link, and this is what is indicated: "The verification of income with Canada Revenue Agency (CRA) has been completed and there is a discrepancy between the income provided on your OSAP application and the income information received from CRA. Please return to the Application Status Summary Page to check your current status and/or funding.".

I find this all weird. When I applied I reported the same amounts that were reported to CRA. Perhaps they (CRA) adjusted the amounts?? I don't know. And I said before, the loan amounts shown are the same as before.

I'm partly confused, partly scraed, I don't know. Should I be worried about this? Please help.

[emoci]

Important question here,

I checked my account today. And on the current status section it says " Your file has been updated with additional information and your OSAP funding has been recalculated.". I checked funding summary and the amounts shown are the same as before.

So I decided to check on the "income verification" link, and this is what is indicated: "The verification of income with Canada Revenue Agency (CRA) has been completed and there is a discrepancy between the income provided on your OSAP application and the income information received from CRA. Please return to the Application Status Summary Page to check your current status and/or funding.".

I find this all weird. When I applied I reported the same amounts that were reported to CRA. Perhaps they (CRA) adjusted the amounts?? I don't know. And I said before, the loan amounts shown are the same as before.

I'm partly confused, partly scraed, I don't know. Should I be worried about this? Please help.

Don't worry too much about it. A discrepancy can be even a small difference. If there was something to worry about you would've seen it reflected in your loan sums...

What you reported to CCRA will be considered final...(remember they realize when you put the expected sums in last year, they were estimates)

Said the same thing in my account last year, a year later nothing has happened yet:D

I bet it is saying that for one of your parent's income reports rather than yours...right?

[J_u_n_i_o_r_3]

whats a significent amount of diffrence

[Search]

Great Thread!!!
I wish I found this site before I applied for OSAP lol. My estimate is around 6K, this is my first time applying.

When I applied for OSAP, I had a job lined up. Fast forward to a week later, I had to quit the job. (long story). I really wish I knew about the putting 0 thing before hand. On my application I stated around $2000 of pre-study income and I also added $1000 for parental contributions.

I'm concerned because this means there will be a discrepancy with my total income which will now be below $6200. Since I didn't have a job during the summer how will this affect my funding? And what will happen when they verify my income?

I obviously don't have any pay stubs to show. Is this necessary to have in order to pick up my loan?

[emoci]

Great Thread!!!
I wish I found this site before I applied for OSAP lol. My estimate is around 6K, this is my first time applying.

When I applied for OSAP, I had a job lined up. Fast forward to a week later, I had to quit the job. (long story). I really wish I knew about the putting 0 thing before hand. On my application I stated around $2000 of pre-study income and I also added $1000 for parental contributions.

I'm concerned because this means there will be a discrepancy with my total income which will now be below $6200. Since I didn't have a job during the summer how will this affect my funding? And what will happen when they verify my income?

I obviously don't have any pay stubs to show. Is this necessary to have in order to pick up my loan?

When you pick up the papers in September, you'll be given a chance to update the sums you declared.... provided your income is less you may see the amount you qualify for increase a few weeks after (you'll either get this money in the second installment in January, or it'll be released later in November).

They do not need any proof of income when you pick up the loan certificate, but they do verify against Income Tax reports later(next fall), on their own (the problem ususally stands when you report less to OSAP than you actually make, reporting more to OSAP than you made is not neccessarily an issue, but it does mean you get a smaller loan than you could, so it is to your benefit to notify them of changes)...For now,simply update the sums when you pick up your Loan Certificate in Sept.

[J_u_n_i_o_r_3]

if your information is same throughout the year

would you still get the same amount it says to be released in January 2008

[MikeyPyro]

I have a question. I'm going to pick up my documents at york on september 4th if that makes a difference.

Anyway, my estimate was 8500 and I only got 4100...how the hell can the estimate me 4 thousand dollars off? Is there any way any more could be added any time soon? Or is it gonna stay that amount...?

[Oscar11]

anyone else getting low estimates?

Going into my third year of a 5 year program.


I make around 3K every summer.
dont make anything throughout the school year
mother makes 26K / year - (has 2 kids)
dont live at home - have to rent in TO for school

all of the above is true for the last 3 years.

Year 1: got $11 900
Year 2: got $11 900

Estimate for this year: $5 100

I cant afford to go to school if this is all I get. :mad:

Anyone in a similar situation?

[emoci]

if your information is same throughout the year

would you still get the same amount it says to be released in January 2008

Normally there shouldn't be any changes, if you make no updates, so you'll get that money in January...

I have a question. I'm going to pick up my documents at york on september 4th if that makes a difference.

Anyway, my estimate was 8500 and I only got 4100...how the hell can the estimate me 4 thousand dollars off? Is there any way any more could be added any time soon? Or is it gonna stay that amount...?

That's all, 4100, or is it 4100 in Sept, and more to come in January (you checked online I assume).

Reasons for this to happen:
Usually its Income Verification (either your Income, or a parents). See online your amounts, and when they are supposed to be released (it's common to get some in Sept. some in Jan. but everything should show up right now in terms of numbers if you applied in May).

Best bet is to call, or better yet check the adress of the Fin Aid center and go in person (not much else that I can tell you here will help)

anyone else getting low estimates?

Going into my third year of a 5 year program.


I make around 3K every summer.
dont make anything throughout the school year
mother makes 26K / year - (has 2 kids)
dont live at home - have to rent in TO for school

all of the above is true for the last 3 years.

Year 1: got $11 900
Year 2: got $11 900

Estimate for this year: $5 100

I cant afford to go to school if this is all I get. :mad:

Anyone in a similar situation?


That sounds off, considering first and second year amounts... The only thing I can think of is that you put in an amount higher that you should've in the application somewhere. Check over the application... Also you say "estimate", when did you apply? At this point, call or go in person.... I know this is not calming, but you gotta deal with it sooner or later!!! Sorry can't be of more help!

[jcoltage]

Hey question

I got 6,000 total.. all OSAP no grants or stuff
3000 now 3000 later I am in 1 year how come my brother got a millennium grant .. should I fight.

[MikeyPyro]

Thanks for the reply but it says 2900 released in september and 1200 in january which only makes 4100. I still find it unbelievable the estimate could be that much off because I do need some more. For anyone too lazy to read up my estimate was 8500.

More help is appreciated.

[Octavius]

Ok, here's the situation:

I'm currently 23 and going into my 5th year of University (doing a victory lap of my undergrad to boost my marks). I make around 20k/year (and have been for the past 3~ish years or so) working part time for the federal government as a student via FSWEP.

My parents are separated and my mom makes around 40-50k year running her own business. My father is MIA and there is no way to get in contact with him, nor has he filed any significant tax returns showing any sort of income over the past few years.

My mom absolutely cannot afford to help me with my tuition, and I help her out with a number of the bills. I pay for all car expenses (insurance, gas, repairs, etc) myself and I also pay for phone, internet and satellite for her as well.

I have just enough money in the bank to cover tuition (as well as 3k in Bonds, but they do not mature until 2010...so I'm not counting those since they are "locked in"), but the idea of having 0.00 in the bank really does not appeal to me at all. What are the odds I could get OSAP if I applied?

I live at home with my mom in case it wasn't obvious.

Thanks!

[SwiZz]

I'm in my 5th year of university, so i no longer have to declare my parents income. If i lied and said I don't live at home, I know OSAP will give more money, but is there any way that they actually check? will they ask me for proof?

[J_u_n_i_o_r_3]

does joint accounts count as your assets?

[Majestic]

Third year in university, first time giving OSAP a spin... and I'm pretty lost here. I clicked on the "Total Funding Issued For All Academic Years", and it says the "Negotiable Date" is on the 4th. Does this mean I can't go down to campus this week and pick my loan up?

[MikeyPyro]

Third year in university, first time giving OSAP a spin... and I'm pretty lost here. I clicked on the "Total Funding Issued For All Academic Years", and it says the "Negotiable Date" is on the 4th. Does this mean I can't go down to campus this week and pick my loan up?


It said september 5th for me but I went onto Yorks website and it said my documents were already available for pick up. I still made my appointment on the 4th though, my only free date :razz:

[legendofxix]

Third year in university, first time giving OSAP a spin... and I'm pretty lost here. I clicked on the "Total Funding Issued For All Academic Years", and it says the "Negotiable Date" is on the 4th. Does this mean I can't go down to campus this week and pick my loan up?
You can go down and fill out your loan documents at any time as long as the school/offices that you are doing it at is open and accepting them.
I went to do mine today but mine said negotiable date is the 4th.
This means that before the 4th, there is no way in hell I will get any of this money. This is incase I choose to drop out last minute from what I can understand.
Pretty much after the 4th, they start to process and dole out the money.

[emoci]

You can go down and fill out your loan documents at any time as long as the school/offices that you are doing it at is open and accepting them.
I went to do mine today but mine said negotiable date is the 4th.
This means that before the 4th, there is no way in hell I will get any of this money. This is incase I choose to drop out last minute from what I can understand.
Pretty much after the 4th, they start to process and dole out the money.

Well you can pick the documents now, but you can't send the papers in for negotiation (which really means filling them out and dropping them off at a post office or other designated locations) until the 4th.....(it usually corresponds with your class starting date)

You'll see your money within 8 to 10 days (from experience) from that date

[legendofxix]

Well you can pick the documents now, but you can't send the papers in for negotiation (which really means filling them out and dropping them off at a post office or other designated locations) until the 4th.....(it usually corresponds with your class starting date)

You'll see your money within 8 to 10 days (from experience) from that date
Ummm...I picked up my loan documents, signed off on them, and submitted them on the same day.
This was all done in the same location.
In fact, it was today cause I wanted to get it done and not have to wait for lineups.

[PrimoTurbo]

You can submit your papers and do ALL the paper work for OSAP before Sept. 5th or whatever your OSAP account says. As long as your University allows pickup and they should have an earlier date! However your money will ONLY be released after the date on your OSAP account.

Hope that clears everything up.

So go as early as you can and do everything at York, or which ever University you go to.

[J_u_n_i_o_r_3]

I got a conformation osap letter from Seneca college.

Now theres a form saying to enter any new amounts

On this fourm theres a new section 620 (Total gross income from all sources to be received during your study period.

What do I put there

I know its the amount your going to make in the school year

But how many weeks are in a school term?

I never saw this on the online application

I stated the correct income in the section is ask your estamited income from Jan to Dec


would this new part on the application's lower the amount of money being given out?

How are they going to find out how much you made during your study pirod

If they can only get 2007 tax return in 2008 fall

but what about the income i made from jan to april how would they find this information out

[J_u_n_i_o_r_3]

Also stated the pre study income

assets everything
but
never saw this 620 line

[emoci]

Divide the year like this:

Jan-May
Jun-Aug
Sep-Dec
Jan-May (Following Year)

It's under the three colum part of the app:

Under header "Income Received Before Your Study Period Begins and For the Year 2007" you'll find these:
Estimated total gross income prior to pre-study period (Jan 01, 2007 to May 30, 2007)
Estimated gross income during your pre-study period (May 31, 2007 to Sep 09, 2007)
Estimated total gross income for the year (Jan 01, 2007 to Dec 31, 2007)

Then there is a section with header "Income Received During Your 2007-2008 Study Period (Sep 10, 2007 to May 09, 2008) "

Will be receiving scholarships, bursaries and awards:
Will be receiving government benefits:
Type of government benefits:
Will be receiving income from other sources: (you wanna say Yes if expecting any income)
Estimated total gross income from all other sources (e.g., employment, child support)



All of these are on the online form, just read carefully and make sure things match....

I'd say decide the sums for each of those sections I mentioned at the top, then add them up as required by each line...


I got a conformation osap letter from Seneca college.

Now theres a form saying to enter any new amounts

On this fourm theres a new section 620 (Total gross income from all sources to be received during your study period.

What do I put there

I know its the amount your going to make in the school year

But how many weeks are in a school term?

I never saw this on the online application

I stated the correct income in the section is ask your estamited income from Jan to Dec


would this new part on the application's lower the amount of money being given out?

How are they going to find out how much you made during your study pirod

If they can only get 2007 tax return in 2008 fall

but what about the income i made from jan to april how would they find this information out

[Conan Edogawa]

Important question here,

I checked my account today. And on the current status section it says " Your file has been updated with additional information and your OSAP funding has been recalculated.". I checked funding summary and the amounts shown are the same as before.

So I decided to check on the "income verification" link, and this is what is indicated: "The verification of income with Canada Revenue Agency (CRA) has been completed and there is a discrepancy between the income provided on your OSAP application and the income information received from CRA. Please return to the Application Status Summary Page to check your current status and/or funding.".

I find this all weird. When I applied I reported the same amounts that were reported to CRA. Perhaps they (CRA) adjusted the amounts?? I don't know. And I said before, the loan amounts shown are the same as before.

I'm partly confused, partly scraed, I don't know. Should I be worried about this? Please help.

i have the same problem here, it says that there's a discrepancy between the income provided on my osap application for my mom and the income information received from CRA. However, i double checked and i am sure that there's no discrepancy.

they were going to issue ~2k in loans for me in january but now they changed it to 136 only -_- is there a way for me to find out why they deducted so much money ?

thanks for the help

[pointofnoreturn]

I need some advice and a bit of help... My OSAP file was updated today but my case is:

- I am profoundly deaf and I'm required by my uni to apply for OSAP every year to see if I am approved so that way I can apply for the bursary for students with disabilities - to fund my notetakers.
- I've been rejected every year with the exception of my first year. I've already graduated with a BSc. Honours degree but I am going back for another one-year degree.
- I have enough money (i.e. savings, RESPs, GICs, etc) to fund me for a year in terms of rent, tuition (geez, they're just robbing us blind!) and expenses.

I got approved for the following although I still have to do the confirmation of enrollment and my income's still being verified:

Canada-Ontario Integrated Student Loan: $8701 all in ($4420 in fall, $4281 in winter)
Canada Access Grant (Students with Permanent Disabilities): $2000

To be honest, I really don't need the money. Is the grant free and non-repayable? I do still have to apply for the bursary but I am unsure what to do because I don't want to be saddled in any unnecessary debt. I won't be working during the schoolyear because it's difficult for me to find a part-time job. My dad suggested that I put it in a bank account with high interest to get some money back before repaying it all.

Any suggestions on what to do? Thanks!

[Noob1ee]

I need some advice and a bit of help... My OSAP file was updated today but my case is:

- I am profoundly deaf and I'm required by my uni to apply for OSAP every year to see if I am approved so that way I can apply for the bursary for students with disabilities - to fund my notetakers.
- I've been rejected every year with the exception of my first year. I've already graduated with a BSc. Honours degree but I am going back for another one-year degree.
- I have enough money (i.e. savings, RESPs, GICs, etc) to fund me for a year in terms of rent, tuition (geez, they're just robbing us blind!) and expenses.

I got approved for the following although I still have to do the confirmation of enrollment and my income's still being verified:

Canada-Ontario Integrated Student Loan: $8701 all in ($4420 in fall, $4281 in winter)
Canada Access Grant (Students with Permanent Disabilities): $2000

To be honest, I really don't need the money. Is the grant free and non-repayable? I do still have to apply for the bursary but I am unsure what to do because I don't want to be saddled in any unnecessary debt. I won't be working during the schoolyear because it's difficult for me to find a part-time job. My dad suggested that I put it in a bank account with high interest to get some money back before repaying it all.

Any suggestions on what to do? Thanks!

What your dad suggested is probably the best option for you, in my opinion.

[Kero_1116]

What is the percentage of the loan I get the first term, was it 60% or 75%?

[hibachi13]

Hey, i got some questions about replaying my loans and borrowing more...

Here's my situation:
- I currenly have $9K of integrated osap loans
- I have 6 courses left and plan on graduating in APR'08 (~$4K tuition left)
- I am considered 60%/Fulltime this year so its still interest free
- I now work PT and make only a few hundred a month

When i graduate i would like to pay off the FULL LOAN (using savings and parent's money) so i wont have to pay a cent of interest.

I know interest accumulates on the first day after i graduate but i dont have to pay it for 6 months.

How do i arrange it so i pay off the loan before i graduate? do i just call NSLSC and tell them i want to pay it off early? and should i pay it off before April 1st '08?

Also, i should be able to pay this yr's tuition ($4K) from savings/family but i would like to apply for the school's (York) bursaries. My friend said that you are more likely to receive a bursary grant if you apply for osap. Is there any truth to this?? and should i even bother applying for osap for the rest of these 8 months?

any help is appreciated! thanks

[Evil Baby]

I thought there was a rule that any money over x amount($7500) I think is basically free money? Is there any truth to this?

Got my osap bill in and I was charged the full amount for my 5 years which is rather high. I just wanted to know before I call in.

[emoci]

I thought there was a rule that any money over x amount($7500) I think is basically free money? Is there any truth to this?

Got my osap bill in and I was charged the full amount for my 5 years which is rather high. I just wanted to know before I call in.

Well, don't tell them free money on the phone, but here are the specifics of that rule http://osap.gov.on.ca/eng/not_secure/osog.htm

Sometimes this won't be assesed until after your tax return (the next fall after you've graduated), so it's worth calling after you get familiar with it....

[Evil Baby]

Well, don't tell them free money on the phone, but here are the specifics of that rule http://osap.gov.on.ca/eng/not_secure/osog.htm

Sometimes this won't be assesed until after your tax return (the next fall after you've graduated), so it's worth calling after you get familiar with it....

I used that for lack of a better word as my mind is mush right now.

My monthly payment is going to be $530 which I will be able to handle but the total amount they want from me is nearly $5000 more than I was expecting.

Also is the longest pay period they can offer you 9.5 years?

[JayTee1]

This might be a long shot, but is it possible to put some of my OSAP loans on a credit card?

Say $1000 at a time?

You know, to reap the benefits of points through the CC.

TIA.

[BBQPorkBun]

I didn't realize my thread was moved to here from Finance.

Gotta catch up a bit.

[BBQPorkBun]

Scholarship money is no longer taxable income for income tax purposes. Its also not income if you are filling in applications for bursaries or anything like that.

No, don't do what that person says, just say you have none.

Thanks for all the help so far. I just have a few questions:

1. I received an admission scholarship for the 2006-2007 year. Do I have to include this as "income"? And if so, should I just divide it by half since the application is for January 2007 and onwards?

2. I had several accounts either joint or under my name solely (which all belong to my dad). I closed them a few months ago so none of the accounts are under my name currently. The person at UofT claims that I have to include them as assets even though I no longer have access to the funds. The interest I received went to my dad as well. Is the person right - do I have to include the amounts as assets?

[BBQPorkBun]

they don't care

Thanks, Another question please :P to confirm my last question..

Since Grants and Scholarships are free.. and I don't have to pay back. Only the loans have to be paid back. Does OSAP know how much extra money they're giving me in total of Loans/Grants/Scholarship. Because lets say I get a 5K loan from them and another 5k in grants, but i only used up 8k total and have 2k of the grant left over, they don't care about that right? Because.. I remember reading somewhere.. that i'm supposed to give back extra money or something?..

[BBQPorkBun]

Lets keep this about osap

income based on you alone, not ur parents, u will get IR for sure
ur investments have no affect

Question to whom can answer this:

a) I owe $27000
b) graduated in April
c) have not found a job since.
d) looking to apply for interest relief, family income > 40000(combined 2 parents: mom doesn't work)


Right now I have $2500 saved up (from excess OSAP at the end of the year) and looking to put that towards an ING, BMO, etc... high interest savings account only if I am eligible for IR . Or invest in some bonds or GIC's. (Absolutely no risk investment). Personally i am illiterate to investing but learning as I follow this thread. Someone said on this thread that interest savings account doesn't even cover inflation. Is this true ? Should I avoid high interest savings account entirely and invest elsewhere ? Secondly, say if I choose to buy bonds GIC's or some kinda of investment, how does that affect my chances of getting interest relief ?

Thank you ahead time
Danny

[BBQPorkBun]

appeal

Parents make 50K a year and i dont work at all, no RRSP GIC or anything like that.

I got a bit over 3000 with no grants...can i ask for them to look it over? i got way more last year with 2k in grants.

Thanks for the input.

[BBQPorkBun]

yes it will

question:

right now im at mcmaster and taking a full 30 unit course load. it states on my osap that i am 100% course load but i intend on dropping on course bringing it to 27 units....that is still more than my program's 24 unit requirement but less than the normal 30 unit load? will taking 1 less course affect my funding?

[BBQPorkBun]

don't indicate and changes on income if your total is correct.

not living with parents will help your funding if it is true.

this must be getting annoying.. but i am still confused about osap.. cuz alot of my friends got it in first yr.. but i was late so i didnt.. but i am trying to this year.. and this is my situation..

my dad works and makes kind of alot of money.. he's an engineer.. but thing is my mom doesnt work.. so that kinda evens out i guess.. and im trying to get osap because i want to actually pay for university myself.. and my dad has some resp saved up ... i used some of it last yr.. cuz i didnt have osap.. but now i applied and its estimated i get 4000.. (i dont really kno if thats the whole yr or what... ) but thing is .. i have a summer job.. and i got a raise this yr and am wokring the whole time so im making like 2.5 times more than i acutally put for the expected income before skewl.. btu then they say wen we go pick up the loan.. we bring proof of our gross income.. (last pay stub) .. although im still working.. i took like two weeks off of august.. so technically my pay stuff would still be aorund what i SHOULD be making.. cuz it just has the total.. so im wondering do i have to tell them my actual income.. and do they really check..

i also stated that i wasnt living at home with my parents.. so will that help in any way?

because i spent alot of the money i made.. i only just have enough for paying my tuition/rent/books or w/e .. so if my parents take out some resp for me.. my osap will go down even more? and is it true that resp money gets taxed or something if you dont use it?

thank you for you time =]

[BBQPorkBun]

Yes, authorized to be released to you.

You can fill out that form at your financial aid office

My current OSAP application status says, Released to Date: and then the amount. Does this mean the money has been released to my school? As well, it says "Student must complete Confirmation of Enrolment form" Am I able to do this when I pick up my OSAP money? Thanks!

[BBQPorkBun]

This is all completely false.

You apply with the national student loan service centre
You can employed and still get it
Grace period interest is always charged to you, its only from nov on you don't pay int
you can get int relief up to 5 years (10 times)

For interest relief? You'd apply through your school before November, which would be your first required payment after graduation. There are conditions that must be met (ie. unemployment etc), but I hear it's not hard to get. What usually happens is that the government will add the interest charged from May - October into the principle and then gives you the interest relief for 6 months.

You have to re-apply if you need it for another 6 months and you're only allowed to sign up for interest relief a maximum of three times.

[BBQPorkBun]

yes

I'm in my 5th year of university, so i no longer have to declare my parents income. If i lied and said I don't live at home, I know OSAP will give more money, but is there any way that they actually check? will they ask me for proof?

[BBQPorkBun]

Write them a chk in April

yes it is true, you get osap first before bursaries

Hey, i got some questions about replaying my loans and borrowing more...

Here's my situation:
- I currenly have $9K of integrated osap loans
- I have 6 courses left and plan on graduating in APR'08 (~$4K tuition left)
- I am considered 60%/Fulltime this year so its still interest free
- I now work PT and make only a few hundred a month

When i graduate i would like to pay off the FULL LOAN (using savings and parent's money) so i wont have to pay a cent of interest.

I know interest accumulates on the first day after i graduate but i dont have to pay it for 6 months.

How do i arrange it so i pay off the loan before i graduate? do i just call NSLSC and tell them i want to pay it off early? and should i pay it off before April 1st '08?

Also, i should be able to pay this yr's tuition ($4K) from savings/family but i would like to apply for the school's (York) bursaries. My friend said that you are more likely to receive a bursary grant if you apply for osap. Is there any truth to this?? and should i even bother applying for osap for the rest of these 8 months?

any help is appreciated! thanks

[BBQPorkBun]

yes, anything over 7k is free money

osap bill, funny

I thought there was a rule that any money over x amount($7500) I think is basically free money? Is there any truth to this?

Got my osap bill in and I was charged the full amount for my 5 years which is rather high. I just wanted to know before I call in.

[BBQPorkBun]

You get points with purchases, not putting money onto it.

Ideally what you are looking for is to pay tuition with a credit card then pay that off with osap.

This might be a long shot, but is it possible to put some of my OSAP loans on a credit card?

Say $1000 at a time?

You know, to reap the benefits of points through the CC.

TIA.

[BBQPorkBun]

My sincere apologies for not answering this thread as I did not know this new RFD classification of threads and have always been looking in the finance section. I am guessing alot of you have already solved or gone past the question or problem you once had but I also realize I could have made that experience a bit better. Sorry to anyone that was looking for an answer at the time and I hope I can help anyone else that still have questions from this point on.

BBQPorkBun

[munsifn]

Hey,
maybe you can help me out here...

Last year, I took a course which I ended up failing (long-story short: BAD PROF.) and a bunch of students petitioned to get the mark removed from their transcripts...

I applied for my petition om May 15th 2007, the Prof picked up the forms, but never returned them to the department because he was dismissed due to too many complaints. Anyways, because of that, my petition did not go through until I spoke with the Dept. head on Sept 3rd. She filled out the form and put it through.

Now, because OSAP requires you to pass a certain number of credits to be eligible (18 in my case) and because I failed one course, I only had 15 credits. OSAP told me that my fundinf will not be released until I provide supporting documentation, a letter to state why I failed the credits, and another form which I cannot remember along with my OSAP application.

I submitted these forms in mid september and according to the OSAP website, they still have not recv'd these forms...should it be taking this long?

sorry for the essay, its just frustrating knowing that I did all the requirements but nothing has happend yet.

thanks!

[JayTee1]

You get points with purchases, not putting money onto it.

Ideally what you are looking for is to pay tuition with a credit card then pay that off with osap.

Yeah, that's what I meant. Sorry for the confusion.

So can it be done?

[BBQPorkBun]

Sorry to say that the NSLSC is always not getting documents sent to them. I advise to fax them a copy while sending another copy via registered mail so someone has to sign for them. Or even go to Mississauga and drop them off.

That way they can't say they haven't received them and things can get moving along.

Hey,
maybe you can help me out here...

Last year, I took a course which I ended up failing (long-story short: BAD PROF.) and a bunch of students petitioned to get the mark removed from their transcripts...

I applied for my petition om May 15th 2007, the Prof picked up the forms, but never returned them to the department because he was dismissed due to too many complaints. Anyways, because of that, my petition did not go through until I spoke with the Dept. head on Sept 3rd. She filled out the form and put it through.

Now, because OSAP requires you to pass a certain number of credits to be eligible (18 in my case) and because I failed one course, I only had 15 credits. OSAP told me that my fundinf will not be released until I provide supporting documentation, a letter to state why I failed the credits, and another form which I cannot remember along with my OSAP application.

I submitted these forms in mid september and according to the OSAP website, they still have not recv'd these forms...should it be taking this long?

sorry for the essay, its just frustrating knowing that I did all the requirements but nothing has happend yet.

thanks!

[BBQPorkBun]

Ask your school.

I would not know if your institution allows you to do that.
At the very least im sure you can put books and smaller things on your card.


Yeah, that's what I meant. Sorry for the confusion.

So can it be done?

[DiggFinder]

I got caught one year underestimating my income....my parents amount were fine but mine was below a 3-4K, honest mistake, hard to project income for the entire year. But the point is it looks like they didn't apply my deduct reduction over 7K for that year, after sending me a letter telling me to do nothing and that I was wrong for giving a low estimate. Does this mean that my deduct reduction for this year won't be applied as well....? This year really matters because I will be getting over 11K in OSAP.

[BBQPorkBun]

I got caught one year underestimating my income....my parents amount were fine but mine was below a 3-4K, honest mistake, hard to project income for the entire year. But the point is it looks like they didn't apply my deduct reduction over 7K for that year, after sending me a letter telling me to do nothing and that I was wrong for giving a low estimate. Does this mean that my deduct reduction for this year won't be applied as well....? This year really matters because I will be getting over 11K in OSAP.

The grant should still be given to you, the letter does not state ur not eligible for that.

[conforf]

can you recieve interest relief if you are unemployed? The application asks for income info, how do you prove you made nothing??
bank statement?

[BBQPorkBun]

yes you can, you just have to write a letter to them stating you have no income and describe how you are surviving and meeting your expenses.

can you recieve interest relief if you are unemployed? The application asks for income info, how do you prove you made nothing??
bank statement?

[conforf]

ok thanks.
Now it says i need to have consolidated my loan and mentions soemthing about 3 months itnerest. I need to begin paying back my loan in november, and have already been cahrged the 6 months interest.

Are they saying that I need to sign and mail back the agreement before i can apply for interest relief? And that I have to pay back 3 months of the 6 that I have been charged interest? The 3 months interest part is confusing me...

[BBQPorkBun]

yes sign the agreement

not too sure about the 3 month thing, you may want to call in to make sure what that is. or you can state word for word what the letter says.

ok thanks.
Now it says i need to have consolidated my loan and mentions soemthing about 3 months itnerest. I need to begin paying back my loan in november, and have already been cahrged the 6 months interest.

Are they saying that I need to sign and mail back the agreement before i can apply for interest relief? And that I have to pay back 3 months of the 6 that I have been charged interest? The 3 months interest part is confusing me...

[onehaehyuk]

This thread is so helpful and amazing! Props OP for creating this thread. I need some help:

I just graduated last April and I got my letter from NSLSC saying I need to start paying back my loans. Here's my situation:

Principal Balance: $19, 004.00
Capitalized Interest: $905.77
Principal + Capitalized Interest: $19, 909.77
Payment frequency: Monthly
Monthly Payment Amount: $257.78
Interest Method: Floating
Effective Interest Rate: 8.750%
Amortization Period: 114 months


After reading this thread I'm definitely going to apply for Interest Relief since I'm not making that much money right now anyways. As well, I was thinking of raising the monthly amount to $300. What do you think is the most efficient way of paying back my loans? For example, I know that the Federal IR is higher than the provincial rate. How should I break up my payment? More towards the federal? How do I do this? Is it best to stay Floating? So many questions... any help would be greatly appreciated.

[BBQPorkBun]

This thread is so helpful and amazing! Props OP for creating this thread. I need some help:

I just graduated last April and I got my letter from NSLSC saying I need to start paying back my loans. Here's my situation:

Principal Balance: $19, 004.00
Capitalized Interest: $905.77
Principal + Capitalized Interest: $19, 909.77
Payment frequency: Monthly
Monthly Payment Amount: $257.78
Interest Method: Floating
Effective Interest Rate: 8.750%
Amortization Period: 114 months


After reading this thread I'm definitely going to apply for Interest Relief since I'm not making that much money right now anyways. As well, I was thinking of raising the monthly amount to $300. What do you think is the most efficient way of paying back my loans? For example, I know that the Federal IR is higher than the provincial rate. How should I break up my payment? More towards the federal? How do I do this? Is it best to stay Floating? So many questions... any help would be greatly appreciated.

Raising the monthly payment definately helps, but also you can do bi weekly or weekly payments that helps a great deal in the long run (so instead of 300 a month, do maybe 70 a week or 150 bi weekly) making your payments more frequent lowers your principle more frequently and save you tons of interest.

You can call into the NSLSC and see so far how its divided, then you can request one be more than the other. Reccomend doing int only on the prov loan and putting the diff in fed loan.

Floating is best, fixed rate is ridiculously high.

[a_y3n]

Hi,
I'm an independent, full time student and work part-time. This means I don't get any assistance from my parents and have to pay for my rent and other expenses.
What is the maximum income I can make a year(or term?) and still recieve maximum assistant from OSAP (~$11,000)?
Thanks!

[BBQPorkBun]

Hi,
I'm an independent, full time student and work part-time. This means I don't get any assistance from my parents and have to pay for my rent and other expenses.
What is the maximum income I can make a year(or term?) and still recieve maximum assistant from OSAP (~$11,000)?
Thanks!

It depends on too many factors to give a specific amount but they at minimum assume you make about 1k in the summers.

[onehaehyuk]

Raising the monthly payment definately helps, but also you can do bi weekly or weekly payments that helps a great deal in the long run (so instead of 300 a month, do maybe 70 a week or 150 bi weekly) making your payments more frequent lowers your principle more frequently and save you tons of interest.

You can call into the NSLSC and see so far how its divided, then you can request one be more than the other. Reccomend doing int only on the prov loan and putting the diff in fed loan.

Floating is best, fixed rate is ridiculously high.

Thanks for the tips! I called NSLSC about dividing the Provincial/Federal portions and the girl on the phone said it didn't matter and that the payments i make will automatically go to both because it's an integrated loan. I don't think she knew what I was talking about so I'll probably call back sometime in the near future.

[BBQPorkBun]

Thanks for the tips! I called NSLSC about dividing the Provincial/Federal portions and the girl on the phone said it didn't matter and that the payments i make will automatically go to both because it's an integrated loan. I don't think she knew what I was talking about so I'll probably call back sometime in the near future.

There is such thing as an integrated loan, in which you don't get the luxury of having each source of funding seggregated. Basically you can't put more into one than the other.

[a_y3n]

It depends on too many factors to give a specific amount but they at minimum assume you make about 1k in the summers.

Thanks for the info.. but the minimum isn't what I'm worried about. I need to know how much I can work and still get the maximum loan. Is there anyone I can call to ask? NSLC? Financial Aid? Will they provide me an answer?

[BBQPorkBun]

Thanks for the info.. but the minimum isn't what I'm worried about. I need to know how much I can work and still get the maximum loan. Is there anyone I can call to ask? NSLC? Financial Aid? Will they provide me an answer?

No, when I worked at the NSLSC I worked in the loan repayment side of things. But your funding is as I said a combination of factors, making x income with one set of circumstances may be ok but may not be ok in another.

[DiggFinder]

The grant should still be given to you, the letter does not state ur not eligible for that.

No it doesn't say anything about eligibility, and it looks like they apply the amount in Dec so I will have to wait and see this Dec to see if my 2006 amount will be reduced. Other question is I'm thinking of paying off my OSAP right away, I know there's a six month grace period but the interest is still accrued for that period. So if I pay off my OSAP right away to avoid interest will I have foregone the debt reduction for my 2007 OSAP. As you can see I want to reduce my OSAP payment as much as possible so what would you recommend?

[BBQPorkBun]

No it doesn't say anything about eligibility, and it looks like they apply the amount in Dec so I will have to wait and see this Dec to see if my 2006 amount will be reduced. Other question is I'm thinking of paying off my OSAP right away, I know there's a six month grace period but the interest is still accrued for that period. So if I pay off my OSAP right away to avoid interest will I have foregone the debt reduction for my 2007 OSAP. As you can see I want to reduce my OSAP payment as much as possible so what would you recommend?

You getting the grant has nothing to do with your payments and when you pay it back etc. totally independant events.

[DiggFinder]

You getting the grant has nothing to do with your payments and when you pay it back etc. totally independant events.

Okay I understand that, but if I pay off the entire balance when I graduate I am worried osap will not grant me a debt reduction in Dec 08 (since my 2007 osap was above 11K)....so I'm wondering will I get a check for debt reduction amount or nothing since my balance for OSAP will be nil? Thanks.

[jayslay]

this thread is amazing btw thanks OP

my questions is: one of my years i stayed at school for a full year (3 terms) and collected osap the first 2 terms (fall and winter) i received around 11k and the spring term i got 5k making the total year 16k

at the help desk at the univ financial aid office told me if you qualify for an amount over 9k the govt will cut the amount you have to pay back at 9k and anything over that is given to you. is this true??

[Mystix]

Hey! I got $7905 and didnt get any grants or bursaries. Should I appeal ? If so whats the best number to call?

[BBQPorkBun]

Okay I understand that, but if I pay off the entire balance when I graduate I am worried osap will not grant me a debt reduction in Dec 08 (since my 2007 osap was above 11K)....so I'm wondering will I get a check for debt reduction amount or nothing since my balance for OSAP will be nil? Thanks.

You don't get a cheque, you just get your debt reduced. Call the NSLSC and see if they've already done the reduction, if so which is probably the case, pay the rest.

[BBQPorkBun]

this thread is amazing btw thanks OP

my questions is: one of my years i stayed at school for a full year (3 terms) and collected osap the first 2 terms (fall and winter) i received around 11k and the spring term i got 5k making the total year 16k

at the help desk at the univ financial aid office told me if you qualify for an amount over 9k the govt will cut the amount you have to pay back at 9k and anything over that is given to you. is this true??

its 7k, but was that changed? can anyone confirm?
but yes thats true, in the form of a grant

[BBQPorkBun]

Hey! I got $7905 and didnt get any grants or bursaries. Should I appeal ? If so whats the best number to call?

Theres no appeal for grants, call NSLSC to find out.

[jayslay]

its 7k, but was that changed? can anyone confirm?
but yes thats true, in the form of a grant

so does that mean i get 9k off (in the form of a grant)?

b/c i just checked the osap website and it shows that year i barrowed 16k and nothing was taken off as a grant. it still shows i own them a toal of 30k (including the 16k from that one year)

so is there anything i can do should i call NSLSC or my schools financial aid?

[jayslay]

k i got some answers back, i called the national loan service and it is 7k for 2 terms and 10k for 3 term period

so i am eligible to get back 6k but the national loan service said its all random and the provincial govt decides if you are eligible??? so i guess there is nothing i can do :(

[BBQPorkBun]

k i got some answers back, i called the national loan service and it is 7k for 2 terms and 10k for 3 term period

so i am eligible to get back 6k but the national loan service said its all random and the provincial govt decides if you are eligible??? so i guess there is nothing i can do :(

its NOT random

you are eligible for it, may just not be applied yet

but its true theres nothing for u to do, its just their end

[BBQPorkBun]

k i got some answers back, i called the national loan service and it is 7k for 2 terms and 10k for 3 term period

so i am eligible to get back 6k but the national loan service said its all random and the provincial govt decides if you are eligible??? so i guess there is nothing i can do :(

check with the nslsc, my guess is that its just not applied yet, its not something you will see go through right away.

[jayslay]

the 16k was barrowed in 2005-2006 so its been more than a year. the previous year the govt did grant me 1.5k b/c i was at 8.5k

but i called my school fiancial aid office and they said there was a letter mailed off to me yesterday by osap regarding this issue...but i have no idea what is it, kinda nervous maybe they are delining me :(

[jayslay]

Hey! I got $7905 and didnt get any grants or bursaries. Should I appeal ? If so whats the best number to call?

if you barrowed this during the 2006-07 term it wont be granted till the end of this year so wait it out, but if it was from before then call them

[bonsai_jcl]

I am not really understand the monthly payments portion...
It says I have to pay $300 monthly, and I make about $32000 year
which means my monthly gross is 2667.

I'm I eligible for interest relief when it says I should make monthly payments of $850 to qualify. Is this correct?

And if I just lower my income to fit the requirements would they
find out?

And just a side note, I put $0 for the previous months which is a true.

[BBQPorkBun]

I am not really understand the monthly payments portion...
It says I have to pay $300 monthly, and I make about $32000 year
which means my monthly gross is 2667.

I'm I eligible for interest relief when it says I should make monthly payments of $850 to qualify. Is this correct?

And if I just lower my income to fit the requirements would they
find out?

And just a side note, I put $0 for the previous months which is a true.

Those numbers do not sound right, you should be able to get it. Make sure you are not reading the chart wrong. But call in, if they send you the forms you are likely to get it.

[DiggFinder]

You don't get a cheque, you just get your debt reduced. Call the NSLSC and see if they've already done the reduction, if so which is probably the case, pay the rest.

Thanks, I will next year in Jan, it seems they apply the debt reduction in Dec of the following year. Anyone else notice this amount being apply during Dec?

[JayTee1]

I read in an earlier post that I can pay off the Federal portion of my loan first, since there is a higher interest rate.

But, when I called them yesterday, they said, that's not possible.

Has anyone been able to pay off their Federal portion first? Or do I have my facts wrong?

Thanks.

[BBQPorkBun]

I read in an earlier post that I can pay off the Federal portion of my loan first, since there is a higher interest rate.

But, when I called them yesterday, they said, that's not possible.

Has anyone been able to pay off their Federal portion first? Or do I have my facts wrong?

Thanks.

It is true because I did that. If you have an integrated loan then you cannot do that.

[epy]

hi, this question may have been answered but i really dont wanna go through 37 pages of posts. i just withdrew from a uni, but i wanna reapply again next fall.

1. would getting a job from now till next sept affect my osap next year? if so, what's the best way to maximize my income?

2. would reapplying to osap next year affect the amount of loan/grants i had this year assuming nothing financially happened?

3. i just withdrew... should i be telling osap asap?

thanks for any advice. really appreciate you donating your time to help :D

[BBQPorkBun]

1) Yes. Maximize income or loans? If you want to max income, find a better paying job.

2) No. Next yr is next yr, but next yr is affected by this years income

3) Yes, they will eventually find out anyways. Your interest will start accumulating as of immediately and be prepared to start paying back your loans in 6 months. (and this is if they don't ask for their whole loan back immediately for this year)

hi, this question may have been answered but i really dont wanna go through 37 pages of posts. i just withdrew from a uni, but i wanna reapply again next fall.

1. would getting a job from now till next sept affect my osap next year? if so, what's the best way to maximize my income?

2. would reapplying to osap next year affect the amount of loan/grants i had this year assuming nothing financially happened?

3. i just withdrew... should i be telling osap asap?

thanks for any advice. really appreciate you donating your time to help :D

[jeeva86]

Is there a link that shows the payment options. They sent me a letter automatically enrolling me into 114 months. Don't they have 15, 20 year options? Must I call in?

Also, I can either pay the capitalized interest before my first payment or add it to the loan balance. Since I'm working this year, would it be a better choice to pay the interest because I heard the interest is tax deductible? I'll be returning to full time studies in 10 months so which option should I take to avoid payment alot of upfront.

[BBQPorkBun]

Is there a link that shows the payment options. They sent me a letter automatically enrolling me into 114 months. Don't they have 15, 20 year options? Must I call in?

Also, I can either pay the capitalized interest before my first payment or add it to the loan balance. Since I'm working this year, would it be a better choice to pay the interest because I heard the interest is tax deductible? I'll be returning to full time studies in 10 months so which option should I take to avoid payment alot of upfront.

No link that I know of but the default is 114. You can call in to change that to whatever you like, pay lump sum payments etc. A better approach may be to just change ur monthly payment and ur term will adjust accordingly

Pay it and get the deduction or capitalize it and be able to pay it later.

[JayTee1]

It is true because I did that. If you have an integrated loan then you cannot do that.

Hi.

At the top of the letter that I received from them, it says "Canada-Ontario Integrated Student Loan Number XXXXX"

So, i'm going to assume that my loan is an integrated one, but what is an integrated student loan?

Thanks

[jeeva86]

Hi.

At the top of the letter that I received from them, it says "Canada-Ontario Integrated Student Loan Number XXXXX"

So, i'm going to assume that my loan is an integrated one, but what is an integrated student loan?

Thanks

Integrated being Canada Loan and Ontario Loan put together. I think they integrate all the OSAP loans to this. Not sure but I know only applied at OSAP and it became integrated. Federal loan alone would've been great because I think it's prime + 1%.

[jeeva86]

No link that I know of but the default is 114. You can call in to change that to whatever you like, pay lump sum payments etc. A better approach may be to just change ur monthly payment and ur term will adjust accordingly

Pay it and get the deduction or capitalize it and be able to pay it later.

I found out that 114 is the max (9.5 years) from here:

http://sfas.mcmaster.ca/gradosap.html

Is the interest 100% deductible?

[BBQPorkBun]

Please do not post guesses at answers, it may confuse people.

An integrated loan is just a loan by both federal and provincial but they lump it together.

Federal is prime +2.5, not 1

Integrated being Canada Loan and Ontario Loan put together. I think they integrate all the OSAP loans to this. Not sure but I know only applied at OSAP and it became integrated. Federal loan alone would've been great because I think it's prime + 1%.

[BBQPorkBun]

The max term is 12 years, you are able to extend it, they just don't tell you that. but it is not recomended.

you will only get approx, 15% back on the int you paid

I found out that 114 is the max (9.5 years) from here:

http://sfas.mcmaster.ca/gradosap.html

Is the interest 100% deductible?

[xtrader101]

This is the scenario:

I work part time
Will apply for student loan for spring 2008 semester
Not yet decided if will continue to work part time

In my application should I include or not my projected part time income? If I do not include and decided to work part time, what are the consequences?

Thank you.

[BBQPorkBun]

do not include it. consequences are you report to them what you did make and then they may lessen your loan.

But you always want to put urself in a situation where ur not assuming the best scenario. Assume worse case, that for some reason you can't be working, get the loan in your account, then worry about it after you actually make that money.

This is the scenario:

I work part time
Will apply for student loan for spring 2008 semester
Not yet decided if will continue to work part time

In my application should I include or not my projected part time income? If I do not include and decided to work part time, what are the consequences?

Thank you.

[phyrefly]

I have a question about the requirements for QEII renewal.

From the OSAP site:
"Standard for Renewal

This scholarship is renewable and can be awarded for a maximum of four years, provided that you keep your grades up. To be eligible to have your scholarship renewed, you must achieve an average of at least 80 per cent, or the equivalent in Grade Point Average (GPA) or letter grades, as determined by your postsecondary institution in the academic year for which you receive the scholarship."

Does it mean 80%+ GPA in the one year alone or 80%+ CGPA up to and including that year? :confused:

Thanks.

[BBQPorkBun]

No idea, dealing with OSAP loans here.

I have a question about the requirements for QEII renewal.

From the OSAP site:
"Standard for Renewal

This scholarship is renewable and can be awarded for a maximum of four years, provided that you keep your grades up. To be eligible to have your scholarship renewed, you must achieve an average of at least 80 per cent, or the equivalent in Grade Point Average (GPA) or letter grades, as determined by your postsecondary institution in the academic year for which you receive the scholarship."

Does it mean 80%+ GPA in the one year alone or 80%+ CGPA up to and including that year? :confused:

Thanks.

[cadave]

I have a question about the requirements for QEII renewal.

From the OSAP site:
"Standard for Renewal

This scholarship is renewable and can be awarded for a maximum of four years, provided that you keep your grades up. To be eligible to have your scholarship renewed, you must achieve an average of at least 80 per cent, or the equivalent in Grade Point Average (GPA) or letter grades, as determined by your postsecondary institution in the academic year for which you receive the scholarship."

Does it mean 80%+ GPA in the one year alone or 80%+ CGPA up to and including that year? :confused:

Thanks.

The first: 80%+ GPA in the one year alone... i.e. NOT cumulative.

[m4gician]

I submitted my OSAP ap before I got my part-time job. I got my part-time job and because of the nature of the business, hours was indefinite and went on a week-to-week basis. Do I update this with OSAP at all?

My originally stated income and my current income are very different. I want to continue to be eligible for OSAP as although there is a variance, it's not large enough to justify NOT recieving funding. Like a lot of students, I need to work for experience but at the same time to supplement OSAPs shortfalls already. I commute about 1hr +/- 20 minutes each way, borrowing my mother's car, and taking the subway. It is clearly cheaper than living on Campus so is that favourable?

I'm in my 3rd year, and I don't want OSAP to find my ineligible, how would I adjust this? Do I just wait until my NEXT Osap application?

[epy]

hey thanks for reply bbqporkbun. one more question:

assuming i get a job this year and earn 4k, which is the amount i had borrowed from osap this year. if i apply for osap next year, do they take into consideration that i had to pay back osap or would they give me less money next year cuz i made 4k?

[BBQPorkBun]

Don't worry too much, unless ur making many thousands of dollars, it won't affect anything. Im speaking from experience.

I submitted my OSAP ap before I got my part-time job. I got my part-time job and because of the nature of the business, hours was indefinite and went on a week-to-week basis. Do I update this with OSAP at all?

My originally stated income and my current income are very different. I want to continue to be eligible for OSAP as although there is a variance, it's not large enough to justify NOT recieving funding. Like a lot of students, I need to work for experience but at the same time to supplement OSAPs shortfalls already. I commute about 1hr +/- 20 minutes each way, borrowing my mother's car, and taking the subway. It is clearly cheaper than living on Campus so is that favourable?

I'm in my 3rd year, and I don't want OSAP to find my ineligible, how would I adjust this? Do I just wait until my NEXT Osap application?

[BBQPorkBun]

No, they don't see things in that way, next years osap will depend on the questions they ask you for last year which will probably be your savings, and probably 2007 income too but the weighting will not be much.

hey thanks for reply bbqporkbun. one more question:

assuming i get a job this year and earn 4k, which is the amount i had borrowed from osap this year. if i apply for osap next year, do they take into consideration that i had to pay back osap or would they give me less money next year cuz i made 4k?

[m4gician]

Don't worry too much, unless ur making many thousands of dollars, it won't affect anything. Im speaking from experience.

it's a variance of $2000 or so I believe.

[BBQPorkBun]

it's a variance of $2000 or so I believe.

Thats fine.

[jeeva86]

Can you please explain how the monthly payment is calculated. My calculations don't add up.

[bobbings]

Thats fine.

Really? I got in trouble for under reporting less than that because my hours were indefinite. Maybe the government is targeting me lol.

[BBQPorkBun]

Can you please explain how the monthly payment is calculated. My calculations don't add up.

You got your term, your rate, your principle, plug it into a formula to find the monthly payment. Do a search on acturarial formulas.

[Nagii]

I think I might fail a course. It's a 3 credit course and I already have 78 credits to date. Will this affect my OSAP? I still have two years and a term left.:confused:

[ClubberLang]

I'm currently making a major change. I am moving out of my parent's house and getting an appartment. I didn't apply for osap back over the summer cause i didn't think i would need it. It now appears that I do. Is it too late to apply?

[BBQPorkBun]

I think I might fail a course. It's a 3 credit course and I already have 78 credits to date. Will this affect my OSAP? I still have two years and a term left.:confused:

Yes, it will.

[BBQPorkBun]

I'm currently making a major change. I am moving out of my parent's house and getting an appartment. I didn't apply for osap back over the summer cause i didn't think i would need it. It now appears that I do. Is it too late to apply?

No, its never too late to apply.

[Nagii]

Yes, it will.

How?

Cause this is what it says:

Students are required to successfully complete the academic requirements of their program of study to continue to be eligible for further assistance. Frequent or multiple switches, drops, withdrawals and/or repeats of programs that are funded by OSAP may be considered lack of academic progress and direction. Contact your financial aid office for further details.

And my program requires:

* Completion of 60 or more credits
* Completion of College English and one other English course
* Completion of a minimum of 3 General Education courses
* Registration in the program for at least one term is normally required
* 60% GPA or more.

I have 78 credits right now. ( I will earn 9 more when this term is finished. Plus more next term)
I have College English and College English two Creative Writing
I have Six general education courses
I am planning to be in this for a year
My GPA average is 70%

[BBQPorkBun]

why are you still in school?

How, I don't know the criteria, but it will affect things.

How?

Cause this is what it says:

Students are required to successfully complete the academic requirements of their program of study to continue to be eligible for further assistance. Frequent or multiple switches, drops, withdrawals and/or repeats of programs that are funded by OSAP may be considered lack of academic progress and direction. Contact your financial aid office for further details.

And my program requires:

* Completion of 60 or more credits
* Completion of College English and one other English course
* Completion of a minimum of 3 General Education courses
* Registration in the program for at least one term is normally required
* 60% GPA or more.

I have 78 credits right now. ( I will earn 9 more when this term is finished. Plus more next term)
I have College English and College English two Creative Writing
I have Six general education courses
I am planning to be in this for a year
My GPA average is 70%

[Nagii]

I'm taking a program so I can get to the one I wanted. D: I didn't have a grade 12 math.

[thezone]

thanks for having such a helpful thread first of all. My question is how will OSAP be affected when enrolled in a co-op program in terms of quantity of loan, grants and millienium busary? a little bit about myself i'm in my 2nd year and received full osap for both years. But before going into third year I have an 8 month co-op term and my first 4 months I expect to make $15,000 and for my 2nd 4 month term probably just under half that amount. Then I go back for one semester and back at a co-op term for a 4 month term. So will I still get a large portion of the financial aid as busaries/grants or will I be simply just given a loan for my following years because of co-op?

Now I've got a question from a housemate. The current situation is he's estimated earnings of $6000 during the summer but actually earned $7000 more than that. Now the loans have been proccessed and received full osap but given the summers earnings + parents income it is still under $40,000. If he made a claim on the additional earnings will his loans and grants all be revaluated this school year and have a strong negative effect? or just affect future loans and grants?

[epy]

hi, thanks again for such a helpful thread. well, i got a letter from osap and it says that to be eligible for osap next year, you gotta provide a letter of explanation regarding previous academic progress. well, needless to say im really worried that i wont get osap next year when i reapply. so, wat kind of reasons are they looking for/ what reasons would be acceptable? do you know anything i can say taht would help? if i said that i really wasnt prepared for the transition into university, i wasnt really determined and such, would they accept that?


as always, any comments, suggestions are very much appreciated.

[BBQPorkBun]

You will not likely get bursaries or grants anymore and probably just get loans and a smaller loan at that if any (depending on your circumstances). Coop definately affects things.

The parents income and your friends income have nothing to do with each other. Combining them and saying its still low has no relevant. He is evaluated on himself and whats likely going to happen is they will ask for 7k back from the loans they gave him in the current year.

thanks for having such a helpful thread first of all. My question is how will OSAP be affected when enrolled in a co-op program in terms of quantity of loan, grants and millienium busary? a little bit about myself i'm in my 2nd year and received full osap for both years. But before going into third year I have an 8 month co-op term and my first 4 months I expect to make $15,000 and for my 2nd 4 month term probably just under half that amount. Then I go back for one semester and back at a co-op term for a 4 month term. So will I still get a large portion of the financial aid as busaries/grants or will I be simply just given a loan for my following years because of co-op?

Now I've got a question from a housemate. The current situation is he's estimated earnings of $6000 during the summer but actually earned $7000 more than that. Now the loans have been proccessed and received full osap but given the summers earnings + parents income it is still under $40,000. If he made a claim on the additional earnings will his loans and grants all be revaluated this school year and have a strong negative effect? or just affect future loans and grants?

[BBQPorkBun]

Eligible reasons would be you were deathly sick or you had clinical depression or some sort of extreme circumstance. It would have to be something objective and documented.

Your reasons would not be adequate. Would you loan money again to someone who said they just weren't that interested that year?

hi, thanks again for such a helpful thread. well, i got a letter from osap and it says that to be eligible for osap next year, you gotta provide a letter of explanation regarding previous academic progress. well, needless to say im really worried that i wont get osap next year when i reapply. so, wat kind of reasons are they looking for/ what reasons would be acceptable? do you know anything i can say taht would help? if i said that i really wasnt prepared for the transition into university, i wasnt really determined and such, would they accept that?


as always, any comments, suggestions are very much appreciated.

[epy]

um wat if i apply for osap for second year?

[mgronqui]

Where in the OSAP site can you see how much left you owe? Also is there a chart somewhere where you can see how much of your payments went to actual principal and the interest accumulated? Thanks.

[BBQPorkBun]

um wat if i apply for osap for second year?

What year were you talking about applying for initially?

[BBQPorkBun]

Where in the OSAP site can you see how much left you owe? Also is there a chart somewhere where you can see how much of your payments went to actual principal and the interest accumulated? Thanks.

I am not sure what the website offers because that was not implemented in my days. But you can always call in and get a report of your complete history, ask for an ad hoc report.

[mgronqui]

I am not sure what the website offers because that was not implemented in my days. But you can always call in and get a report of your complete history, ask for an ad hoc report.

Sorry but what is an ad hoc report? Basically if they ask me what it is I don't want to look stupid and say I don't know, I just heard from some guy.

[jeeva86]

Where in the OSAP site can you see how much left you owe? Also is there a chart somewhere where you can see how much of your payments went to actual principal and the interest accumulated? Thanks.

http://www.canlearn.ca/cgi-bin/gateway/canlearn/id/nslsc.asp

Fill out the 3 questions then create an account. You'll need the account # which is in the letter NSLSC sends out every year.

[jeeva86]

I'm on an internship and going back to full time studies next september. I'd like to apply for osap for that year, however since I do make money, most of this goes towards paying rent to my family home. If I remember correctly, there is a monthly living cost section, so when I put my amount here, what kind of information may they request? Or do they just automatically look at my parent's tax forms? Thanks.

[MikeyPyro]

I have a question. I'm waiting to receive my second release of funds in few weeks and I was wondering what the split is. Does OSAP release your funds 60%-40% (sept-january respectively)?

The website is just mindblowingly confusing. I don't know what's right and what's wrong there, different numbers on different pages, has the wrong number under funding released to date. So yeah, what's the split, with that info I'll know what to expect.

[BBQPorkBun]

Sorry but what is an ad hoc report? Basically if they ask me what it is I don't want to look stupid and say I don't know, I just heard from some guy.

Its a report created for the purpose of you being able to see all your history and transactions. Just ask for that first, then say you can create an ad hoc report (I believe what they have ot press is F7). If they don't know what it is or how to get it, ask them to ask someone that does.

[BBQPorkBun]

I'm on an internship and going back to full time studies next september. I'd like to apply for osap for that year, however since I do make money, most of this goes towards paying rent to my family home. If I remember correctly, there is a monthly living cost section, so when I put my amount here, what kind of information may they request? Or do they just automatically look at my parent's tax forms? Thanks.

They would not auto look at your parents tax forms, but they would not consider 'rent' either unless its official and documented and your parents pay tax on the income. Just answer everything honestly, you don't want to be on their lookout list.

[BBQPorkBun]

I have a question. I'm waiting to receive my second release of funds in few weeks and I was wondering what the split is. Does OSAP release your funds 60%-40% (sept-january respectively)?

The website is just mindblowingly confusing. I don't know what's right and what's wrong there, different numbers on different pages, has the wrong number under funding released to date. So yeah, what's the split, with that info I'll know what to expect.

Yes, 60-40 from my experience. That varies by province.

[MikeyPyro]

Thanks, I thought it was 60-40 but I don't trust my own crappy memory. And I live in Ontario. Go to York.

Can anyone else confirm?

[epy]

What year were you talking about applying for initially?

umm.. i mean third year... and would it make a diff if i repayed what i owed this year? or is there no way i can get osap again :(


again, i appreciate your wisdom and time on this :D

[BBQPorkBun]

umm.. i mean third year... and would it make a diff if i repayed what i owed this year? or is there no way i can get osap again :(


again, i appreciate your wisdom and time on this :D

Its really hard to say what happens in 3rd year and it largely depends on what happens in second year. Try your best to apply for it in second year and see what happens. It also helps your case if you boost your academic results, not neccessarily get A's but pass what you picked at 100% course load.

[Kaddy]

I've got a question:

I graduated this past april from university and owed around $16k to OSAP. I also have a student line of credit through TD Canada Trust. Since my TD line of credit interest rate is lower then the potential OSAP interest rate, I made a lump sum payment using my TD line of credit to pay off all of my outstanding OSAP. This essentially maxed my line of credit and I still owe pretty much all of it.

All done and finished w/ OSAP though, or so I thought. Today a recieve a letter saying that my Ontario Student Opportunity Grant entitlement for the 2006-2007 academic year is $2400. I know this money is just put against your outstanding OSAP amount, but as I just explained I dont have any outstanding OSAP.

Did I screw myself out of $2400 by paying down my loan w/ a lump sum payment? Or will I still recieve this money?

Thanks in advance.

[D-Sisive]

I've got a question:

I graduated this past april from university and owed around $16k to OSAP. I also have a student line of credit through TD Canada Trust. Since my TD line of credit interest rate is lower then the potential OSAP interest rate, I made a lump sum payment using my TD line of credit to pay off all of my outstanding OSAP. This essentially maxed my line of credit and I still owe pretty much all of it.

All done and finished w/ OSAP though, or so I thought. Today a recieve a letter saying that my Ontario Student Opportunity Grant entitlement for the 2006-2007 academic year is $2400. I know this money is just put against your outstanding OSAP amount, but as I just explained I dont have any outstanding OSAP.

Did I screw myself out of $2400 by paying down my loan w/ a lump sum payment? Or will I still recieve this money?

Thanks in advance.

i got that letter as well this week

i got 757 back but i also paid off osap already

i called in and they said they will mail you a cheque for the amount if you dont owe osap anymore

smile, think of it as a holiday bonus cheque

not sure when they will send it but mine says dec23 is when it will be released on the website (check osap site)

[Professor Iris]

Thanks so much for taking the time to reply to these posts, I've read all 40 pages.

can you get interest relief if you start making payments before the grace period is over, or is it better to pay interest after grace period then interest relief, or capitalize and then interest relief?

[Professor Iris]

Another question, sort of long, sorry.

After my income was verified in november, it was decided that I received $1500 extra last year, I don't have to repay it right now, it looks like it will just affect next year's funding. I'm thinking of staying in school for two more years, and through my estimates have understated my income for this year at about $6000 instead of around $12000, mind you this is my first year as independent and getting full amount ($11900). Now it looks like they wouldn't find this out until november next year, but with two over payments then I will have to pay the money back in a lump sum before getting anymore osap right? If I tell them after I get all of my money from this year will I have to repay it right away, or just before next years funding is released, and will there be interest on it while I wait, even though I'm still in school?

[Professor Iris]

My boyfriend and I happen to live in the same house with a roommate, and are getting near the time when I could put in my osap as common-law, do I have to change my taxes too? (if anyone knows, I don't want to do that). He gets maximum funding right now, and I want to know if it would be advantageous, as the maximums are higher for common-law and married it looks like.

[Kaddy]

D-Sisive, thanks for the reply

That's seriously the best news I've had in a while :)

[sunnyd71]

I did a couple searches and don't think this has been touched on before. My situation is complex so I'll just give the bullet points

- I am a student who has recently become permanently disabled with vision issues amongst other symptoms
- I was working at my co-op until Oct 1 and will return to class in January for my third year running two semesters (Jan-Aug)
- I applied for OSAP for both terms separately and got for Winter: $0, Summer: $137
- I have $7000 in scholarships and full year gross income of about $18k
- I live w/parents but they are my dependants (severely disabled) but OSAP doesn't ask about this
- Current equipment needs are $3500 using the Bursary for Students with Disabilities... This of course is likely to increase

Since I am not OSAP eligible due to income, can I still get my BSWD in January? If not, is there anything I can do?

I was top of my class at the University of Guelph before all this so I really need this funding for my disability related equipment. If I don't get it I will have to drop out. Thanks!

[coolalex]

i got that letter as well this week

i got 757 back but i also paid off osap already

i called in and they said they will mail you a cheque for the amount if you dont owe osap anymore

smile, think of it as a holiday bonus cheque

not sure when they will send it but mine says dec23 is when it will be released on the website (check osap site)


Kaddy and D-Sisive,

I have a question. Did you both already here about your Ontario Student Opportunity Grant (OSOG) from OSAP for "2006-2007 YEAR"?

I'm still student and have received OSAP for the past three years (2005-2006, 2006-2007, and 2007-2008) and I'm eligible to receive OSOG for all years (since I was assigned more money that $7000 for two term or $10500 for three term).

Last year on Dec 17, 2006, I received OSOG entitlement for my 2005-2006. The date on the website was Dec 17 2006, and I receied the latter dated Jan 5 2007 in the mail. Now, this year I was expecting to receive OSOG entitlement for 2006-2007 around this time, but the website says they have to confirm my 2007 income which is weird, because it will not happen until late fall 2008 or Dec 2008. I'm wondering why this happened to me because Kaddy says his 2006-2007 entitlement is already determined. How come they did not check my 2006 last year?

The thing that bugs me is that for this year (2007-2008), the way things are going, I'd have to wait until Dec 2009 !! to know my OSOG entitlement.

Since I'm graduating in couple months (grace period ends on July 08 although they will charge me capitalized interest 8.5% even during grace), it means that:

1) I have to pay the monthly payments without OSOG for 2006-2007 and 2007-2008 being deduced from the original amount

2) The Capitalized Interest (for the so-called grace period, initial 6 months after graduation) would also incur on the total amount including OSOG.

This drives me crazy because my 2005-2006 OSOG is already deducted from the total debt last year and it's great, but the 2006-2007 and 2007-2008 won't be taken into effect until after I start paying monthly paymenys and capitalized interest on something that I am not supposed to pay. I cannot pay the lump sum.

The school's financial office says they cannot do anything about it and OSAP website say students only can contact their school's financial office for question and no contact number is given. And I think it has not reached to NSLC yet (I'm still student) so I don't know what to do.

Do you know anyone that has not recevied their 2006-2007 OSOG entitlement yet or am I the only person?

Thanks

[coolalex]

i got that letter as well this week

i got 757 back but i also paid off osap already

i called in and they said they will mail you a cheque for the amount if you dont owe osap anymore

smile, think of it as a holiday bonus cheque

not sure when they will send it but mine says dec23 is when it will be released on the website (check osap site)


Kaddy and D-Sisive,

May I ask what date exactly you were informed about it? Date on the website update and/or letter please?

[Kaddy]

Coolalex,

On the OSAP website, my 2006-2007 OSOG entitlement is dated Nov 25th 2007, to be released Dec 23rd, 2007. The letter I recieved in the mail was dated Dec 10th.

I'm not sure I understand when you mention that your 2007 income wont be verified until fall/late 2008? If you claim taxes by April 2008, as required, they'll have your necessary info for the 2007 year at that point.

I've spoken to a few friends that I went to school with, and they've also recieved their OSOG entitlements. Mind you these are all people who graduated this past april, none of whom are currently students like yourself.

It's entirely possible that they do the entitlements for current and graduated students seperately, as my 2005-2006 OSOG entitlement was dated Dec 17th, 2006, to be released Jan 14, 2006. I'd say the best bet would be to ask some of your friends at school if they've recieved their OSOG entitlements yet and see what they have to say.

[oasis100]

I got a letter also, dated dec 10th.
If I paid off my osap already, where does the grant go? do they mail me the cheque instead?

[coolalex]

Coolalex,

On the OSAP website, my 2006-2007 OSOG entitlement is dated Nov 25th 2007, to be released Dec 23rd, 2007. The letter I recieved in the mail was dated Dec 10th.

I'm not sure I understand when you mention that your 2007 income wont be verified until fall/late 2008? If you claim taxes by April 2008, as required, they'll have your necessary info for the 2007 year at that point.

I've spoken to a few friends that I went to school with, and they've also recieved their OSOG entitlements. Mind you these are all people who graduated this past april, none of whom are currently students like yourself.

It's entirely possible that they do the entitlements for current and graduated students seperately, as my 2005-2006 OSOG entitlement was dated Dec 17th, 2006, to be released Jan 14, 2006. I'd say the best bet would be to ask some of your friends at school if they've recieved their OSOG entitlements yet and see what they have to say.


Thanks for the heads up Kaddy.

I know I'll file my 2007 income on April, but from what I heard, they won't check the incomes until like December or November. Just like you and many guys who receieved their OSOG in November and December no matter when was the exact month of your graduation.

And I don't think there is difference between current and graduating students because, as I said, I already received OSOG foy my 2005-2006 last year on Dec 17, 2006.

Now it's getting confusing, so I'll try to call any number I can and talk to them. Maybe there is a mistake in my file.

Cheers.

[BBQPorkBun]

Could the people who are PM-ing each other on this thread please PM each other. Thanks.

[BBQPorkBun]

In their books, OSAP just sees money as money, does not matter the source, so if there is an overpayment or theres a grant you didn't know about and it came after. When they see that negative debt balance, they will mail you a cheque automatically without you even having to notify them. If you want to reconcile all the numbers you may ask for your who debt/payment history.

[BBQPorkBun]

It depends if the BFSWD is contingent on having osap.

Yes, your parents being dependants is not a factor.

This is like one of those unfair situations where you would probably be financially better off having an income of 0.

Good luck with everything.

I did a couple searches and don't think this has been touched on before. My situation is complex so I'll just give the bullet points

- I am a student who has recently become permanently disabled with vision issues amongst other symptoms
- I was working at my co-op until Oct 1 and will return to class in January for my third year running two semesters (Jan-Aug)
- I applied for OSAP for both terms separately and got for Winter: $0, Summer: $137
- I have $7000 in scholarships and full year gross income of about $18k
- I live w/parents but they are my dependants (severely disabled) but OSAP doesn't ask about this
- Current equipment needs are $3500 using the Bursary for Students with Disabilities... This of course is likely to increase

Since I am not OSAP eligible due to income, can I still get my BSWD in January? If not, is there anything I can do?

I was top of my class at the University of Guelph before all this so I really need this funding for my disability related equipment. If I don't get it I will have to drop out. Thanks!

[BBQPorkBun]

Glad you enjoyed the read.

It looks like from your follow up post you are still in school so I am not sure why you are asking about IR now but here it goes...

IR is in no way related to your payments before or after grace period and whether they happen or not.

If you have the money, pay it before grace period so your principal is less.

Better to pay interest than capitalize for tax deduction.



Thanks so much for taking the time to reply to these posts, I've read all 40 pages.

can you get interest relief if you start making payments before the grace period is over, or is it better to pay interest after grace period then interest relief, or capitalize and then interest relief?

[BBQPorkBun]

Most likely you will have to pay it back via lump sum.

You will not be charged interest as long as you are in school full time.

Another question, sort of long, sorry.

After my income was verified in november, it was decided that I received $1500 extra last year, I don't have to repay it right now, it looks like it will just affect next year's funding. I'm thinking of staying in school for two more years, and through my estimates have understated my income for this year at about $6000 instead of around $12000, mind you this is my first year as independent and getting full amount ($11900). Now it looks like they wouldn't find this out until november next year, but with two over payments then I will have to pay the money back in a lump sum before getting anymore osap right? If I tell them after I get all of my money from this year will I have to repay it right away, or just before next years funding is released, and will there be interest on it while I wait, even though I'm still in school?

[mr jbb]

hey,
just stumbled upon this genius site which ive gained a lot from bbq ur a life saver. I just have a couple more questions.
I am a 2nd year full time york student
1. when I report my earnings I should only report my PRE STUDY period earnings? and leave out the "planned" earnings? I make about 3-4 k in summer and about a total of 12 k for the full year(jan-dec)-should I only report the 3-4 and ay 0 for the planned earnings part?
2. when osap makes those "income changes" announcment and want to know the exact income should I just not fill that out?(i did in 1st year and lost a lot of money because i reported my year earnings.)

im sorry im all over the place but I reported 4 k for prestudy and like 2 k for the year but here i am n I made 12k. juust looking for advice.

thanks

[TechRock]

just wondering, if i drop a course or something, how will that effect my osap? do i have to return some of the money or what?

[BBQPorkBun]

Yes, and chances are you will probably make that 12 k and have to return some money back to osap but at least you know for certain you've made that 12 k. the reason to report 0 is to protect urself and not put yourself in a situation where, uh oh, i lost my job and i assumed i will make this money and then go through weeks or months of paperwork to get reassessed.

assume worse case, have the money in your account, then go from there.

hey,
just stumbled upon this genius site which ive gained a lot from bbq ur a life saver. I just have a couple more questions.
I am a 2nd year full time york student
1. when I report my earnings I should only report my PRE STUDY period earnings? and leave out the "planned" earnings? I make about 3-4 k in summer and about a total of 12 k for the full year(jan-dec)-should I only report the 3-4 and ay 0 for the planned earnings part?
2. when osap makes those "income changes" announcment and want to know the exact income should I just not fill that out?(i did in 1st year and lost a lot of money because i reported my year earnings.)

im sorry im all over the place but I reported 4 k for prestudy and like 2 k for the year but here i am n I made 12k. juust looking for advice.

thanks

[BBQPorkBun]

You will get less funding. Yes return some money.

just wondering, if i drop a course or something, how will that effect my osap? do i have to return some of the money or what?

[sunnyd71]

It depends if the BFSWD is contingent on having osap.

Yes, your parents being dependants is not a factor.

This is like one of those unfair situations where you would probably be financially better off having an income of 0.

Good luck with everything.

Thanks a lot for the info. Does anyone have any more insight on what I can do? I am in a horrible bind where it looks like I might have to drop out of school.

My situation is complex so I'll just give the bullet points

- I am a student who has recently become permanently disabled with vision issues amongst other symptoms
- I was working at my co-op until Oct 1 and will return to class in January for my third year running two semesters (Jan-Aug)
- I applied for OSAP for both terms separately and got for Winter: $0, Summer: $137
- I have $7000 in scholarships and full year gross income of about $18k
- I live w/parents but they are my dependants (severely disabled) but OSAP doesn't ask about this
- Current equipment needs are $3500 using the Bursary for Students with Disabilities... This of course is likely to increase

Since I am not OSAP eligible due to income, can I still get my BSWD in January? If not, is there anything I can do?

[BBQPorkBun]

Thanks a lot for the info. Does anyone have any more insight on what I can do? I am in a horrible bind where it looks like I might have to drop out of school.

Apply for a normal bursary. Every school has a person at financial aid who's job is to give away money and alll you have to do is make an appointment and present your case. There was a time I needed funds, not as badly as you but as a poor student anyways, presented my case, they cut me a cheque. Ask for it then go from there.

Alot of Canadian schools have it as a practice where they see it as no student should drop out for purely financial reasons. Financial aid really is there to help.

[harvard_jd]

Hi...I would really appreciate the input..thanks in advance!!
-Zack


1. I was assessed 11,900 due to full course load + living away from home + very low income and I changed my load since then to 50% first semester (part time student, making me ineligible for OSAP) and 110% load for winter semester...which averages to 24 credits or 80% load at the end of the year when everything is said and done. Now, you would assume that they would only deduct the course fee+book difference for that one course because, at the end of the year, its only 6 credits less...but instead, what has happened is my 11,900 in osap loans and osap grants has been significantly reduced, to a mere 4-5k just because I dropped part time semester 1. How does this seem logical? How am I supposed to meet all my expenses with this little money?

2. Does OSAP provide funding to live away from home during the summer term if I am taking full course load, or the minumum 9/15 credits in the summer? Does it fully cover it? Are grants available in the summer term, and more specifically, by YorkU?

3. OSAP expects you to work in summer and calculates your income as such; how can I do that when im taking 9 credits in the summer?

4. Im working on-call and doing random hours; one month i could make $0; the next 350-500...how can i therefore predict my income? Theoretically, i could make $2,000-$3,000 during the school year, putting me in an over-award situation; how migh this affect me?

5. I DID get the Queen Elizabeth II scholarship of 3,500 but it says u must be full time student to renew it? seeing how i ONLY became part time 1st semester---ill never do it again---and if i do keep my grades above 80, do i still get to renew it?

[BBQPorkBun]

1) going pt is the worse thing that can be done, may not seem logical but thats how it works, do yourself a favour by not doing that again. osap is not here to pay for all your expenses.

2) depends, they'll give you what they'll give you, but u seem to have this perception that osaps there to cover everything for you. they don't, its assistance. York U, i don't know, look it up.

3) typically people have the summer off

4) predict best you can, be reassessed later

5) no idea, look it up

My sense is that you may think the system is suppose to cater to your situation but really you have to adjust yourself to the system. take 100% course load, even in both semesters, take the summer to work. you already lost 4k in free money (grants) by doing the part time thing. Fit the norm and you'll have an easier time. if you 'can't', do your best.

Hi...I would really appreciate the input..thanks in advance!!
-Zack

1. I was assessed 11,900 due to full course load + living away from home + very low income and I changed my load since then to 50% first semester (part time student, making me ineligible for OSAP) and 110% load for winter semester...which averages to 24 credits or 80% load at the end of the year when everything is said and done. Now, you would assume that they would only deduct the course fee+book difference for that one course because, at the end of the year, its only 6 credits less...but instead, what has happened is my 11,900 in osap loans and osap grants has been significantly reduced, to a mere 4-5k just because I dropped part time semester 1. How does this seem logical? How am I supposed to meet all my expenses with this little money?

2. Does OSAP provide funding to live away from home during the summer term if I am taking full course load, or the minumum 9/15 credits in the summer? Does it fully cover it? Are grants available in the summer term, and more specifically, by YorkU?

3. OSAP expects you to work in summer and calculates your income as such; how can I do that when im taking 9 credits in the summer?

4. Im working on-call and doing random hours; one month i could make $0; the next 350-500...how can i therefore predict my income? Theoretically, i could make $2,000-$3,000 during the school year, putting me in an over-award situation; how migh this affect me?

5. I DID get the Queen Elizabeth II scholarship of 3,500 but it says u must be full time student to renew it? seeing how i ONLY became part time 1st semester---ill never do it again---and if i do keep my grades above 80, do i still get to renew it?

[jeeva86]

They would not auto look at your parents tax forms, but they would not consider 'rent' either unless its official and documented and your parents pay tax on the income. Just answer everything honestly, you don't want to be on their lookout list.

The rent is real. Since my mom is not working, I'd make her declare it as income below the personal exemption. The house is owned by my dad, so would it be a problem if I paid rent to my mom?

[BBQPorkBun]

The rent is real. Since my mom is not working, I'd make her declare it as income below the personal exemption. The house is owned by my dad, so would it be a problem if I paid rent to my mom?

Should be no problem if you can prove what you say. Get her to write out receipts while your at it, and you should be claiming rent paid on your tax forms as well.

[r2r]

Hi,

I have a question I'd appreciate answered. I heard that there were some programs or oppurtunities where the government pays for a bit of or half of the loan. Is this true, and is there any application I have to complete and when? I just didn't want to miss this oppurtunity if there was one.

Thanks

[BBQPorkBun]

Hi,

I have a question I'd appreciate answered. I heard that there were some programs or oppurtunities where the government pays for a bit of or half of the loan. Is this true, and is there any application I have to complete and when? I just didn't want to miss this oppurtunity if there was one.

Thanks

The gov't gives to you the form of a grant in the amount borrowed over 7k within one normal school year (2 terms). For example if you borrowed 10k going to school from sept to april, 3k is a grant. Another incentive not to work much to be honest.

There is no application.

[jopojo]

I'm in my first year of university, and I am considering getting a summer job. Some of the income would be used for school, and some as pocket money. From your perspective, would it be better to get the job, and risk getting a smaller amount of money when re-applying to OSAP next year, or should I not work during the summer, and still get roughly around the same amount of loan money?

Thanks for answering my question. You provide a lot of help to us RFD'ers.

[BBQPorkBun]

From my own perspective, the best course of action is the middle ground between your two options. Osap does assume that in the summer you will make around 2k so whether u make 0k or 2k wouldn't make much if any difference on your loan. however, if you go and make 10k in the summer, you get taxed on part of that 10k and your loan will now be lets say 3k. so whats the point when you can make 2k, get 11k in loans with 4k being tax free grants. yes you are now 7k in debt but thats good debt because its interest free for the rest of your university years, factor in inflation and opportunity cost, you are really paying back 6???k for an 11k 'loan'.

so to summarize, unless the experience is for the betterment of your future career, I would make around 2-2.5k. Again this is just how I see it.

I'm in my first year of university, and I am considering getting a summer job. Some of the income would be used for school, and some as pocket money. From your perspective, would it be better to get the job, and risk getting a smaller amount of money when re-applying to OSAP next year, or should I not work during the summer, and still get roughly around the same amount of loan money?

Thanks for answering my question. You provide a lot of help to us RFD'ers.

[yomister]

I need some advice for my OSAP application. Im currently starting my 1B term at waterloo for chemical engineering. But when i go on the OSAP website, i can't seem to find the right program...

Only "Engineering/CO-OP(Year 1)Fall only" exists, and there doesn't seem to be a Winter only category to choose from. Can anyone tell me if im doing something wrong?

[r2r]

The gov't gives to you the form of a grant in the amount borrowed over 7k within one normal school year (2 terms). For example if you borrowed 10k going to school from sept to april, 3k is a grant. Another incentive not to work much to be honest.

There is no application.

Oh I see, but at the end of my studies, there are no programs that reduce debt, for example if I got under $7000/year?

Also, not sure what you know about Queen Elizabeth II Aiming for the Top Scholarship, which is the renewable scholarship (up to 4 years). What I want to know is, if I decide to switch schools or programs in the middle, will the scholarship still renew if the rest of the eligibility requirements are met (i.e. GPA, etc)?

Thanks

[BBQPorkBun]

I need some advice for my OSAP application. Im currently starting my 1B term at waterloo for chemical engineering. But when i go on the OSAP website, i can't seem to find the right program...

Only "Engineering/CO-OP(Year 1)Fall only" exists, and there doesn't seem to be a Winter only category to choose from. Can anyone tell me if im doing something wrong?

Try calling NSLSC

[BBQPorkBun]

Oh I see, but at the end of my studies, there are no programs that reduce debt, for example if I got under $7000/year?

Also, not sure what you know about Queen Elizabeth II Aiming for the Top Scholarship, which is the renewable scholarship (up to 4 years). What I want to know is, if I decide to switch schools or programs in the middle, will the scholarship still renew if the rest of the eligibility requirements are met (i.e. GPA, etc)?

Thanks

No, the idea behind it is those that have most debt need most help.

No idea for the scholarship.

[yomister]

What would be consequence if i just applied under the "Engineering/CO-OP(Year 2)Winter only" category?

And what is the contact info for NSLSC? Shouldn't i be called OSAP or University of Waterloo instead?

[BBQPorkBun]

What would be consequence if i just applied under the "Engineering/CO-OP(Year 2)Winter only" category?

And what is the contact info for NSLSC? Shouldn't i be called OSAP or University of Waterloo instead?

I wouldn't just pick anything for now

Contact both parties to be safe. Google NSLSC

[AzN_RiverdaleCI]

Hello, I have heard from lots of people many different things about OSAP.

Some say it is better not to go OSAP and work a year so you can pay for school.

Others say OSAP is payable ASAP because it's interest free until after you graduate.

Which is better? work for a year or so so you have no debts or go OSAP and have debt coming out of school.

[yhap2003]

Hello, I have heard from lots of people many different things about OSAP.

Some say it is better not to go OSAP and work a year so you can pay for school.

Others say OSAP is payable ASAP because it's interest free until after you graduate.

Which is better? work for a year or so so you have no debts or go OSAP and have debt coming out of school.

In my opinion, I would prefer to work for a year. But then again. It's hard to say. Because I might want to get a better education to get a better paying job rather than working in retail store getting minimum pay.

Working for a year will or might get you enough money depending on your job.

After graduating, I believe you have 6 months interest free to pay off your osap. Unless you find a great paying job after you graduate, then you can pay it off but if you can't find a great job, then you're also paying the interest.

[oasis100]

In my opinion, I would prefer to work for a year. But then again. It's hard to say. Because I might want to get a better education to get a better paying job rather than working in retail store getting minimum pay.

Working for a year will or might get you enough money depending on your job.

After graduating, I believe you have 6 months interest free to pay off your osap. Unless you find a great paying job after you graduate, then you can pay it off but if you can't find a great job, then you're also paying the interest.

It's not interest free.
The interest is still accumulating.
You just don't have to start paying yet until the grace period is over.

[BBQPorkBun]

In my opinion, I would prefer to work for a year. But then again. It's hard to say. Because I might want to get a better education to get a better paying job rather than working in retail store getting minimum pay.

Working for a year will or might get you enough money depending on your job.

After graduating, I believe you have 6 months interest free to pay off your osap. Unless you find a great paying job after you graduate, then you can pay it off but if you can't find a great job, then you're also paying the interest.

Again, could we please not guess at answers, it confuses people.
the 6 months is not interest free.
you don't need a great job to pay off your loans.
there is interest relief available.
please don't give people misconceptions if you don't know what you are talking about

[BBQPorkBun]

Hello, I have heard from lots of people many different things about OSAP.

Some say it is better not to go OSAP and work a year so you can pay for school.

Others say OSAP is payable ASAP because it's interest free until after you graduate.

Which is better? work for a year or so so you have no debts or go OSAP and have debt coming out of school.

Taking a year off to work is a waste of a year. OSAP debt is the best debt you will ever have in your life. not only is it interest free while you are studying (and possibly after) but grants are tax free, hence you don't have to pay all of it back. even if you don't borrow enough to get a grant its worth borrowing.

In my opinion you should try to get as much of this debt as possible. even if you don't use it, at minimal should be making interest for you while the gov't is not making you pay interest. a poor student can easily be borrowing 45k over 4 years and only have to pay back 28k, and as i said before, if you factor in inflation and opportunity cost, its even less than that.

to non finance/accounting type people it may be a bit harder to understand, but picture this, over 4 years borrowed ~40k, only had to pay back 28k, went on interest relief after school, kept throwing lump sums into it. paid it back in 2.5 years, didn't pay any interest, made a few hundred dollars interest along the way.

[r2r]

Thanks for your help thus far, very informative. Two more questions.

What about when going to say, Law school? Is there an OSAP type of program?

Also, you have to start paying back 6 months after finishing undergraduate, or does going to law school count as continuing studies in their books? So, does the 6 month period start after finishing BA or after whatever other programs you do after?

Thanks

[BBQPorkBun]

Thanks for your help thus far, very informative. Two more questions.

What about when going to say, Law school? Is there an OSAP type of program?

Also, you have to start paying back 6 months after finishing undergraduate, or does going to law school count as continuing studies in their books? So, does the 6 month period start after finishing BA or after whatever other programs you do after?

Thanks

OSAP is not subject specific, could be for med school, MBA, whatever, as long as you are in full time studies at an accredited school.

Relates to first question, if the school is accredited, and you are full time, it will be after whatever you are studying.

[MikeyPyro]

Wait a minute you said that you don't have to back all of your grants? I'm about to pick up my 2.2K grant tomorrow at York and knowing I don't have to pay it all back excites me. Can you elaborate?

[Professor Iris]

A loan is just that, a loan. A grant or bursary or scholarship are money that you don't have to pay back.

[MikeyPyro]

So the Millennium Access Grant for instance I don't have to pay at all. I guess I never really thought about it which is why it sounds stupid to ask but yeah.

[BBQPorkBun]

So the Millennium Access Grant for instance I don't have to pay at all. I guess I never really thought about it which is why it sounds stupid to ask but yeah.

Enjoy

[TechRock]

Question:
I am in second yr Crim at yorku and decided to switch into business managment next yr at Ryerson....so how will OSAP look at this? will it affect my funding for next yr? Will i still be able eligible again for grants or is that only for the first and second year of your study? ...kind of stress now because if i switch programs, i will need to start over again, be in more debt, and kind of scared that OSAP wouldnt lend me anymore money to continue my study =(

[BBQPorkBun]

Question:
I am in second yr Crim at yorku and decided to switch into business managment next yr at Ryerson....so how will OSAP look at this? will it affect my funding for next yr? Will i still be able eligible again for grants or is that only for the first and second year of your study? ...kind of stress now because if i switch programs, i will need to start over again, be in more debt, and kind of scared that OSAP wouldnt lend me anymore money to continue my study =(

There no problem here. people switch all the time. Ive seen cases with students in school for 10-12 years. grants are not based on what year you are in. everyone and every year, people are eligible. hope that lessens your stress.

[MikeyPyro]

Another question sorry. When do I apply for OSAP again for the next school year?

[TechRock]

There no problem here. people switch all the time. Ive seen cases with students in school for 10-12 years. grants are not based on what year you are in. everyone and every year, people are eligible. hope that lessens your stress.

thanks for the info!!

[BBQPorkBun]

Another question sorry. When do I apply for OSAP again for the next school year?

June/July I believe. The website probably has a more accurate deadline.

[arnyk]

"If you significantly under report your income, you will not be eligible for future financial assistance."

What would they define as "significantly under report", because my estimates were way off lol. I'm obviously going to give them the actual numbers now but that line scared me. About to pickup second part of loan for winter term. 2007 summer income is the main number I underestimated, I also underestimated in September. Honestly I only know what I earned when I get my T4 slip this month, and since they verify with the CRA in Fall 2008, I figured as long as I reported all my income as soon as I got my T4 for 2007, I'd be fine?

[xtrader101]

I applied for student loan last November. I was approved for $4,200 plus $700grant money. When I applied I do not know if the school is gonna give me an scholarship, fortunately, the school gave me a $900 scholarship.

Should I inform Edulinx/NSLSC of the scholarship that I received? Do I have to inform them now or when i'll apply for new student loan in Fall semester?

Thank you.

[RT Wolf]

Quick question, how does OSAP feel about investment accounts, especially over 1000? I mean, for future loans, because I'm in my second year and would like to get osap in the future, but get off the debt treadmill.

If I recall correctly off-hand, there's a section in the OSAP application where you have to report any other assets you have, of which investments would be one. OSAP would also have access to the capital gains filings on my tax return (if I sell with a profit). These investments would be minimum 1000 dollars. To clarify, this is not OSAP money (although I am getting OSAP), this is my own money I earned, and I suppose OSAP would think that I should put this to immediate education, but I want to invest it for a few years and hopefully not be in massive debt when I have to start paying OSAP back.

Thanks! I appreciate it! I figure the worst thing they'll do is deny my funding, and maybe demand the money they lent me back, either option I can deal with, but I'd like to know what to expect. Hopefully it will be all for nothing and they don't care. I'm at UofT if it matters. Thanks and happy new year!

[BBQPorkBun]

"If you significantly under report your income, you will not be eligible for future financial assistance."

What would they define as "significantly under report", because my estimates were way off lol. I'm obviously going to give them the actual numbers now but that line scared me. About to pickup second part of loan for winter term. 2007 summer income is the main number I underestimated, I also underestimated in September. Honestly I only know what I earned when I get my T4 slip this month, and since they verify with the CRA in Fall 2008, I figured as long as I reported all my income as soon as I got my T4 for 2007, I'd be fine?

Yup, report what you made after you make it and you'll be fine. The line is made to appear threatening only. If they asking for past income, thats fact, if they asking for future income, then whatever you say is never wrong until it becomes fact. you can always find year to date numbers on your pay stubs.

[BBQPorkBun]

I applied for student loan last November. I was approved for $4,200 plus $700grant money. When I applied I do not know if the school is gonna give me an scholarship, fortunately, the school gave me a $900 scholarship.

Should I inform Edulinx/NSLSC of the scholarship that I received? Do I have to inform them now or when i'll apply for new student loan in Fall semester?

Thank you.

I wouldn't bother, its so insignificant not to mention won't be reported as income. its up to you, you can report it to be on the safe side. if you are report it now.

[BBQPorkBun]

Quick question, how does OSAP feel about investment accounts, especially over 1000? I mean, for future loans, because I'm in my second year and would like to get osap in the future, but get off the debt treadmill.

If I recall correctly off-hand, there's a section in the OSAP application where you have to report any other assets you have, of which investments would be one. OSAP would also have access to the capital gains filings on my tax return (if I sell with a profit). These investments would be minimum 1000 dollars. To clarify, this is not OSAP money (although I am getting OSAP), this is my own money I earned, and I suppose OSAP would think that I should put this to immediate education, but I want to invest it for a few years and hopefully not be in massive debt when I have to start paying OSAP back.

Thanks! I appreciate it! I figure the worst thing they'll do is deny my funding, and maybe demand the money they lent me back, either option I can deal with, but I'd like to know what to expect. Hopefully it will be all for nothing and they don't care. I'm at UofT if it matters. Thanks and happy new year!

they are assets and osap expects you to list them on the application and also sell them for your education.

if its as insignificant as 1k, then just report it, then they'll loan you whatever they loan you. but if its like 10k, well then you don't really need osap, go invest in yourself, stocks you can do later one when you have extra income to play with.

you don't have to worry about debt, its good debt. investing 1k now isn't going to lower it much.

[xtrader101]

I wouldn't bother, its so insignificant not to mention won't be reported as income. its up to you, you can report it to be on the safe side. if you are report it now.

I am thinking of working part-time, my earnings might be $1000 per month. Do I need to inform them when i'll start working part-time?

Thank you very mucvh.

[BBQPorkBun]

I am thinking of working part-time, my earnings might be $1000 per month. Do I need to inform them when i'll start working part-time?

Thank you very mucvh.

no, inform them once you have earned it.

[miken3]

I'm about to pick up my second installment of osap. Was wondering do I need to provide them with my banking information again?

thanks.

[yomister]

I just handed in my forms at waterloo. But how they require that i have a confirmation of enrollment for the Fall term (the term that i just completed). Where can i get one?

[BBQPorkBun]

I'm about to pick up my second installment of osap. Was wondering do I need to provide them with my banking information again?

thanks.

no, they have it on file now

[BBQPorkBun]

I just handed in my forms at waterloo. But how they require that i have a confirmation of enrollment for the Fall term (the term that i just completed). Where can i get one?

Financial Aid office

[Professor Iris]

no, they have it on file now

I'm about to pick up my second installment of osap. Was wondering do I need to provide them with my banking information again?

thanks.

That may be true, but when I picked up osap today I had to give a void cheque, just as I have had to do every fall and winter for the past couple of years, so you might want to check with your financial aid office.

[Aie_Ngh]

My parents total income is less than 30,000.
But we own a very old car and a home.

I plan on going away from home. And I've worked before. I think my T4 will show that i've made about 5K this year with summer work. Is it still possible for me to get the maximum loan from OSAP?

[yomister]

Financial Aid office

Huh? But the Financial Aid Office is asking me to give them a confirmation...

This is the exact message of the email sent to me:

"I have received your OSAP Rollover Form, however you did not sign your Confirmation of Enrollment in the Fall 2007. Now you must apply on-line for Fall 2007/Winter 2008 and submit the new signature pages to us. The deadline to do this is January 25th/2008."

[*annie*]

Very quick question:

I know we must have finished all sorts of enrollments before picking up the second installment. However, my brother is currently unable to find a liberal course that suits his schedule and is waiting for some courses to open up slots (which is what normally happens during the first week). Does he have to wait until he adds one more course or can he pick up the stuff now and add it later?

[BBQPorkBun]

My parents total income is less than 30,000.
But we own a very old car and a home.

I plan on going away from home. And I've worked before. I think my T4 will show that i've made about 5K this year with summer work. Is it still possible for me to get the maximum loan from OSAP?

To many factors involved to give you an answer, sorry. Just apply and whatever will be will be.

[BBQPorkBun]

Huh? But the Financial Aid Office is asking me to give them a confirmation...

This is the exact message of the email sent to me:

"I have received your OSAP Rollover Form, however you did not sign your Confirmation of Enrollment in the Fall 2007. Now you must apply on-line for Fall 2007/Winter 2008 and submit the new signature pages to us. The deadline to do this is January 25th/2008."

COE is use for proof that you are in school. You can get a blank form at your school and fill that out, then give it to all parties that need it. Signing and submitting these things are so important, people have had alot of headaches not doing this step. I don't know what your situation is to proper decipher the rest of your message but that is the purpose of the COE

[BBQPorkBun]

Very quick question:

I know we must have finished all sorts of enrollments before picking up the second installment. However, my brother is currently unable to find a liberal course that suits his schedule and is waiting for some courses to open up slots (which is what normally happens during the first week). Does he have to wait until he adds one more course or can he pick up the stuff now and add it later?

If your course load percentage doesn't change, its all good, he can switch whatever he wants. if he's just adding a course then are you doing more than the course load percentage indicated when you first applied for osap? any change in percentage should be reassessed.

[99rs]

just wondering if u owed money(OSAP) and took off around 10 years ago, do u still have to pay if u ever decided to return to canada. what happen to the record anyways, does it just evaporate into thin air. is there a way to check.

[soggia]

Happy new year everyone.

A quick question for pork bun. I am doing my first year masters right now, and got full amount from OSAP. I did not declare any income for the 2007-2008 school year.

I did end up getting a part-time and have, up to now, made about $1800. I will probably make another $1800 for the rest of the semester.

Should I bother updating OSAP with this new income? From previous post, I gathered that a couple of thousand dollars off the mark isn't that big of a difference. However, my concern is that I declared 0. Will they make sure to check people who declared no income first when they do their income assessment?

I should also be receiving the OSOG next year and I also do plan on reapplying for OSAP. I don't want to screw up my chances with getting money in the future.

So basically, my declared income for the 07-08 academic year is off by about $3600. Should I update my file with OSAP?

[BBQPorkBun]

just wondering if u owed money(OSAP) and took off around 10 years ago, do u still have to pay if u ever decided to return to canada. what happen to the record anyways, does it just evaporate into thin air. is there a way to check.

Yes you still have to pay. doesn't evaporate, that person wouldn probably be on someone's blacklist at some collection company. That person can chk with a credit report and see who they owe money to.

[BBQPorkBun]

Happy new year everyone.

A quick question for pork bun. I am doing my first year masters right now, and got full amount from OSAP. I did not declare any income for the 2007-2008 school year.

I did end up getting a part-time and have, up to now, made about $1800. I will probably make another $1800 for the rest of the semester.

Should I bother updating OSAP with this new income? From previous post, I gathered that a couple of thousand dollars off the mark isn't that big of a difference. However, my concern is that I declared 0. Will they make sure to check people who declared no income first when they do their income assessment?

I should also be receiving the OSOG next year and I also do plan on reapplying for OSAP. I don't want to screw up my chances with getting money in the future.

So basically, my declared income for the 07-08 academic year is off by about $3600. Should I update my file with OSAP?

I would declare the first 1800 but not the second 1800 until you've earned it. Its a small amt that may not change much but at least it shows your due diligence.

[ferozkq1]

hey bbq,

ok just yesterday I got released from my job it was temp assignment from a temp agency, before that I was at another job for 3 months and then 5 months before 5 weeks job.

so in total for 2007 I worked about6 months. I wasn't in school for the whole year of 2007 except last semester for night school and that was 2 classes.

Now I want to head back to school fulltime, will I be eligible for OSAP?? and how long will it take?? cause registrations was this week and I need money this week sort to speak because i doubt they will let me in after this week.

Another thing I have to ask is, for the income portion, should I put down how much money I made etc?? for 2007?? or no?? what happen if I declare 0?

Both parents aren't working either so they will be 0.

thanks bbq.

[BBQPorkBun]

hey bbq,

ok just yesterday I got released from my job it was temp assignment from a temp agency, before that I was at another job for 3 months and then 5 months before 5 weeks job.

so in total for 2007 I worked about6 months. I wasn't in school for the whole year of 2007 except last semester for night school and that was 2 classes.

Now I want to head back to school fulltime, will I be eligible for OSAP?? and how long will it take?? cause registrations was this week and I need money this week sort to speak because i doubt they will let me in after this week.

Another thing I have to ask is, for the income portion, should I put down how much money I made etc?? for 2007?? or no?? what happen if I declare 0?

Both parents aren't working either so they will be 0.

thanks bbq.

You are eligible but won't get the money anytime soon. You will have to somehow fork out the money now and repay whoever lent you the money to register now.

If its past income, put down what you made, if its future, say 0.

[Pies_Desalzos]

Hi bbq,
I registered especially to ask you (or anyone else that could help)two questions. I am in 3rd year University and have been getting OSAP for every year about $9 000 a year.

1) At the end of first year, I got a letter saying I had an overpayment and had to pay back $500 in the middle of summer because they said I run the risk of not getting OSAP in the future if I dont pay back my overpayments. This year, I am got $9000 ish dollars. However, I am still short 500-600 dollars for my rent and am in desperate need of money fast. My mom has an RRSP account for me (my dad passed away so its like a small education fund for me) with $4000 left in it. If I take out 500 from that RRSP right now, will OSAP know, and will they make me pay them back again? If I get an overpayment (when they find out I withdrew the $500), and I don't pay them back, will they still give me OSAP next year? Basically I dont know what to do because OSAP always screws me over, and they don't realize that I don't have enough money and I dont know what else to do

2) I am planning to travel abroad this summer to do an Au Pair and take a language class. THerefore, I will not be making any money and spending about $500. Will OSAP penalize me for not having a summer job and not making any money this summer? Like will they refuse to give me money for next year, or will they give me the required $9000....do I have to explain to them why I made no money?

If you could help me by answering/advising, I would be so happy!
Thanks!

[BBQPorkBun]

Hi bbq,
I registered especially to ask you (or anyone else that could help)two questions. I am in 3rd year University and have been getting OSAP for every year about $9 000 a year.

1) At the end of first year, I got a letter saying I had an overpayment and had to pay back $500 in the middle of summer because they said I run the risk of not getting OSAP in the future if I dont pay back my overpayments. This year, I am got $9000 ish dollars. However, I am still short 500-600 dollars for my rent and am in desperate need of money fast. My mom has an RRSP account for me (my dad passed away so its like a small education fund for me) with $4000 left in it. If I take out 500 from that RRSP right now, will OSAP know, and will they make me pay them back again? If I get an overpayment (when they find out I withdrew the $500), and I don't pay them back, will they still give me OSAP next year? Basically I dont know what to do because OSAP always screws me over, and they don't realize that I don't have enough money and I dont know what else to do

2) I am planning to travel abroad this summer to do an Au Pair and take a language class. THerefore, I will not be making any money and spending about $500. Will OSAP penalize me for not having a summer job and not making any money this summer? Like will they refuse to give me money for next year, or will they give me the required $9000....do I have to explain to them why I made no money?

If you could help me by answering/advising, I would be so happy!
Thanks!

1) To answer your questions, no they would not know, but this asset should have been listed on your application. If not, well I pretend you did then. (its not good to have money or assets in your name when applying for osap). secondly, 500 is too small of an amount for any changes.

But before you do that, i reccomend you go to your financial aid office and speak with a councillor about applying for a bursary. Theres people working in univeristies who's job is to give away money. You set up a meeting, prove your case and they'll cut you a cheque. Its literally just asking for it.

2) No theres no penalty, you don't have to explain anything, its within your right to do nothing and make no money if you choose to.

[JimmySardio]

I failed 3 classes in the past 2 years and I need to take them in the summer.

Does OSAP cover re-take courses?