Osap Problems?? Ask Me!!!

[munchie]

Sup all,

I see there are a few threads re: OSAP...
I've been through a lot with OSAP esp. having to deal with my own schooling and my brother's.

If you need any info/help or have questions, let me know, be happy to help!!!

[qsub]

Any chance I'll get OSAP for part time?

I'm 21 and graduated from college, I want to pursue a degree.

[jm20]

to get osap P/T you must be taking 60% of the workload of a F/T student. If you have a disability you would qualify if you only took 40% of the workload.

[munchie]

Any chance I'll get OSAP for part time?

I'm 21 and graduated from college, I want to pursue a degree.

In addition to taking 60% of the course load, if you're working while taking part time, your income will significantly affect how much (if any) you will get from OSAP.

[Neovingian]

Sup all,

I see there are a few threads re: OSAP...
I've been through a lot with OSAP esp. having to deal with my own schooling and my brother's.

If you need any info/help or have questions, let me know, be happy to help!!!S'up Munchie...Although there is another member who has a thread up about OSAP I thought i'd ask you anayway...
#1 - Is there anyway I can get OSAP to forgive or reduce part of my loan?
#2 - if your not employed and come from a single parent household w/ no kids or dependdents what the most you can get a year from OSAP?
#3 - Is there any benefit in paying off OSAP loan weekly or bi weelky v,s. monthly?

Thanks in advance!

[munchie]

S'up Munchie...Although there is another member who has a thread up about OSAP I thought i'd ask you anayway...
#1 - Is there anyway I can get OSAP to forgive or reduce part of my loan?
#2 - if your not employed and come from a single parent household w/ no kids or dependdents what the most you can get a year from OSAP?
#3 - Is there any benefit in paying off OSAP loan weekly or bi weelky v,s. monthly?

Thanks in advance!

Hiya,

#1: Yes, but it's very difficult. You have to write to them and explain the circumstances of why you need to reduce it. I tried because I came out with over 60K debt (OSAP and bank loan for school....) but the minute they found out I owned a car, they said no.

#2: It depends on how much your parent is making. I.E. My mother was a single parent, 2 kids, only 1 in uni though and I got about 10K/year because she was making about 50K/year...

#3: If you can, the best option is to at least pay a lump sum of it within the 6 months after you finish school because it is still interest free. Afterwards, it depends on how you plan on paying in terms of monthly vs. bi-weekly. If you plan on giving them let's say $250/bi-weekly as opposed to $500/month, it really makes no difference because you're not paying your loan off any faster and the interest rate on your loan has already been worked into your amortized payments.

The best option to pay off OSAP really is to get a bank loan, even a debt consolidation loan (variable) via a bank (usually at about 11% interest rate) and pay it all off at once and then pay the bank loan, in the end you end up paying less in interest rates.

Make sense?

[caliente]

The best option to pay off OSAP really is to get a bank loan, even a debt consolidation loan (variable) via a bank (usually at about 11% interest rate) and pay it all off at once and then pay the bank loan, in the end you end up paying less in interest rates.

Make sense?

I don't know much about loans, but 11% interest seems a bit much. What about getting a student line of credit to pay off OSAP? (usually prime or prime+1. I've heard OSAP is prime+2).

[Neovingian]

Hiya,
#3: If you can, the best option is to at least pay a lump sum of it within the 6 months after you finish school because it is still interest free. Afterwards, it depends on how you plan on paying in terms of monthly vs. bi-weekly. If you plan on giving them let's say $250/bi-weekly as opposed to $500/month, it really makes no difference because you're not paying your loan off any faster and the interest rate on your loan has already been worked into your amortized payments.

The best option to pay off OSAP really is to get a bank loan, even a debt consolidation loan (variable) via a bank (usually at about 11% interest rate) and pay it all off at once and then pay the bank loan, in the end you end up paying less in interest rates.

Make sense?...Not sure I get how an 11% bank loan will hepl you pay off a student loan of 6 to 8 %. Please explain, do you have any evident to back this.???

[munchie]

...Not sure I get how an 11% bank loan will hepl you pay off a student loan of 6 to 8 %. Please explain, do you have any evident to back this.???

The OSAP interest rate is NOT 6-8%, it actually sits close to 20%.

[munchie]

Loan forgiveness is processed six months after you have consolidated your loans. If you are eligible, a portion of your loan will be "forgiven" and will not require repayment. If you are eligible, and you have paid your Canada Student Loans and Ontario Student Loans in full within 6 months of completing your studies, you can request to have your loan forgiveness amount calculated. Send a letter to the MTCU Student Support Branch (contact information below)requesting a calculation of your loan forgiveness amount.
Your letter should include:

*
your current mailing address
*
social insurance number
*
the transit number of the financial institution holding your loans and
*
a bank receipt indicating payment in full has been made should also be included in your package

The Student Support Branch will route payment to your financial institution and you must request that the financial institution forward the loan forgiveness to you.

source: http://sfas.mcmaster.ca/gradosap.html#debtreduc

[yugiohm3]

The OSAP interest rate is NOT 6-8%, it actually sits close to 20%.

The interest for the loan amount is usually around prime + 2%. The 20% sound more like a creidt card rate.

Also, the first 6 mths of interest free is not really interest free. You just don't have to pay interest on top of the interest (compound interest). They still 'charge' you the interest during that six months. Therefore, paying off as much as you can as soon as possible. Unless you can 'earn' a better rate from somewhere else.

[cmge]

quick OSAP question... my brothers friend was telling me that there a new rule in OSAP, that u only have to pay half of it?... is this true

[rajab04]

quick OSAP question... my brothers friend was telling me that there a new rule in OSAP, that u only have to pay half of it?... is this true

never heard of it :confused:

[rajab04]

The OSAP interest rate is NOT 6-8%, it actually sits close to 20%.


I'm bit confused here???

[cmge]

never heard of it :confused:
coudl it be that its half bursary and halkf loan all from OSAP?

[Bazooka Joe]

The OSAP interest rate is NOT 6-8%, it actually sits close to 20%.


My loan documents say otherwise. Ontario student loans are prime +1. Canada student loans are variable at prime +2.5. I've been told it's possible to lock in at prime +5 though on the Canada portion, but since I had no intention of doing so never looked into it.

I'd suggest anyone needing OSAP information go to http://osap.gov.on.ca/eng/eng_osap_main.html to get their information.

[greg123]

how fast do they process supporting documents? i handed in my signature sheet last wed, when should i expect them to calculate my loans?

for a school like york i would think they have a lot of people working on it

[Bazooka Joe]

Hi.

So, anyway, in the end, it's best to pay off your loans as fast as you can, right?

This is so frustrating. I'm in my 3rd months since graduation and haven't consolidated my loans yet (I will by the end of this week).

I don't know if I'll qualify for interest relief. Is it hard to get interest relief?

It depends if you have other debt. If you don't have any other debt, than pay off OSAP as fast as possible (without borrowing to do so unless it's at a lower rate). If you do have other higher interest debt (CC, LOC, car payments, loans, etc), pay it off first, then pay off OSAP.

OSAP interest is tax deductible as well. I believe it's at 17% of the interest, but don't quote me on that. So having a non deductible debt at a similar interest rate (prime +2.5 or prime +1), you'd be better off paying the non deductible debt off first.

[batman321123]

Is it possible to get interest relief before graduating? (Due to religious reasons) I would like to not have to pay a penny of interest. But if I apply for interest relief and only get accepted, say, 2 weeks after grad, I'd still have to pay interest for those 2 weeks right?

Thanks

[caliente]

Is it possible to get interest relief before graduating? (Due to religious reasons) I would like to not have to pay a penny of interest. But if I apply for interest relief and only get accepted, say, 2 weeks after grad, I'd still have to pay interest for those 2 weeks right?

Thanks

For religious reasons? Are you joking? If not, I want to join your religion!

[demha88]

For religious reasons? Are you joking? If not, I want to join your religion!

Islam, the quran prohibits the charging of interest

and my question now

If i do not qualify for osap, is there any other way that i can get loans? something low interest or exactly like osap. Becuase osap only see's the income i guess they dont care about the financial situation (bills, mortgage, debts!!!). I really need something to help me out. My parents had to pay for my older sister and now that she is out, i am not eligble anymore. my friend said that apparently if you have a sibling in university at the same time you recieve the loan. (i was a year too late :evil: ). But any suggestions as to how to get money would be really helpful.

[caliente]

Islam, the quran prohibits the charging of interest

and my question now

If i do not qualify for osap, is there any other way that i can get loans? something low interest or exactly like osap. Becuase osap only see's the income i guess they dont care about the financial situation (bills, mortgage, debts!!!).

Student lines of credit at banks are sometimes prime or prime+1. Interest accumulates immediately, but sometimes you don't have to start paying principal or interest until 3-12 months after you graduate.

[Geese_Howard]

can you extend payment without hassle? I graduated and currently looking for work, my due date is in nov, I dont think I can pay it all back by then. about 4000

[Bazooka Joe]

how fast do they process supporting documents? i handed in my signature sheet last wed, when should i expect them to calculate my loans?

for a school like york i would think they have a lot of people working on it

It's done by a company external to your school. Same company does it for everyone. I would imagine right now is the absolute worst time, since they're busy giving out money to all the students who took care of the supporting documentation.

It says online to apply at least 10 weeks in advance (http://osap.gov.on.ca/eng/not_secure/general.htm#Loan%20Life%20Cycle) , and that's during the summer when they're not distributing funds. It could be a long time before you see that money.

[Bazooka Joe]

Is it possible to get interest relief before graduating? (Due to religious reasons) I would like to not have to pay a penny of interest. But if I apply for interest relief and only get accepted, say, 2 weeks after grad, I'd still have to pay interest for those 2 weeks right?

Thanks

I'd highly doubt it. You signed a contract saying that consented to pay back the money with interest when you borrowed it. You can apply for interest relief if you meet the eligibility requirements (http://osap.gov.on.ca/eng/not_secure/ir.htm). One of the requirements is to have consolidated your loans, which I don't believe can be done before you've graduated.

[Bazooka Joe]

Islam, the quran prohibits the charging of interest

and my question now

If i do not qualify for osap, is there any other way that i can get loans? something low interest or exactly like osap. Becuase osap only see's the income i guess they dont care about the financial situation (bills, mortgage, debts!!!). I really need something to help me out. My parents had to pay for my older sister and now that she is out, i am not eligble anymore. my friend said that apparently if you have a sibling in university at the same time you recieve the loan. (i was a year too late :evil: ). But any suggestions as to how to get money would be really helpful.

You can get loans from banking institutions, and many banks have student lines of credit that you only have to pay interest on while you're in school (as mentioned previously).

You can also apply for scholarships and bursaries from your school (always do this no matter what, many schools have deep pockets when it comes to bursaries). Ask your registrar's office or student financial aid office.

Having two children in school at the same time is taken under consideration by OSAP. They realize it is more difficult for parents to pay for 2 tuitions at once. It's not guaranteed, it's dependent on family income.

OSAP does care about your personal current financial obligations (bills, mortgage, debts), but not your parents. There is a write in portion for the case where your parents contribute a very small amount to your education. After the fact you can also appeal your case, or write a letter in the case of extenuating circumstances. Read over the forms.

[Bazooka Joe]

can you extend payment without hassle? I graduated and currently looking for work, my due date is in nov, I dont think I can pay it all back by then. about 4000

Extending payment = interest relief?

If so, it's a huge hassle based on what friends have told me. I didn't have to do it myself, but the process is outlined here (http://osap.gov.on.ca/eng/not_secure/ir.htm). It certaintly looks like it's a hassle.

You don't have to pay it all back at once. You only have to start making payments, you have 9.5 years to pay the whole thing off. With interest I'm guessing your 4 grand will have monthly payments in the $50 range. That's a total guess though, check your consolidation papers (which you might not have yet, they should be in the mail soon).

[Ethos]

#3: If you can, the best option is to at least pay a lump sum of it within the 6 months after you finish school because it is still interest free. Afterwards, it depends on how you plan on paying in terms of monthly vs. bi-weekly. If you plan on giving them let's say $250/bi-weekly as opposed to $500/month, it really makes no difference because you're not paying your loan off any faster and the interest rate on your loan has already been worked into your amortized payments.


Sorry, a bi-weekly payment of that value does pay off a loan faster. You make the equivalent of 13 months of payments.
52 weeks = 26 payments * 250 > 500 *12

[munchie]

Is it possible to get interest relief before graduating? (Due to religious reasons) I would like to not have to pay a penny of interest. But if I apply for interest relief and only get accepted, say, 2 weeks after grad, I'd still have to pay interest for those 2 weeks right?

Thanks

Not to get into too much religious views, but my understanding of any religion that has things related to interest is that you cannot profit from an interest (i.e. you can't buy bonds, etc and make extra money off of it).. In this case, you the interest rate should not affect your religion as you are not the one benefiting from the interest incurred on your loan.

So no, you will not qualify for interest relief.

[munchie]

Islam, the quran prohibits the charging of interest

and my question now

If i do not qualify for osap, is there any other way that i can get loans? something low interest or exactly like osap. Becuase osap only see's the income i guess they dont care about the financial situation (bills, mortgage, debts!!!). I really need something to help me out. My parents had to pay for my older sister and now that she is out, i am not eligble anymore. my friend said that apparently if you have a sibling in university at the same time you recieve the loan. (i was a year too late :evil: ). But any suggestions as to how to get money would be really helpful.

The quaran doesn't say you can't be charged interest, other no Muslim would have a credit card. You just can't use services that will give you an interest (i.e. bank accounts, etc).

BUT - I'm not going to get into this debate here, this is an OSAP thread....

[munchie]

Hi.

So, anyway, in the end, it's best to pay off your loans as fast as you can, right?

This is so frustrating. I'm in my 3rd months since graduation and haven't consolidated my loans yet (I will by the end of this week).

I don't know if I'll qualify for interest relief. Is it hard to get interest relief?

It depends on if you have a job already and how much you're making in the job. I graduated, managed to land a decent paying job... the biggest mistake I made was purchasing a car right away, that instantly disqualified me, otherwise I would have.

[greg123]

It's done by a company external to your school. Same company does it for everyone. I would imagine right now is the absolute worst time, since they're busy giving out money to all the students who took care of the supporting documentation.

It says online to apply at least 10 weeks in advance (http://osap.gov.on.ca/eng/not_secure/general.htm#Loan%20Life%20Cycle) , and that's during the summer when they're not distributing funds. It could be a long time before you see that money.

my money was released today Sept 15 :D only took a week woohoo

[rajab04]

my money was released today Sept 15 :D only took a week woohoo

Lucky guy!!!

[greg123]

Lucky guy!!!

now i have to go line up and pick it up! :lol:

[D-Sisive]

my money was released today Sept 15 :D only took a week woohoo

ME TOO

http://img175.imageshack.us/img175/9607/osapos2.jpg

free $3000 for me i presume

umm how much do i owe osap after this (ie i read something about forgiveness up to certain amounts?)
EDIT: nvm i answered it myself http://osap.gov.on.ca/eng/not_secure/osog.htm
anything over 7000 in a 2term semester is forgiven, so i got 4k+ free basically???

[greg123]

ME TOO



free $3000 for me i presume

umm how much do i owe osap after this (ie i read something about forgiveness up to certain amounts?)
EDIT: nvm i answered it myself http://osap.gov.on.ca/eng/not_secure/osog.htm
anything over 7000 in a 2term semester is forgiven, so i got 4k+ free basically???

wow how come you got 7K in first semester and 1 in second, my was split in half

[anh2003]

my wife got $600 from their estimate since we have a car but current gross market of a KIA SPECTRA IS $14000 and we bought it from august 2005 for $23,000 for 72 financing at 0%. I just don't get this government :mad: Do they expect the spouse to sell his car to pay for wife to finish university while he walk then bus to work if there is anyone willing to call him for an interview in Peterboring? This city really suck!...ps I still have $750 or so left from $32000 OSAP started in 1995. What a waste of a finance & marketing degree when some stupid lady is busy putting make up on while rear-ending me ...Life sucks...

[PrimoTurbo]

Can someone clarify the exact interest % per a year on your OSAP?

[batman321123]

The quaran doesn't say you can't be charged interest, other no Muslim would have a credit card. You just can't use services that will give you an interest (i.e. bank accounts, etc).

BUT - I'm not going to get into this debate here, this is an OSAP thread....

I know this isn't the thread to argue this, but since you're spreading false info I had to answer back. A Muslim isn't allowed to deal with interest period, be they charging or paying. For the record, I have a credit card, but I have never paid a penny of interest on it. If you're wondering why I even have a CC then, the answer is because I get points on it.

Anyhow, thanks for the replies Bazooka Joe. I guess I'll try to pay it all off before I graduate.

EDIT: You didn't answer my question the first time, so I'm not sure if you forgot (since I asked two in one post), so here goes again.

If I apply for interest relief and only get accepted, say, 2 weeks after grad, I'd still have to pay interest for those 2 weeks right?

Thanks again.

[littleboy]

I know this isn't the thread to argue this, but since you're spreading false info I had to answer back. A Muslim isn't allowed to deal with interest period, be they charging or paying. For the record, I have a credit card, but I have never paid a penny of interest on it. If you're wondering why I even have a CC then, the answer is because I get points on it.

Anyhow, thanks for the replies Bazooka Joe. I guess I'll try to pay it all off before I graduate.

EDIT: You didn't answer my question the first time, so I'm not sure if you forgot (since I asked two in one post), so here goes again.

If I apply for interest relief and only get accepted, say, 2 weeks after grad, I'd still have to pay interest for those 2 weeks right?

Thanks again.

So if you are muslim you don't have to pay interest? Whoa, I don't think you can do that. Does that mean if you don't pay your bills on time, you don't get charged interest. You said you don't deal with interest, but didn't you say that you have a credit card for the points?!? Does everyone say they are of a faith so they don't have to pay any interest?

[rajab04]

wow how come you got 7K in first semester and 1 in second, my was split in half

millenium bursary also considered part of the OSAP program. that is why he got
most of his loan at the begining and 1000+3000 (mil) at the end.

[rajab04]

Can someone clarify the exact interest % per a year on your OSAP?


Same question here ???? also, if OSAP charge a compound interests?

[batman321123]

So if you are muslim you don't have to pay interest? Whoa, I don't think you can do that. Does that mean if you don't pay your bills on time, you don't get charged interest. You said you don't deal with interest, but didn't you say that you have a credit card for the points?!? Does everyone say they are of a faith so they don't have to pay any interest?


:lol: It's not that we don't get charged interest, we're just not allowed to pay interest. So basically I make every effort to not get charged any (ie pay bills on time, pay credit card before the due date so I still get points but dont get hit with interest). But if you don't pay up, you'll obviously get charged interest, regardless of what faith you belong to. It's up to you then if you don't want to pay it and would rather deal with those companies that call you up all day long.

[Bazooka Joe]

I know this isn't the thread to argue this, but since you're spreading false info I had to answer back. A Muslim isn't allowed to deal with interest period, be they charging or paying. For the record, I have a credit card, but I have never paid a penny of interest on it. If you're wondering why I even have a CC then, the answer is because I get points on it.

Anyhow, thanks for the replies Bazooka Joe. I guess I'll try to pay it all off before I graduate.

EDIT: You didn't answer my question the first time, so I'm not sure if you forgot (since I asked two in one post), so here goes again.

If I apply for interest relief and only get accepted, say, 2 weeks after grad, I'd still have to pay interest for those 2 weeks right?

Thanks again.

Although I didn't explicitly answer your question, the link I provided you in answering your other question has that information in it. It's under the "Periods of Relief" section (there's a separate section for Ontario and Canada).

As for the interest rate, it's impossible to give an exact rate. It varies depending on when your documents were signed each year and when your loan was consolidated (the first year after you graduate). It's also based on prime which is a fluctuating rate. It also changes depending on the province you live in, and what portion of your loan is provincial and which is federal. Right now on my personal documents it's prime +1 for the Ontario portion, prime +2.5 on the Canada portion.

[Agent_J]

Right now on my personal documents it's prime +1 for the Ontario portion, prime +2.5 on the Canada portion.
yep this has been asked and answered (by me) so many times, do a search before you ask questions ;)

[squeegy]

I will be buying a car in the next couple of months, and I just submitted my osap application last week.

When do they do the verification of vehicles, and do they do it again throughout the year? Just wondering how long I should wait before buying the car so that it doesn't affect my osap loan amount.

On the website, it states "Generally, the verification of student income starts in late fall 2007." Not sure if this is the same for assets (i.e. a car)...

[greg123]

I will be buying a car in the next couple of months, and I just submitted my osap application last week.

When do they do the verification of vehicles, and do they do it again throughout the year? Just wondering how long I should wait before buying the car so that it doesn't affect my osap loan amount.

On the website, it states "Generally, the verification of student income starts in late fall 2007." Not sure if this is the same for assets (i.e. a car)...

your suppose to update your situation with osap if anything changes from the orginal application, so stop thinking of fraud and do it like everyone else

[natefive]

My dad makes a substantial amount of money (don't know exactly, but min. $100 000, probably a lot more), however, my mom just supply teaches occasionally (maybe 5k a year tops). I have 3 siblings, one is in Uni, I'm going in Sept 2007, and the other 2 are younger but will be going in the near future (grade 10, grade 8). What are the chances of me getting OSAP? I'm pretty sure my older sister didn't get it, but I don't think she applied. Does having 4 kids in a family make a difference?

[Oni-kun]

man whats with this osap ****. i'm in 4th year and i make the same amount of money as my brother give or take a little bit each year. Hes starting first year osap gives him millenium bursary of 3k. I get JACKSHIT. As far as I know our parents make the same amount of money since we have the same parents. What gives. I heard people in the double cohort don't get bursaries or something.

[munchie]

I will be buying a car in the next couple of months, and I just submitted my osap application last week.

When do they do the verification of vehicles, and do they do it again throughout the year? Just wondering how long I should wait before buying the car so that it doesn't affect my osap loan amount.

On the website, it states "Generally, the verification of student income starts in late fall 2007." Not sure if this is the same for assets (i.e. a car)...

If you need OSAP, don't buy the car. If you have enough for a car, don't apply for OSAP. It's really that simple. There are people out there that really can't put themselves through school and OSAP is the only way.

And to answer your question objectively. You will have to update that information before they give you the 2nd bit of your OSAP in which case, they have the right to ask for the first portion back depending on the date of your purchase.

[munchie]

My dad makes a substantial amount of money (don't know exactly, but min. $100 000, probably a lot more), however, my mom just supply teaches occasionally (maybe 5k a year tops). I have 3 siblings, one is in Uni, I'm going in Sept 2007, and the other 2 are younger but will be going in the near future (grade 10, grade 8). What are the chances of me getting OSAP? I'm pretty sure my older sister didn't get it, but I don't think she applied. Does having 4 kids in a family make a difference?

The combined income of your parents is still quite high. If your parents are still married, OSAP does not differeniate where the income is, it just looks like in total there is a net of $105,000 then... in which case, there is only 1 other kid in uni, so the likelihood of you getting OSAP or a lot of it is slim.

However, if they were all in uni, it would be a different story.

[trixR4kids]

where to check out the status of my osap? i sent it in late (like a week be4 school started), where do i go? thanx

[munchie]

where to check out the status of my osap? i sent it in late (like a week be4 school started), where do i go? thanx

Sign into the OSAP website (I'm pretty sure it's been provided throughout the thread).

You'll need your social insurance number if you don't know your access # & pin from OSAP.

You'll see your status in there once you sign in.

[daisyville]

In the event a student applies for OSAP, who lives with one parent and the other parent pays child support, do both parents need to provide evidence of bank balances in order to provide information to the student's OSAP application?

[rborek]

I know this isn't the thread to argue this, but since you're spreading false info I had to answer back. A Muslim isn't allowed to deal with interest period, be they charging or paying. For the record, I have a credit card, but I have never paid a penny of interest on it. If you're wondering why I even have a CC then, the answer is because I get points on it.

Anyhow, thanks for the replies Bazooka Joe. I guess I'll try to pay it all off before I graduate.

EDIT: You didn't answer my question the first time, so I'm not sure if you forgot (since I asked two in one post), so here goes again.

If I apply for interest relief and only get accepted, say, 2 weeks after grad, I'd still have to pay interest for those 2 weeks right?

Thanks again.

Better find a way to pay it off in full then, because the government does not give interest relief for religious reasons...

[greg123]

In the event a student applies for OSAP, who lives with one parent and the other parent pays child support, do both parents need to provide evidence of bank balances in order to provide information to the student's OSAP application?

1. child support only good for people under age 18?
2. parents never have to supply their bank statement only their income

[daisyville]

1. child support only good for people under age 18?
2. parents never have to supply their bank statement only their income


Child support is whatever the court orders that it should be, which is agreed upon by both parents. Child support in this case is for the individual as long as she is in school, or until she reaches the age of 25.

[greg123]

Child support is whatever the court orders that it should be, which is agreed upon by both parents. Child support in this case is for the individual as long as she is in school, or until she reaches the age of 25.

thats one lucky child then.... then again my parents are still married

[BBQPorkBun]

If anyone wants to PM me, I actually worked at the NSLSC (and gone through it myself, and 2 sisters etc.)

[munchie]

1. child support only good for people under age 18?
2. parents never have to supply their bank statement only their income

1. depends on the agreement between the two parties. Child support can be paid up to the age of 25.

2. they don't have to supply bank statements, but they have to provide all income, inlcuding child support that is paid to him/her. (this shows up on the tax return which is used to assess OSAP loans)

[ullyeus]

whats OSAP?

[munchie]

whats OSAP?

Gov't loan for students to attend university/college. In the simplest terms.

[AnnaBanana]

Complicated (or at least i think so) question:

My husband had always received OSAP for his schooling, however this year he was rejected. The reason is that money was invested in my name (a long, long time ago when i was a child), and it was cashed this past year. This makes it look as though my income is about 200 times what it actually is... and therefore when my husband declared my income, it appeared as though we are actually much better off than we are.

The OSAP application used to only ask for the amount of income made (and if this was still the case we would have no problem in being eligible), however this year he had to put down my info from my tax statement, which included the amount of money which had been invested in my name (by a family relative). Is there ANY WAY that OSAP will be open to listening to the fact that i actually did not ever receive that money, and that our family income is truly based on my salary, and not this additional money which I have never seen / never will???

THanks!!!!!!!

A.B.

[munchie]

Complicated (or at least i think so) question:

My husband had always received OSAP for his schooling, however this year he was rejected. The reason is that money was invested in my name (a long, long time ago when i was a child), and it was cashed this past year. This makes it look as though my income is about 200 times what it actually is... and therefore when my husband declared my income, it appeared as though we are actually much better off than we are.

The OSAP application used to only ask for the amount of income made (and if this was still the case we would have no problem in being eligible), however this year he had to put down my info from my tax statement, which included the amount of money which had been invested in my name (by a family relative). Is there ANY WAY that OSAP will be open to listening to the fact that i actually did not ever receive that money, and that our family income is truly based on my salary, and not this additional money which I have never seen / never will???

THanks!!!!!!!

A.B.

Write OSAP with a letter explaining that this surplus of money is not a regular amount you make. Prove that by attaching a copy of last years T4 and state that this is your income.

A similar incident happened to my brother because my mother was offered a package from her job which provided her with a lump sum of money. In the end when she declared her taxes, it appeared like she was making over $100K per year. She wrote them and my brother was then released OSAP.

Good luck.

[ullyeus]

Gov't loan for students to attend university/college. In the simplest terms.

I'm still confused why I haven't heard of this.

Or is this a Toronto student loan thing? Torontonians tend to assume they are the centre of the universe.

[gemstone]

man whats with this osap ****. i'm in 4th year and i make the same amount of money as my brother give or take a little bit each year. Hes starting first year osap gives him millenium bursary of 3k. I get JACKSHIT. As far as I know our parents make the same amount of money since we have the same parents. What gives. I heard people in the double cohort don't get bursaries or something.


It can seem unfair. I had 3 kids in school at the same time and one has received the MB every year (5x), another got it every other year (3x) and another only received it his first year of 4.

[daisyville]

I'm still confused why I haven't heard of this.

Or is this a Toronto student loan thing? Torontonians tend to assume they are the centre of the universe.

Before we start Toronto bashing, OSAP is an acronym for Ontario Student Assistance Program. It is not exclusively grants (funds which do not have to be returned), it consists primarily of loans, to students to help promote higher education among Ontarians.

It was a program from the Ontario government quite some time ago, and even 20 odd years ago when I was in University, I received a loan.

So, it has nothing to do with Toronto, but an initiative to provide reasonable loans, or in some cases, grants, to students who can provide financial evidence that they need financial assistance in order to attain a higher level of education.

Presumably, the policy is to help people be more employable, have more skill sets, and be less likely to be dependant on social service programs.

[munchie]

I'm still confused why I haven't heard of this.

Or is this a Toronto student loan thing? Torontonians tend to assume they are the centre of the universe.

You must be kidding me. It's an ONTARIO thing. Not just Toronto. Every university talks about it and it's very well known.
If you're in school in Ontario, maybe you need to visit your student financial office before you go off about it being people in Toronto.

[yellowfellow]

Hi, I had a question, if anyone can help, it would be greatly appreciated. I am currently taking a year off of school and therefore have to start repaying osap. The question is, i am eligible for the Ontario Student Oppourtunity Grant, which limits ones dept to $7000 per year, but it still hasnt been credited to my outstanding balance. So i was wondering, if i do repay my loan in full, will i still recieve this grant? and if so, how will it work? how will i get back the funds? any help would be greatly appreciated. Thanks.

[nazarbayev1129]

Hello.
Can someone give me a rough estimate based on the following criteria:
-One income, no more than $60,000. Mom does not work.
-I don't think I'll be working anytime soon either.


If you invest the money you acquire from OSAP, is the interest you earn greater than the interest they charge? Or are OSAP loans interest-free regardless?

[gruegoo]

Hi,

Great thread!

I have a couple of questions:

1. On the OSAP Interest Relief page it mentions I must have consolidated my loans. What is consolidating your OSAP/Federal loans? Do they mean through a regular bank (i.e. just taking out another loan)? Or is there a way to do it through OSAP?

2. I'm graduated and working now. If I go back to school in the evenings and become a part time student with the full 60% workload, do I have to continue my OSAP payments? I'm not interested in taking out any more money.

Thanks!

[ullyeus]

You must be kidding me. It's an ONTARIO thing. Not just Toronto. Every university talks about it and it's very well known.
If you're in school in Ontario, maybe you need to visit your student financial office before you go off about it being people in Toronto.

...So I should have said "Ontario-ians" think they are the centre of the universe? Each university in Ontario may talk about it...but the vast majority (outside of Ontario) do not.

The biased on these boards to assume everyone is from Ontario can get a bit annoying to some of us. *shrug* I was trying to make a point that if something you are talking about is location specific then you should declare it as such.

I'll wander out now.

[greg123]

...So I should have said "Ontario-ians" think they are the centre of the universe? Each university in Ontario may talk about it...but the vast majority (outside of Ontario) do not.

The biased on these boards to assume everyone is from Ontario can get a bit annoying to some of us. *shrug* I was trying to make a point that if something you are talking about is location specific then you should declare it as such.

I'll wander out now.

hmm every province has its own Assistance program, if your not from Ontario why in the world are you in the thread in the first place :rolleyes:

[ullyeus]

hmm every province has its own Assistance program, if your not from Ontario why in the world are you in the thread in the first place :rolleyes:

Because no one told me that it was Ontario only :P

[fadi]

sup munchie...need your help with my situation:

OSAP are asking me to supply a letter of explanation and supporting documentation as to how will I meet my educational and living costs. Also, since I attend school outside Canada, the maximum they can give is $6,300cdn for 30 weeks (a year). However, my education cost for a year is about $8,000US. What they wanna know is how will I meet the difference for my educational costs.

thanks

[fadi]

?? anyone..

[Bazooka Joe]

It's tough to tell what exactly you need help with here...

The obvious thing to do would be to write them and tell them the answer as to how you're going to pay that extra amount. With supporting documentation.

[D-Sisive]

sup munchie...need your help with my situation:

OSAP are asking me to supply a letter of explanation and supporting documentation as to how will I meet my educational and living costs. Also, since I attend school outside Canada, the maximum they can give is $6,300cdn for 30 weeks (a year). However, my education cost for a year is about $8,000US. What they wanna know is how will I meet the difference for my educational costs.

thanks

you say your parents are supporting you, or another friend is lending you money

type up a letter explaining it, then sign it and have your parent/friend sign it to prove they are supporting/lending you money

this doesnt have to be the case but they cant prove it

long as your parent/friend knows about it and will back you up if they are contacted (which they dont be), you will be fine

[greg123]

is the osap limits going up this year? i thought they said with the tuition province wide increase the "OSAP fund" will increase? :|

[D-Sisive]

so the NSLC just sent me a letter saying i owe them repayment on my loans

but i am still a full time student for one more year

i already sent in my confirmation of enrollment last week so i'm fine

i might be gettin a big amount of cash before i graduate...so that means i can pay off my osap loan all at once

what i want to know though is:

how can i only pay for the principle and not incur any interest?

do i pay it all before i graduate in april 2007? say i pay it off in march 2007?

i know the gov of canada/ontario pays for interest incurred on my loans while im in school full time but after i graduate, the 6 months after it before the official repayment starts, the interest is my responsibility.

[North]

A few pages back it was mentioned that it was better to pay back OSAP with a loan and then pay the loan back over time. This lead to a debate over interest rates and nothing else was said. I am paying back about $5000 in OSAP right now. Would it be best to continue to do this, or pay back all the OSAP and take out a PCF loan?

[fantom]

all righty, just got my interest relief application, and the only thing I have a question about this is the section where they ask for the total family income... (different from a total personal income)

do I include my parents' income as well (since I am living with them) or not?

[greenteapot]

Is it possible to pay some sort of lump sum amount on top of your monthly payment halfway through paying your OSAP loan? The lump sum doesn't necessarily pay off the loan completely, but could help reduce the time it takes you to pay it off.
How would you go about making that lump sum payment anyway?

[kohli_sahib]

hi there guys, kind of an odd question. I'm 18 years old, applying to university very very soon. i was just wondering about osap. i'm an only child, and both of my parents passed away more than 7 years ago. My (former) legal guardian hasn't lived in the country for 2 years now. (i've lived alone since age 16)

given my rather extreme set of circumstances (no parents/guardians with any income and very low personal income) would OSAP give me enough in loans to fund my tuition, materials and residence? or would i be stuck having to try and stick that part out on my own until i finish university and get into my career to pay osap back...

thanks in advance!

[eliteblaze]

probably you'd get the osap max. It may or may not be enough to pay 100% for univeristy depending on what other bursaries etc you also get but it'll be a good chunk.

do you have a part time job now or some stream of income? are you planning to continue working part-time in university?

[kohli_sahib]

ive worked as much as i can all throughout high school, but my income isnt much at all, i dont want to have to work throughout college, but i do have my inheritence from my parents due to me when i turn age 21. ive been meeting my living costs with part time jobs and help from my friends really. but my university education is really important to me, and i hope i can get as much as i can in loans so i can pay it off when i get my due inheritence / start my career.

also, im wondering, is there a set "osap max" and what exactly is it? if i keep my average high (im doing well as of now, 2 more credits to go, average is 87) then i should get some automatic scholarship awards, but im not sure about any other bursaries or grants i might be eligible for. but, supposing im not, im going into an arts program at york (poli sci) and expecting to pay around 12,000 a year with residence and meal plan included.. will osap give me that much?

[weedb0y]

ive worked as much as i can all throughout high school, but my income isnt much at all, i dont want to have to work throughout college, but i do have my inheritence from my parents due to me when i turn age 21. ive been meeting my living costs with part time jobs and help from my friends really. but my university education is really important to me, and i hope i can get as much as i can in loans so i can pay it off when i get my due inheritence / start my career.

also, im wondering, is there a set "osap max" and what exactly is it? if i keep my average high (im doing well as of now, 2 more credits to go, average is 87) then i should get some automatic scholarship awards, but im not sure about any other bursaries or grants i might be eligible for. but, supposing im not, im going into an arts program at york (poli sci) and expecting to pay around 12,000 a year with residence and meal plan included.. will osap give me that much?

Yes, they will. They had given me that much for my first year residence.

[kohli_sahib]

Yes, they will. They had given me that much for my first year residence.

great! thanks for the heads up. i really hope everything does work out that way, because if that is the case then most if not all of my essential living costs are paid for so i dont have to worry about paying them back for a couple of years. that might leave me a little breathing room to try and buy an old beater of a car so its a tad easier to get around lol...

[fantom]

all righty, just got my interest relief application, and the only thing I have a question about this is the section where they ask for the total family income... (different from a total personal income)

do I include my parents' income as well (since I am living with them) or not?

anyone?

[eliteblaze]

watch out tho, osap will reduce the amount if you own assets unless the car is worth less than a certain xyz amount.

great! thanks for the heads up. i really hope everything does work out that way, because if that is the case then most if not all of my essential living costs are paid for so i dont have to worry about paying them back for a couple of years. that might leave me a little breathing room to try and buy an old beater of a car so its a tad easier to get around lol...

[UrbanPoet]

if i increase my course load in the second semester would it be possible for them to send me more money?

[PwA]

hey,
just graduated from u of t in june, i got into a graduate program and decided to defer for a year to live life a little before i get back into more schooling.. OSAP sent me a statement and i owe about $220 a month, what do i do when i go back to school in September?? Will they continue to charge me while i am in grad school or do they stop and then continue when i finish that off?

[Absolute]

Okay, here goes my question:

My wife graduated in April, and her OSAP is now due. She has a $23,000 loan, and taking a look at the loan repayments it looks like we'll be giving them $33,000 over the next 10 years.

Since that's another $10K, we were looking to pay it back as quickly as possible - at the cost of our savings. Someone mentioned to me that the interest is tax-deductibe though, is that true?

Thanks!

[perfectgravity]

"The government states the maximum debt a student carries forward for a 2 term academic year is $7,000. The rest is forgiven through the Ontario Student Opportunity Grant. When a student consolidates his/her loan after graduation the amount in excess of $7,000/2 terms is forgiven by the government."

link: http://www.uwo.ca/univsec/senate/minutes/2001/m0110sen.html

that is true, right?

so if you get anything over $7K, it free money for you to use?

[hypeman]

they only gave me $3000 for full time courses and now they want $800 back because i got a letter about how they paid me too much ...now i gotta somehow come up with $800 argh

[veejam]

yeah i got the same thing, saying they overpaid me...i owe them 3000 now if i want to get another loan. how stupid is that, only support im getting from is my mom and she only makes 18k a year, i made 2k in the summer. they only gave me 4000+ and now they say i was supposed to only get 1700. its stupid.

[TenzoR]

I just got a notice from the Ontario Student Loan saying they need my financial records ..during some years .... saying I mis-inform them about my income. Which is probably true since I always had to estimate my income for co-op terms and I always forget to go back and modify the income portion :( ANyone know what will happen? I'm half way down paying my osap loan already ...

[raj672]

Does anyone what the cut off salaray amount is for Interest Relief. I have a child and wife who is not making much. I was able to qualify 8 months ago but now they have turned me down.

Any ideas?

[notanexpert]

Yes, OSAP is tax deductible, although I don't think its at your marginal rate if you make a lot of money. You should be sent a statement of how much interest you paid to make a claim on your taxes.
If you were just going to save the money in a regular savings account, you're still probably better off paying off the OSAP loan even though its deductible, because the interest rate on saving accounts, after taxes, barely covers inflation. If on the other hand you're a reasonably savvy investor, its probably better to make a good long-term investment instead of paying off osap.
just my 2 cents worth.
Martin
(OSAP free for 12 years!)

[edkate]

"The government states the maximum debt a student carries forward for a 2 term academic year is $7,000. The rest is forgiven through the Ontario Student Opportunity Grant. When a student consolidates his/her loan after graduation the amount in excess of $7,000/2 terms is forgiven by the government."

link: http://www.uwo.ca/univsec/senate/min.../m0110sen.html

that is true, right?

so if you get anything over $7K, it free money for you to use?

does anyone have any info on this claim? i am very interested in this too as i owe more than $20k

[batman321123]

"The government states the maximum debt a student carries forward for a 2 term academic year is $7,000. The rest is forgiven through the Ontario Student Opportunity Grant. When a student consolidates his/her loan after graduation the amount in excess of $7,000/2 terms is forgiven by the government."

link: http://www.uwo.ca/univsec/senate/minutes/2001/m0110sen.html

that is true, right?

so if you get anything over $7K, it free money for you to use?

If you want. Basically if you get say, $8000, you'll get another letter later on saying that the gov't has paid off $1000 for you. For the guy above me, if you got $20,000 OVER TWO SEMESTERS (which I doubt), you only owe them 7000. But if you got that 20,000 over your 4 years, with none of those 4 years being in excess of $7000, you owe all 20k.

[edkate]

me and my husband went to college at the same time and each owe (roughly) around $20k, over 3 years of study or 6 semesters.
How does the whole pay off thing work? i just applied for interest relief as i am not able to find employment after being laid off in may 2006.

where can i get more info re: $7k and under (info from the link above i already read).

Thank you in advance!

[BBQPorkBun]

if you are eligible for the grant, then you would've got it already. it applies automatically to everyone who qualifies, no application or anything.

[edkate]

thank you for all your answers!

btw, do you know where i can find an approx gross monthly family income chart or some sort of info when a person applies for Interest Relief?
there is a cut-off max income you can have before you qualify in IR...so i've heard...

[Hadron]

watch out tho, osap will reduce the amount if you own assets unless the car is worth less than a certain xyz amount.

I want to buy a beater car worth less than 1000$$, what exactly is the xyz amount? I really don't want to risk losing my grants, so does owning a cheap car affect the amount of grants you can receive???

[BBQPorkBun]

thank you for all your answers!

btw, do you know where i can find an approx gross monthly family income chart or some sort of info when a person applies for Interest Relief?
there is a cut-off max income you can have before you qualify in IR...so i've heard...

theres one online, i believe the link is not in this thread but the other one that I started. you can always call in to pre qualify and they will send you a chart with your application

[BBQPorkBun]

I want to buy a beater car worth less than 1000$$, what exactly is the xyz amount? I really don't want to risk losing my grants, so does owning a cheap car affect the amount of grants you can receive???

yes, because its still an asset of yours. $1000 spent on a car is $1000 not spent for school. so why should the government support you with your choice of getting a vehicle? (is how they think of it) They actually assume that people will sell their cars/assets to go to school (and naturally you would if you needed money to invest into your education)

if you're thinking u need it for school, they assume pub trans is most economical to go with. should we give that extra 1k to you or someone who is in your same situation with no car? its not only that, maint, gas, insur, parking etc.

[perplexed_one]

hi, my fears of this were kinda stoked by reading horror stories in other threads, namely that rich kids get OSAP while poor kids who happen to take a summer job get shaft bcuz they made a miniscule amount of money. totally unfair, yes, but the question is "is it a founded fact?"

so anyone out there with some experience help me out.

P.S. all i want to do this summer is make $1000 to pay for clothing, electronics, etc.

[arvins]

i just got laid off, i would like to go back to school to finish my degree, but i already bought a house and rented out to pay the mortgage.

having a house under your name, would affect the osap application? would they even give osap to person who owns a house? but my income on the tax is only 4k year,.

[Azxster]

I have two vehicles under my name (4K, and 17K). They are under my name so that TDMM can insure my family at a good rate. I highly doubt OSAP will award me anything but is it worthwhile to appeal and explain the situation?

[lame23]

hello, my question is shoould the pre-study period income be exact or can i just estimate it? and for the income of the year, what should i put? ALso about the other assets, i have like 1,000 $ in my bank, in a savings account, should i declare this asset?? and if i did, will this hugely affect my osap loan?

[BBQPorkBun]

i just got laid off, i would like to go back to school to finish my degree, but i already bought a house and rented out to pay the mortgage.

having a house under your name, would affect the osap application? would they even give osap to person who owns a house? but my income on the tax is only 4k year,.

yes it will. give the money to the 18 yr old with nothing or someone who has a house?

no brainer.

[BBQPorkBun]

I have two vehicles under my name (4K, and 17K). They are under my name so that TDMM can insure my family at a good rate. I highly doubt OSAP will award me anything but is it worthwhile to appeal and explain the situation?

Its always worthwhile to appeal and try, cuz you can explain yourself

[BBQPorkBun]

hello, my question is shoould the pre-study period income be exact or can i just estimate it? and for the income of the year, what should i put? ALso about the other assets, i have like 1,000 $ in my bank, in a savings account, should i declare this asset?? and if i did, will this hugely affect my osap loan?

Estimate but a close one.
Assume u make nothing for the rest of the year until you do, should be same answer as for the first question.
Yes declare it, not huge.

[a_y3n]

hello, my question is shoould the pre-study period income be exact or can i just estimate it? and for the income of the year, what should i put? ALso about the other assets, i have like 1,000 $ in my bank, in a savings account, should i declare this asset?? and if i did, will this hugely affect my osap loan?

Estimate but a close one.
Assume u make nothing for the rest of the year until you do, should be same answer as for the first question.
Yes declare it, not huge.

Remember to make any adjustments to your reported income if there is quite a difference.

[kennyc516]

I have been taking school off last term (since January), but I will be returning in september full time.

Is there anyway that I can get interest relief? Do I have to prove that I cannot repay my osap financially, or do I just have to do a brand new OSAP application now, and the interest from Jan -> September will be omitted?

Thanks a lot!

[esq05]

Just seen this thread, give it a try:

Im entering 2nd year, Management at UofT, starting this summer semester. First year tuition is based on how many courses you enroll in, eg. $439.00 per course etc. However, in second year, I have to pay a flat fee of $5300. OSAP only gave me half of that for the summer... UofT Management is deregulated and Im just thinking that OSAP people did not know that my tuition would double per semester as it has.... they gave me full last 2 semesters....I mean, I work, but just to get along with my expenses...(bus tickets, insurance, help with mortgage)....

is OSAP funding final? or can I ask them somehow, although I doubt it...

Thanks.
eSQ

[kajan23]

Do you have to report income in your chequing account as other assets? Or does it not really matter.

[lame23]

Estimate but a close one.
Assume u make nothing for the rest of the year until you do, should be same answer as for the first question.
Yes declare it, not huge.

Thank You.

Ok I have another problem, Since I'm 19 and I dont lived with my parents (separated) and currenlty my sister supports me....well i lived with her but thats it... for everything else i pay. For the parents income question, is there anyway that my income be used or should it be my sister?? because i dont get any support from my dad who is here and my mother who is somewhere in asia...any advice!!

[BBQPorkBun]

I have been taking school off last term (since January), but I will be returning in september full time.

Is there anyway that I can get interest relief? Do I have to prove that I cannot repay my osap financially, or do I just have to do a brand new OSAP application now, and the interest from Jan -> September will be omitted?

Thanks a lot!

Your scenario is as if you left school, so int starts jan 1, start repaying loan in july, make the payments until sept when you go back to school and have in school status. you can apply for IR but that would only be for july and aug, jan to june interest will be added to ur loan or u can pay it off (suggest paying for tax reasons)

taking more than the standard 4 months off is never a good idea and results in alot of money just thrown away for needless interest, if i were you i rather start a full course load in may.

[BBQPorkBun]

Just seen this thread, give it a try:

Im entering 2nd year, Management at UofT, starting this summer semester. First year tuition is based on how many courses you enroll in, eg. $439.00 per course etc. However, in second year, I have to pay a flat fee of $5300. OSAP only gave me half of that for the summer... UofT Management is deregulated and Im just thinking that OSAP people did not know that my tuition would double per semester as it has.... they gave me full last 2 semesters....I mean, I work, but just to get along with my expenses...(bus tickets, insurance, help with mortgage)....

is OSAP funding final? or can I ask them somehow, although I doubt it...

Thanks.
eSQ

You can always appeal and explain your situation, someone actually reads it and takes your reasons into consideration and is worth a try.

Insurance? (car?) not making your chances good

Mortgage? not the time to worry about that, be a student

[BBQPorkBun]

Do you have to report income in your chequing account as other assets? Or does it not really matter.

Money in your chequing account is not income
Income is something you get when paid for doing work

Matters if its a significant amount

[BBQPorkBun]

Thank You.

Ok I have another problem, Since I'm 19 and I dont lived with my parents (separated) and currenlty my sister supports me....well i lived with her but thats it... for everything else i pay. For the parents income question, is there anyway that my income be used or should it be my sister?? because i dont get any support from my dad who is here and my mother who is somewhere in asia...any advice!!

don't put your sisters, thats for sure

depends what your official status with your dad is. if you went through the process of declaring yourself as a separate entity (forget the term).

call the nslsc just to double chk

[lame23]

don't put your sisters, thats for sure

depends what your official status with your dad is. if you went through the process of declaring yourself as a separate entity (forget the term).

call the nslsc just to double chk

How can you declare yourself as separat entity?? oh money in your savings account is not considered income??THanks

[esq05]

Mortgage as in helping my parents pay it...
Insurance, well, I dont have my own car, just with my dad...

Thanks for the input, will check out their website.

You can always appeal and explain your situation, someone actually reads it and takes your reasons into consideration and is worth a try.

Insurance? (car?) not making your chances good

Mortgage? not the time to worry about that, be a student

[Instigator]

I have a question....

For the past 3 years I've receiving around $1000 more than my tuition. I know few people in my program and also in other programs receiving max ammount ($12000 or so). Plus when they get max ammount they also get extra ($3000). That totals to $15000, where only half of that goes towards tuition. I did ask those people about how they applied, but they weren't very clear.

Well, I want to know how can I receive a higher ammount than I'm currently getting from OSAP? This will be my last year and I want to get as much as I can.

I applied as living at home with parents and dependent.

Any help would be appreciated.

Thanks.

[tigger03]

I've just graduated, and have about $15,000 in OSAP. Right now, I don't have a job. Will be starting a job on a p/t basis in June. How does OSAP calculate how much I will be paying them?

I've heard that payments are pretty much interest. Anything paid in ADDITION to the payments are paid to lower the principle.

I have a LOC with Prime+2% (the same rate as OSAP) ... someone told me to keep paying OSAP in installments -- the credits are tax deductible. Someone else told me to not worry about it until I start my career at the end of the year, and then I can pay them back in the $1000s.

[BBQPorkBun]

How can you declare yourself as separat entity?? oh money in your savings account is not considered income??THanks

You'll have to look it up, I forget what the official term is.

[BBQPorkBun]

Mortgage as in helping my parents pay it...
Insurance, well, I dont have my own car, just with my dad...

Thanks for the input, will check out their website.

In case you don't know though, osap is not there to help with your parents mortgage, if you write that in your appeal they will just throw it out.

[BBQPorkBun]

I have a question....

For the past 3 years I've receiving around $1000 more than my tuition. I know few people in my program and also in other programs receiving max ammount ($12000 or so). Plus when they get max ammount they also get extra ($3000). That totals to $15000, where only half of that goes towards tuition. I did ask those people about how they applied, but they weren't very clear.

Well, I want to know how can I receive a higher ammount than I'm currently getting from OSAP? This will be my last year and I want to get as much as I can.

I applied as living at home with parents and dependent.

Any help would be appreciated.

Thanks.

There's just too many factors to say its one thing or the other. During your application you just have to answer honestly and u'll get what they think u should get. can't make up circumstances to get more funding.

[BBQPorkBun]

I've just graduated, and have about $15,000 in OSAP. Right now, I don't have a job. Will be starting a job on a p/t basis in June. How does OSAP calculate how much I will be paying them?

I've heard that payments are pretty much interest. Anything paid in ADDITION to the payments are paid to lower the principle.

I have a LOC with Prime+2% (the same rate as OSAP) ... someone told me to keep paying OSAP in installments -- the credits are tax deductible. Someone else told me to not worry about it until I start my career at the end of the year, and then I can pay them back in the $1000s.

Payment calculation is based on 12 year term (or 15, some large number)
Meaning most of your payment is just interest and very small portion to principle.

OSAP rate is prime + 2.5, but after tax deductible will be better than your LOC. plus you won't have the benefits of interest relief if you lose your job or something.

But with your loan amount so small, just start paying it off right away even before they ask you to start making payments, interest is calculated daily.

[nookuwn]

I'm done with school, need to repay OSAP before my interests make me broke.

What are the ways to repay my osap? I checked on canlearn site, found nothing, it's almost as though they don't want you to pay back just yet.

thanks

[thephenom]

I'm done with school, need to repay OSAP before my interests make me broke.

What are the ways to repay my osap? I checked on canlearn site, found nothing, it's almost as though they don't want you to pay back just yet.

thanks
If you do banking online, just add NSLSC PUB INST to the payable, and your account number is listed on the forms OSAP sends you. And you can just pay online.

To check your balance online, just register on canlearn.ca, and when you make a payment it takes about 4-6 business days for it to go through.

That's the easiest way IMO.

[BBQPorkBun]

I'm done with school, need to repay OSAP before my interests make me broke.

What are the ways to repay my osap? I checked on canlearn site, found nothing, it's almost as though they don't want you to pay back just yet.

thanks

other ways is one time lump sum out of your account in which you can just make a phone call to make or a cheque in person if you are in the mississauga area. thats my fav since it affects your daily interest that day.

[Aero]

How do I get approve by OSAP. I tried to apply and I got $0.00 it says that I have enough earnings to pay for tuition. So I tried applying for a bank loan. I didn't get approve as well because I don't earn enough to pay for the $3-5k loan.

Is there a way to appeal or explain my situation? I'm going to try applying this year but I might get the same answer. Any tips to get approved?

[BBQPorkBun]

How do I get approve by OSAP. I tried to apply and I got $0.00 it says that I have enough earnings to pay for tuition. So I tried applying for a bank loan. I didn't get approve as well because I don't earn enough to pay for the $3-5k loan.

Is there a way to appeal or explain my situation? I'm going to try applying this year but I might get the same answer. Any tips to get approved?

you can always appeal and explain, its worth a try. tips would include don't earn so much unless the job gives you experience for your future.

[perplexed_one]

anyone know when the OSAP application will come out?

[ricoboxing]

I am applying for interest relief. If my household income is over the maximum amount on the table, but I have an explanation why it is not enough to make payments (because of daycare, housing etc.), will they take that into consideration? Will they bother to read the letter, or will they just look at the income tables and reject my appication?

[BBQPorkBun]

I am applying for interest relief. If my household income is over the maximum amount on the table, but I have an explanation why it is not enough to make payments (because of daycare, housing etc.), will they take that into consideration? Will they bother to read the letter, or will they just look at the income tables and reject my appication?

They will reject your application.

Only factors are income, dependants and monthly payment.

[netriones]

If I paid off the loan, when do I receive a confirmation letter stating the loan is paid in full?

[BBQPorkBun]

If I paid off the loan, when do I receive a confirmation letter stating the loan is paid in full?

few weeks

[Aero]

you can always appeal and explain, its worth a try. tips would include don't earn so much unless the job gives you experience for your future.

I was trying to fill an online application and I can't find the portion where I have to put my expenses like transportation. I remember filling up something with it but this one doesn't. I was looking for it because it takes a big chunk out of my earnings. Is it better to fill up a paper one or an online application? Coz I remember the paper ones have that portion.


Oh and how do I appeal?

[BBQPorkBun]

I was trying to fill an online application and I can't find the portion where I have to put my expenses like transportation. I remember filling up something with it but this one doesn't. I was looking for it because it takes a big chunk out of my earnings. Is it better to fill up a paper one or an online application? Coz I remember the paper ones have that portion.


Oh and how do I appeal?

I don't think it makes any difference. They sort of assume your expenses around the same first time around.

Go to financial aid office at your school, they will know the full process.

[y2knp]

Im owning a vehicle which worth $10000, does it affects my next yr osap if i decide to sell it(cuz i hv income from selling this vehicle)?

[BBQPorkBun]

Im owning a vehicle which worth $10000, does it affects my next yr osap if i decide to sell it(cuz i hv income from selling this vehicle)?

Thats not income, income is money you get from working
But it will affect your osap because instead of saying you have a car worth 10k, you have savings of 10k.

[trixR4kids]

i got 2 questions about osap

1. Im planning on purchasing a car thru leasing, and obtaining my own insurance. Will this affect my osap?

2. If i have GIC savings (not thru using Osap funds) will this affect my upcoming loan?

[y2knp]

Thats not income, income is money you get from working
But it will affect your osap because instead of saying you have a car worth 10k, you have savings of 10k.

Ok, can i transfer those money i received from selling the car to my parents(actually i hv to give it back to my parents,cuz they bought the car for me)?

[sadhakim]

Millenium bursary question:

Did anyone get the millenium bursary straight out of high school and into their first year of school? I didnt think you couldnt get it, but the stupid OSAP woman said that you have to have attended school for one year before you qualify. Some ppl in this thread posted that they did get it first year. Could someone who got it provide more details??

Thanks,
Hakim

[sadhakim]

i got 2 questions about osap

1. Im planning on purchasing a car thru leasing, and obtaining my own insurance. Will this affect my osap?

2. If i have GIC savings (not thru using Osap funds) will this affect my upcoming loan?

obviously, you cant have assets and expect the government to fund your interest free for education (while your money makes money).. all your assets effect your overall OSAP funding..

[BBQPorkBun]

i got 2 questions about osap

1. Im planning on purchasing a car thru leasing, and obtaining my own insurance. Will this affect my osap?

2. If i have GIC savings (not thru using Osap funds) will this affect my upcoming loan?

yes and yes, these are things you are choosing to have over paying for your education, why should you get the loan vs someone who doesn't have these things.

[BBQPorkBun]

Millenium bursary question:

Did anyone get the millenium bursary straight out of high school and into their first year of school? I didnt think you couldnt get it, but the stupid OSAP woman said that you have to have attended school for one year before you qualify. Some ppl in this thread posted that they did get it first year. Could someone who got it provide more details??

Thanks,
Hakim

Yes, you can get it in first year

[jeeva86]

I didn't find an answer to this:

I owe 18k and my status changed from FT -> PT because I'm working through internship program. I'd like to pay this back ASAP and take out a loan or LOC to reduce the interest rate from OSAP. Point to the right direction. I'm with TD and got a LOC but interest rate is 10%, I was pre-approved for this before when I had no income. The LOC is currently available but I don't want to use it since rate is too high. Any help would be greatly appreciated.

[BBQPorkBun]

I didn't find an answer to this:

I owe 18k and my status changed from FT -> PT because I'm working through internship program. I'd like to pay this back ASAP and take out a loan or LOC to reduce the interest rate from OSAP. Point to the right direction. I'm with TD and got a LOC but interest rate is 10%, I was pre-approved for this before when I had no income. The LOC is currently available but I don't want to use it since rate is too high. Any help would be greatly appreciated.

OSAP

LOC are usually not worth it unless u can get something less than 7.3% and u know u won't be using interest relief.

[argos]

I'm going to 3rd year university of UT...however,

i'm thinking about taking a year off (personal reasons)....how does OSAP work?? do i need to pay back my entire debt that i borrowed for the first 2 years?? or can i wait until i fully graduate my B.A.???

[BBQPorkBun]

I'm going to 3rd year university of UT...however,

i'm thinking about taking a year off (personal reasons)....how does OSAP work?? do i need to pay back my entire debt that i borrowed for the first 2 years?? or can i wait until i fully graduate my B.A.???

Lets say you finished 2nd year this past april, going back to school full time in sept 2008.

Interest will start accumulating, May 1 2007. You will have to start making monthly payments in November 2007 (after grace period). You will have to keep making these monthly payments until Sept 2008 where then you will be changed back to in school (non repayment) status.

Take time off or going to part time before finishing school is really not a good idea because you pay so much unnecessary interest. Try to take a 60% course load to remain full time. If you have to take a year off then u gotta do what u gotta do.

[jeeva86]

The lady at OSAP said the interest is prime + 2.5%. Is that correct? Would it be too difficult to get a lower rate through my bank?
Can you also explain how the interest is actually calculated?

[Xtreme2001]

Here's my question.

Although OSAP is prime + 2.5%? When it comes tax season time and you claim your interest paid, at what rate are actually pay at then?

I was told by several financial advisor's that school loans, particularly OSAP is the best to carry long term because when you do your taxes, even though you paying full interest right away, after you file your taxes a credit is returned back to you and you *actually* only end up paying around 4%, is this true? Is there a calculation to figure out what the credit is?

[BBQPorkBun]

The lady at OSAP said the interest is prime + 2.5%. Is that correct? Would it be too difficult to get a lower rate through my bank?
Can you also explain how the interest is actually calculated?

Yes, thats correct.
Its possible to get a lower rate but note its interest portions are not tax deductible at a bank plus you won't have access to things like interest relief if you need it.
Calculated daily: principle(8.5%)/365= int per day

[BBQPorkBun]

Here's my question.

Although OSAP is prime + 2.5%? When it comes tax season time and you claim your interest paid, at what rate are actually pay at then?

I was told by several financial advisor's that school loans, particularly OSAP is the best to carry long term because when you do your taxes, even though you paying full interest right away, after you file your taxes a credit is returned back to you and you *actually* only end up paying around 4%, is this true? Is there a calculation to figure out what the credit is?

No, you get about 15% back. so 8.5%(1-0.15) = ~ 7.3%

Besides credit cards, one of the worse loans to carry long term.
Students always paid them back early and thats why the major banks are no longer doing them, they didn't make money, and why you deal directly with the gov't now (NSLSC).

[student]

For this year my parents income is less than $6200 and OSAP need supporting documatation for how my parents are getting by. I am wondering what this would be considered to be because my parents are using their savings and help from relatives. Is there a specific way I should be writing this in my OSAP application? Would there be a chace that my application be denied?

What are the procedures that I will have to go through because of this?

[d1vyeshh]

Hey,

Here is my OSAP question.

I was in Seneca College for last 3 years and now i am graduated. I recently got a job.

I want to know if I should pay all my OSAP soon as possible before the interest start.

[BigJoeMufferaw]

The best option to pay off OSAP really is to get a bank loan, even a debt consolidation loan (variable) via a bank (usually at about 11% interest rate) and pay it all off at once and then pay the bank loan, in the end you end up paying less in interest rates.

Make sense?

Isn't interest paid on OSAP loan tax deductible? If so, why would you want to get a bank loan to pay off your OSAP?

[BBQPorkBun]

For this year my parents income is less than $6200 and OSAP need supporting documatation for how my parents are getting by. I am wondering what this would be considered to be because my parents are using their savings and help from relatives. Is there a specific way I should be writing this in my OSAP application? Would there be a chace that my application be denied?

What are the procedures that I will have to go through because of this?

If you get the proper documentation for their income then theres no reason for the application to be denied, just do what they ask of you.

[BBQPorkBun]

Hey,

Here is my OSAP question.

I was in Seneca College for last 3 years and now i am graduated. I recently got a job.

I want to know if I should pay all my OSAP soon as possible before the interest start.

yes

[BBQPorkBun]

Isn't interest paid on OSAP loan tax deductible? If so, why would you want to get a bank loan to pay off your OSAP?

Only if the rate of your loan is less than the osap rate minus deductible amount and you won't be using interest relief.

[ghostryder]

No, you get about 15% back. so 8.5%(1-0.15) = ~ 7.3%



Gee, my wife gets both a Fed and a Prov. credit. (15.5% + 11% = 26.5%)

8.5% = 6.25% effective rate

Doesn't ON have a prov credit too? (line 5860 of the ON428 form)

[born2be_lazy]

I have a question regarding OSAP and Queen Elizabeth II Bursary.

I'm going into my final year of study and I have always received OSAP + Queen Elizabeth II Bursary for the last 3 years. I just filled out my latest OSAP application for '07-'08 and this time, I received an estimate of $0.

This is mainly because my brother is no longer a dependent child as he's done school, and also I am earning close to $9k this summer through an internship. But anyway, if I get $0 in OSAP loans, does that mean I won't get my Queen Elizabeth II Bursary even though I maintained the minimum GPA requirement? I hope not. :(

Please let me know/pm me.

Thanks!

Ryan

[BBQPorkBun]

I have a question regarding OSAP and Queen Elizabeth II Bursary.

I'm going into my final year of study and I have always received OSAP + Queen Elizabeth II Bursary for the last 3 years. I just filled out my latest OSAP application for '07-'08 and this time, I received an estimate of $0.

This is mainly because my brother is no longer a dependent child as he's done school, and also I am earning close to $9k this summer through an internship. But anyway, if I get $0 in OSAP loans, does that mean I won't get my Queen Elizabeth II Bursary even though I maintained the minimum GPA requirement? I hope not. :(

Please let me know/pm me.

Thanks!

Ryan

Depends on the criteria of your bursary, if its something you get on the condition that you're on osap. You gotta look that up whether the two are independant.

[sadhakim]

Millenium bursary question:

Did anyone get the millenium bursary straight out of high school and into their first year of school? I didnt think you couldnt get it, but the stupid OSAP woman said that you have to have attended school for one year before you qualify. Some ppl in this thread posted that they did get it first year. Could someone who got it provide more details??

Thanks,
Hakim
Yes, you can get it in first year


Weird, called up OSAP today, they insisted it was not possible and it might have been a mistake... care to share any details?

[BBQPorkBun]

Weird, called up OSAP today, they insisted it was not possible and it might have been a mistake... care to share any details?

Nope, they have the last word.

[sadhakim]

Nope, they have the last word.

What do you mean??

its obviously not an error, the govt is just stupid and doesnt know its own policies.. so its not possible for first years is what yer saying??

[BBQPorkBun]

What do you mean??

its obviously not an error, the govt is just stupid and doesnt know its own policies.. so its not possible for first years is what yer saying??

You either qualify to get it or you don't. You were automatically considered already and obviously you don't, so leave it at that.

[xBAPEPABx]

Hey i wanna ask... i am going to be year 2.... i did not borrow osap ther first year... but planning to on year 2.... just wondering if my mom is here... she doesn't work... my dad is in hk... that works ...."no income in canada"... and i have RESP..... can i get any OSAP ?

[BBQPorkBun]

Hey i wanna ask... i am going to be year 2.... i did not borrow osap ther first year... but planning to on year 2.... just wondering if my mom is here... she doesn't work... my dad is in hk... that works ...."no income in canada"... and i have RESP..... can i get any OSAP ?

Too open ended to give you an answer. depends how much resp, other assets, other factors.

To know for sure just apply, no harm in that.

[royal]

okay i applied for osap, and in the end of the process, it says how either i can print the pages that have to be signed or get those pages mailed to meo i can sign it.

now my question is that those pages say mail to: my university (McMaster) is that correct? wouldn it make more sense if the governmen waned those signed papers?

[BBQPorkBun]

okay i applied for osap, and in the end of the process, it says how either i can print the pages that have to be signed or get those pages mailed to meo i can sign it.

now my question is that those pages say mail to: my university (McMaster) is that correct? wouldn it make more sense if the governmen waned those signed papers?

Not necessarily, follow the instructions.

[ricoboxing]

They will reject your application.

Only factors are income, dependants and monthly payment.

If I separate from my wife (not divorce), do i still have to add her income to our family income, even though i don't know what it is since she moved out?

[BBQPorkBun]

If I separate from my wife (not divorce), do i still have to add her income to our family income, even though i don't know what it is since she moved out?

This would worsen your case if you apply as if you are single, assuming the kids are with her. But not knowing her income is not an acceptable excuse because you two are legally married still.

[ricoboxing]

so what if i say the kid is with me. am I still SOL? is there anything i can do to get around the gross income tables?

[BBQPorkBun]

so what if i say the kid is with me. am I still SOL? is there anything i can do to get around the gross income tables?

If you are choosing to lie, might as well give yourself a few more kids.
No.

[christonian]

quick OSAP question... my brothers friend was telling me that there a new rule in OSAP, that u only have to pay half of it?... is this true

the thing in question is the Ontario Student Opportunity Grant

http://osap.gov.on.ca/eng/not_secure/osog.htm

this is for people with extreme reliance on OSAP. Like me im pretty much 100% OSAP i got 10k my first year(2 semesters) so now i only owe 7k and 3 becomes grant. im currently in 2nd yr and not taking breaks (3 semesters) i have gotten 15k in OSAP but only have to pay back 10700 out of that.

fiscal year for OSAP is sept to sept so in september i will apply again for OSAP for sept to April because i finally graduate and my sister is starting so im expecting a little more so 10-12k. so all together i get 35+k and payback 24k

i come from a poor family so that is why i am able to get so much OSAP

i like this because they are trying to relieve the financial burden on students

[Spiderpal93]

I graduated 2 years ago and will be going back to school(for a different program) full-time this september.
I've been paying back my osap loan since January 2006.

Questions:

1) I'm pretty sure that I don't have to pay my loan back when I'm back in school, is there anything I need to do to inform OSAP/School about my status?

2) I've been working full-time since my graduation, single and have been living with my mother who made ~20k and I made ~37k last year (2006). I will make ~30k this year before school starts(15k from Jan-Apr, 15k during the pre-study period). I've minimal assets(no car, no extra money in bank). Unfortuately, most of my income goes towards paying bills, osap loan, and rent. How will my income+ mother's income affect my osap loan if I do think of applying this year?


Thanks!!

[BBQPorkBun]

I graduated 2 years ago and will be going back to school(for a different program) full-time this september.
I've been paying back my osap loan since January 2006.

Questions:

1) I'm pretty sure that I don't have to pay my loan back when I'm back in school, is there anything I need to do to inform OSAP/School about my status?

2) I've been working full-time since my graduation, single and have been living with my mother who made ~20k and I made ~37k last year (2006). I will make ~30k this year before school starts(15k from Jan-Apr, 15k during the pre-study period). I've minimal assets(no car, no extra money in bank). Unfortuately, most of my income goes towards paying bills, osap loan, and rent. How will my income+ mother's income affect my osap loan if I do think of applying this year?


Thanks!!

Yes, send in the appropriate froms, you can get them in your schools financial aid office. May require official document and not a fax.

She will not affect you.

[Sass_829]

When I first filled out my OSAP application I had estimated at a higher amount for my pre-study income, also I had put $0 in the bursaries section, but after calculating the actual amount from my work journal and receiving a 1000 bursary from Carleton I'm sending a written notice to Carleton's financial aid informing them of the changes. Now I was quoted at 11,900 from OSAP, but now I"m wondering if the amount will go down. My pre-study income is actually closer to $944 than $3000 and my May to Sept income will most likely be lower as well. Also I have that 1000 bursary which I'm afraid will lower the amount? I only have OSAP to rely on so any lower amount and I won't be able to go to school in the fall...Any idea if it will go down?

[christonian]

When I first filled out my OSAP application I had estimated at a higher amount for my pre-study income, also I had put $0 in the bursaries section, but after calculating the actual amount from my work journal and receiving a 1000 bursary from Carleton I'm sending a written notice to Carleton's financial aid informing them of the changes. Now I was quoted at 11,900 from OSAP, but now I"m wondering if the amount will go down. My pre-study income is actually closer to $944 than $3000 and my May to Sept income will most likely be lower as well. Also I have that 1000 bursary which I'm afraid will lower the amount? I only have OSAP to rely on so any lower amount and I won't be able to go to school in the fall...Any idea if it will go down?

no keep them up to date on making money because if you do make less they will hopefully give you more

what i do is i dont list income then if i do make money they make a adjustment after the semester so either a little less next semester or you owe them some if you go graduate or have summer break/co-op

[BBQPorkBun]

When I first filled out my OSAP application I had estimated at a higher amount for my pre-study income, also I had put $0 in the bursaries section, but after calculating the actual amount from my work journal and receiving a 1000 bursary from Carleton I'm sending a written notice to Carleton's financial aid informing them of the changes. Now I was quoted at 11,900 from OSAP, but now I"m wondering if the amount will go down. My pre-study income is actually closer to $944 than $3000 and my May to Sept income will most likely be lower as well. Also I have that 1000 bursary which I'm afraid will lower the amount? I only have OSAP to rely on so any lower amount and I won't be able to go to school in the fall...Any idea if it will go down?

Always assume you make 0 until you make it.

[prying eyes]

Why would it worsen his case....I was separated when I applied for osap and that didn't change anything..I got the maximum amount, since my income was low...

Where do u have to show her income in ur tax return??? Once you are separated, how does one know the other person's income ??? I have filed two tax returns after being separated, and haven't shown anything other than my own income...If in doubt, call CRA..they are more than happy to assist you...

I don't think that you are "legally married" once separated, if thats the case, then why would there be a separated and married columns in ur tax return...Again, Call CRA...they have the final answer...and they are most willing to clarify any of your doubts.

This would worsen your case if you apply as if you are single, assuming the kids are with her. But not knowing her income is not an acceptable excuse because you two are legally married still.

[BBQPorkBun]

Why would it worsen his case....I was separated when I applied for osap and that didn't change anything..I got the maximum amount, since my income was low...

Where do u have to show her income in ur tax return??? Once you are separated, how does one know the other person's income ??? I have filed two tax returns after being separated, and haven't shown anything other than my own income...If in doubt, call CRA..they are more than happy to assist you...

I don't think that you are "legally married" once separated, if thats the case, then why would there be a separated and married columns in ur tax return...Again, Call CRA...they have the final answer...and they are most willing to clarify any of your doubts.

Calm down.

We are talking about IR, not applying for osap.

Your case always worsens with less mouths to feed because the IR threshold lessens, meaning at income level x u would get IR if u had a family but not get it now that ur single or 'separated'

[CSR]

I'm doing my OSAP application for the 2007/2008 year.

#1) I will be doing my co op work term for the fall 2007, thus not studying. Should I do the application now for the winter semester? If yes, should I include my estimated co-op income in the estimated total income / estimated employement income section? (You mentioned assume 0 until you earn it).

#2) When it asks for assets, I have some money in a savings account and this counts as other assets. But under the definition:

"Other assets include the total gross value of all account balances at financial institutions, bonds, term deposits, GICs, all other investments, and any other assets (e.g., boats, aircraft, motors, etc.) not indicated in the items on your application dealing with vehicles and/or RRSPs.). Do not include your principal residence, clothing, furniture, personal belongings or OSAP funding."

What if I converted all my savings into "personal belongings" ie. Computer, clothing etc.

Can I put $0 under other assets? Or will they check my bank accounts?
I know they can check the interest earned based on my income tax return.

[BBQPorkBun]

I'm doing my OSAP application for the 2007/2008 year.

#1) I will be doing my co op work term for the fall 2007, thus not studying. Should I do the application now for the winter semester? If yes, should I include my estimated co-op income in the estimated total income / estimated employement income section? (You mentioned assume 0 until you earn it).

#2) When it asks for assets, I have some money in a savings account and this counts as other assets. But under the definition:

"Other assets include the total gross value of all account balances at financial institutions, bonds, term deposits, GICs, all other investments, and any other assets (e.g., boats, aircraft, motors, etc.) not indicated in the items on your application dealing with vehicles and/or RRSPs.). Do not include your principal residence, clothing, furniture, personal belongings or OSAP funding."

What if I converted all my savings into "personal belongings" ie. Computer, clothing etc.

Can I put $0 under other assets? Or will they check my bank accounts?
I know they can check the interest earned based on my income tax return.

Coop is slightly different because is reasonably predictable and not like a PT job in school. But be conservative, don't add commissions or bonus or overtime and even after coming to that number take off another 20%. You can tell them you made more afterwards if thats the case.

Obviously if you buy clothes or computer then you will have 0 savings/assets.

[myapple]

Has anybody managed to get the student opportunity grant many years later?

I got around $9k from osap in 1998, but didn't file my taxes that year (just turned 18 or 19). I only made around $1k that year so I was definitely eligable for a $2k grant. I dug up my Tslips files and finally filed my 1998 tax return in Dec 2006. I got my 98 notice of assessment about a month later and faxed over a copy to the OSAP office in Feb 07. I called last month to ask the status and was told they got my documentation but it hasn't been processed yet. It's been about four months. Does it normally take that long to process? Is there any chance that I'll even get that $2k back?

[esq05]

Come to think of it, I got a question:

I live with my parents, they own the house. If I was to buy a house to live in and rent out partially, under my name only, would it be counted as assets on the osap form(most likely, but just to confirm) and if it is, would my osap be greatly effected, because a house would be 300-400 grand mortgage.

Thanks
eSQ

[BBQPorkBun]

Come to think of it, I got a question:

I live with my parents, they own the house. If I was to buy a house to live in and rent out partially, under my name only, would it be counted as assets on the osap form(most likely, but just to confirm) and if it is, would my osap be greatly effected, because a house would be 300-400 grand mortgage.

Thanks
eSQ

Yes, Yes, you will get 0 osap.

[TenzoR]

Can you still re-apply OSAP for MBA (after you paid off your current OSAP from your undergrad?)

[BBQPorkBun]

Can you still re-apply OSAP for MBA (after you paid off your current OSAP from your undergrad?)

Yes

[gruegoo]

Hi,

Great thread!

My question is regarding an OSAP overpayment. I withdrew from classes in the 2003-2004 year and subsequently had an overpayment. I have since graduated and have been paying back my regular OSAP payments for the last couple of years (in total about $6000 MORE than the overpayment).

Does that cover my overpayment amount? Or do I have to make a special payment on the side?

I'm currently applying for new loans because I'm returning to school.

[BBQPorkBun]

Hi,

Great thread!

My question is regarding an OSAP overpayment. I withdrew from classes in the 2003-2004 year and subsequently had an overpayment. I have since graduated and have been paying back my regular OSAP payments for the last couple of years (in total about $6000 MORE than the overpayment).

Does that cover my overpayment amount? Or do I have to make a special payment on the side?

I'm currently applying for new loans because I'm returning to school.

I hijacked the thread from munchie, let me know if u want it back munchie.

Theres no special payment on the side so ur main payment should cover it.
I would double chk with NSLSC to make sure, also ask for an ad hoc report of ur payments to see your whole history if u want to verify, its all free, so why not.

[gruegoo]

Thanks!

I hijacked the thread from munchie, let me know if u want it back munchie.

Theres no special payment on the side so ur main payment should cover it.
I would double chk with NSLSC to make sure, also ask for an ad hoc report of ur payments to see your whole history if u want to verify, its all free, so why not.

[christonian]

Hi,

Great thread!

My question is regarding an OSAP overpayment. I withdrew from classes in the 2003-2004 year and subsequently had an overpayment. I have since graduated and have been paying back my regular OSAP payments for the last couple of years (in total about $6000 MORE than the overpayment).

Does that cover my overpayment amount? Or do I have to make a special payment on the side?

I'm currently applying for new loans because I'm returning to school.

also because your going back to school your osap gets a time reset so u still owe the money but dont have to pay until your graduated once again

[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?

[jcoltage]

quick question I will made just under 3k in the summer should I put it on my app.?

I think I should leave it... but my brother says put it.

[BBQPorkBun]

also because your going back to school your osap gets a time reset so u still owe the money but dont have to pay until your graduated once again

nothing is reset, you are just put back in non repayment status and the interest on the remaining principle is paid by the gov't (not accumulating)

[BBQPorkBun]

quick question I will made just under 3k in the summer should I put it on my app.?

I think I should leave it... but my brother says put it.

Put it, you don't want to be caught lying, its a significant amount.

[qsub]

I'll be out of the country up until January of 2008. Will it possible for me to still apply for OSAP? My sister will be opening the mail from OSAP. I'll be filling out anything that can be done online.

Also, I have approximently 20,000 right now with no job. (And no job for sure until February.) What's the chances of me getting OSAP?

All my sisters in my family have gotten OSAP before. (4 sisters.)

[BBQPorkBun]

I'll be out of the country up until January of 2008. Will it possible for me to still apply for OSAP? My sister will be opening the mail from OSAP. I'll be filling out anything that can be done online.

Also, I have approximently 20,000 right now with no job. (And no job for sure until February.) What's the chances of me getting OSAP?

All my sisters in my family have gotten OSAP before. (4 sisters.)

Need more details about your situation. You are starting univ?

20k? you don't need osap, so chances are slim to nil

[qsub]

Need more details about your situation. You are starting univ?

20k? you don't need osap, so chances are slim to nil


I'm starting Uni in January 2008 but the 20K isn't for that. The 20K is for my backpacking trip through Europe/Thailand/Laos up until I start Uni in 2008.

[BBQPorkBun]

I'm starting Uni in January 2008 but the 20K isn't for that. The 20K is for my backpacking trip through Europe/Thailand/Laos up until I start Uni in 2008.

anyone care to flame?

[qsub]

anyone care to flame?

Why would they? I spent a lot of time saving that money through college and work when I finished. I never got any money for my post secondary education schooling from my parents either. In fact I went through college debt free because I was stuck working ****** jobs like "moving assistant."

I'm willing to take a step into debt. I doubt I'll be in much of it by the I finish Uni anyways. It's part time (Whatever the minimum course load for OSAP is I'll take,) I'll be working full time. But I won't have a job right away when I get back.

[gruegoo]

Why would they? I spent a lot of time saving that money through college and work when I finished. I never got any money for my post secondary education schooling from my parents either. In fact I went through college debt free because I was stuck working ****** jobs like "moving assistant."

I'm willing to take a step into debt. I doubt I'll be in much of it by the I finish Uni anyways. It's part time (Whatever the minimum course load for OSAP is I'll take,) I'll be working full time. But I won't have a job right away when I get back.

I think the reason is that *IN THEORY* OSAP should only be for people who literally have no other way to attend school. i.e. without the OSAP money they flat out would not be able to. Again that's in theory... in practice that's clearly not the case in many, many instances.

In my personal experiences though, if you have $20k, you won't get OSAP unless your tuition is alot more, for example if you're going into law school or an MBA or something.

Also with part time you won't be getting much OSAP either. There's a minimum course load of something like 60% to apply for full-time OSAP.

Have you considered a student line of credit?

[Sylvestre]

Why would they? I spent a lot of time saving that money through college and work when I finished. I never got any money for my post secondary education schooling from my parents either. In fact I went through college debt free because I was stuck working ****** jobs like "moving assistant."

I'm willing to take a step into debt. I doubt I'll be in much of it by the I finish Uni anyways. It's part time (Whatever the minimum course load for OSAP is I'll take,) I'll be working full time. But I won't have a job right away when I get back.

That's great and all, but you don't *need* to take the trip, you just want to. You chose to save for the trip and borrow OSAP for school. Well, as far as the government and taxpayers are concerned, you aren't in need.

[qsub]

That's great and all, but you don't *need* to take the trip, you just want to. You chose to save for the trip and borrow OSAP for school. Well, as far as the government and taxpayers are concerned, you aren't in need.

The government shouldn't care since they get interest if it's not payed back promptly. Either way, I won't have any record of income until next spring and the 20k will be 10k within less then 3 months. I still will be applying for it.

[BBQPorkBun]

Why would they? I spent a lot of time saving that money through college and work when I finished. I never got any money for my post secondary education schooling from my parents either. In fact I went through college debt free because I was stuck working ****** jobs like "moving assistant."

I'm willing to take a step into debt. I doubt I'll be in much of it by the I finish Uni anyways. It's part time (Whatever the minimum course load for OSAP is I'll take,) I'll be working full time. But I won't have a job right away when I get back.

You speak like u achieved something or ur the only one to do something like that. You're a novice compared to what I've seen students go through including holding 3 jobs like myself while full time in school (university).

If your working full time but school part time, I don't get why you need OSAP

Even with 10k, you are nowhere close to being eligible for OSAP, good luck.

[Sass_829]

Just another quick question: Does policy of the parents living within 40km of the school still apply to independent students? Even though I am living with her for my pre-study but won't be during?? Or does it apply to only dependent??

Thanks in advance

[Tofu Drift Shinji]

The OSAP application asks if I will be receiving any bursaries from my university. I am on the cusp of submitting a bursary application which is to be considered--I don't know whether it will be considered before or after July 1st, or whether I will be getting anything from it altogether.

What should I tell them? Do I need to call OSAP and append any relevant bursary information afterwards, assuming I get the bursary? Do I select 'No' for now?

Thanks in advance.

[Waiwai]

The OSAP application asks if I will be receiving any bursaries from my university. I am on the cusp of submitting a bursary application which is to be considered--I don't know whether it will be considered before or after July 1st, or whether I will be getting anything from it altogether.

What should I tell them? Do I need to call OSAP and append any relevant bursary information afterwards, assuming I get the bursary? Do I select 'No' for now?

Thanks in advance.

You will just make the adjustment when you receive the bursary. Because if you say you are getting one and you won't, well, you're suddenly out a bit of money.

[BBQPorkBun]

Just another quick question: Does policy of the parents living within 40km of the school still apply to independent students? Even though I am living with her for my pre-study but won't be during?? Or does it apply to only dependent??

Thanks in advance

I have no idea what you are asking. Please state your question clearly.

[BBQPorkBun]

The OSAP application asks if I will be receiving any bursaries from my university. I am on the cusp of submitting a bursary application which is to be considered--I don't know whether it will be considered before or after July 1st, or whether I will be getting anything from it altogether.

What should I tell them? Do I need to call OSAP and append any relevant bursary information afterwards, assuming I get the bursary? Do I select 'No' for now?

Thanks in advance.

Don't state you have something (bursary, jobs, income, scholarships) until you actually get it in your hands.

[Sass_829]

Ok......I am an independent student(been out of high school for 4 years, 21, etc, living with my mother only for a few months until school starts(I was in vancouver for a few months after my year long program and came back a couple of months ago) Anyway, OSAP has a policy that if your parents live within 40km of the school, you are expected to live with them, and they will not provide money for room and board. I am wondering if this policy applies only to dependent students, or if it's a policy applied to everyone...?

[BBQPorkBun]

Ok......I am an independent student(been out of high school for 4 years, 21, etc, living with my mother only for a few months until school starts(I was in vancouver for a few months after my year long program and came back a couple of months ago) Anyway, OSAP has a policy that if your parents live within 40km of the school, you are expected to live with them, and they will not provide money for room and board. I am wondering if this policy applies only to dependent students, or if it's a policy applied to everyone...?

If you are an independant then this rule would not apply to you.
This rule that says you are expected to live with your parents if you are 40km away, Ive never seen this applied to anyone. There are many students around missauga, oakville, scarborough who will choose to live on campus at U of T for example and still get funding to live abroad.
I've also experienced this first hand.

[qsub]

When would I apply if starting in January 2008? Would that still count as the 2007/2008?

Or should I be applying for a 2008/2009 term?

[BBQPorkBun]

When would I apply if starting in January 2008? Would that still count as the 2007/2008?

Or should I be applying for a 2008/2009 term?

Call in to doublecheck, I don't want to give you a uncertain answer

[onehaehyuk]

Ok, I've gone through all 15 pages of this thread (amazing thread btw!) and I think i'm even more confused than I was before. All this financial talk is baffling to me, stuff like prime + 2.5 is confusing (i know, call me ignorant, haha). My situation is, I just graduated university in April, I have $31,000 loaned (minus 3400 from 1st year bursary, minus 4000 from the Ontario Student Opportunity Grant) = $23,600. I have about $8000 saved up over from summer employment plus some savings i had (i'll probably put this 8000 towards my OSAP in a couple weeks). In September I have a full-time job waiting for me but I'll be living on my own (so i'll have to pay for rent, food, travel, etc.) which means it'll take me awhile to pay off the remaining OSAP with so many expenses. What's the best option for me? Do i qualify for the Interest Relief Program? If so, how do i apply for this? And what does a Consolidation Agreement mean and how do I get this? Any help is greatly appreciated! And great job keeping this thread alive!! I know student loans are an issue for a lot of people...

[BBQPorkBun]

Ok, I've gone through all 15 pages of this thread (amazing thread btw!) and I think i'm even more confused than I was before. All this financial talk is baffling to me, stuff like prime + 2.5 is confusing (i know, call me ignorant, haha). My situation is, I just graduated university in April, I have $31,000 loaned (minus 3400 from 1st year bursary, minus 4000 from the Ontario Student Opportunity Grant) = $23,600. I have about $8000 saved up over from summer employment plus some savings i had (i'll probably put this 8000 towards my OSAP in a couple weeks). In September I have a full-time job waiting for me but I'll be living on my own (so i'll have to pay for rent, food, travel, etc.) which means it'll take me awhile to pay off the remaining OSAP with so many expenses. What's the best option for me? Do i qualify for the Interest Relief Program? If so, how do i apply for this? And what does a Consolidation Agreement mean and how do I get this? Any help is greatly appreciated! And great job keeping this thread alive!! I know student loans are an issue for a lot of people...

Read this thread too then
http://www.redflagdeals.com/forums/showthread.php?t=324149

Call in to see if u qualify, depends how much you make. Your expenses are not a factor in their decision.
Call the NSLSC to apply, google them for #.
Consolidation just means lumping your years of loans together into one debt and they automatically send this to you near the time when you have to start paying monthly.

Put your 8k in now, you are accumulating interest everyday.

[jackieskwong]

i got a letter saying that i am on academic probahtion for dropping too many courses. well the thing was i was taking 4 courses during the fall semester..dropped 2 and ended up with 2 credits throughout the whole schoolyear. took summer school..got another so now i have three..still taking one more until august 10th..however i don't know if i will drop this one too since i was focusing all on the other course i basically missed out half the course of the one i'm taking right now.

will they refuse to lend me money?

cause i'm not even looking for grants anymore..i just need to borrow some money so i can go to school. im making 200 every 2 weeks from my part time job and my family has no income..we live at our aunts house andmy uncle in hong kong sends us some money(1000 or so) every few months. last year it was cause of osap i was able to live at mississauga plus pay off my tuition.

my question is will they refuse to lend me money even at my situation? cause i really don't know how to go to school without osap..

[BBQPorkBun]

i got a letter saying that i am on academic probahtion for dropping too many courses. well the thing was i was taking 4 courses during the fall semester..dropped 2 and ended up with 2 credits throughout the whole schoolyear. took summer school..got another so now i have three..still taking one more until august 10th..however i don't know if i will drop this one too since i was focusing all on the other course i basically missed out half the course of the one i'm taking right now.

will they refuse to lend me money?

cause i'm not even looking for grants anymore..i just need to borrow some money so i can go to school. im making 200 every 2 weeks from my part time job and my family has no income..we live at our aunts house andmy uncle in hong kong sends us some money(1000 or so) every few months. last year it was cause of osap i was able to live at mississauga plus pay off my tuition.

my question is will they refuse to lend me money even at my situation? cause i really don't know how to go to school without osap..

I am guessing sometime along the way you've become a part time student and should be paying off your loans now. Chk to see that you are not missing payments and ruining your credit.

Will they refuse to lend? Probably not but will probably lend a lot less but if you are part time then probably you will get nothing.

Maybe you should not work if you can't handle 1 or 2 courses already. You rather have full time status and be on int free status. If you can't do 3 full courses when others are doing 5 then maybe you should just work full time and do school part time. But just note you will be paying back your loans when you have part time status.

[hassan123]

question:

When OSAP says " Your income information will be verified with Canada Revenue Agency (CRA) " what resources will they use to have that checked? Is it just the tax return u filed last year?

[BBQPorkBun]

question:

When OSAP says " Your income information will be verified with Canada Revenue Agency (CRA) " what resources will they use to have that checked? Is it just the tax return u filed last year?

I am not sure what you mean by resources, checking would involve just contacting CRA and asking what they need to ask to verify your income.

[onehaehyuk]

Read this thread too then
http://www.redflagdeals.com/forums/showthread.php?t=324149

Call in to see if u qualify, depends how much you make. Your expenses are not a factor in their decision.
Call the NSLSC to apply, google them for #.
Consolidation just means lumping your years of loans together into one debt and they automatically send this to you near the time when you have to start paying monthly.

Put your 8k in now, you are accumulating interest everyday.

Great thanks for your help BBQ... yah i'm going to go ahead and deposit a lump sum into my account. Is "NSLSC-Public" the payee name for NSLSC? Because that's what the person told me to enter in for online banking but that name couldn't be found when I went to search for it.

[BBQPorkBun]

Great thanks for your help BBQ... yah i'm going to go ahead and deposit a lump sum into my account. Is "NSLSC-Public" the payee name for NSLSC? Because that's what the person told me to enter in for online banking but that name couldn't be found when I went to search for it.

That you have to ask the people at online banking, I know nothing about that. Along with your consolidation agreement, theres a form to set up pre authorized payments. If osap has your bank info u can also call in and do a one time debt out of your account. You can ask them to add your bank info if they don't have your info.

[hassan123]

But for this years income, would the CRA know how much i got paid the last couple of months?

[BBQPorkBun]

But for this years income, would the CRA know how much i got paid the last couple of months?

no

[greg123]

well i wrote my letter and my status is back to normal, except if im on probation again i wont get osap for 1year straight....

now to the books :razz:

[rocheapplied]

Hey Guys,

I'm in a big dilemma.

♠

[BBQPorkBun]

Hey Guys,

I'm in a big dilemma.

I'll be attending U of T this Fall as an Arts and Science Major. I live in North York, so the total distance is less than 40 km from my parent's house to U of T. However, I will be living on residence.

I received my OSAP assessment yesterday, and I totaled only 9295.. mostly in grants payable in January. For my OSAP loan, I only got 2725!!

Is there any way to appeal this / receive more funding? The total cost for tuition at U of T alone is about 5300 + residence fee of 9100 which totals 14 400... which neither can I nor my parents can pay...

Any help would be greatly appreciated.

Thanks

PM'ed u

[greg123]

Hey Guys,

I'm in a big dilemma.

I'll be attending U of T this Fall as an Arts and Science Major. I live in North York, so the total distance is less than 40 km from my parent's house to U of T. However, I will be living on residence.

I received my OSAP assessment yesterday, and I totaled only 9295.. mostly in grants payable in January. For my OSAP loan, I only got 2725!!

Is there any way to appeal this / receive more funding? The total cost for tuition at U of T alone is about 5300 + residence fee of 9100 which totals 14 400... which neither can I nor my parents can pay...

Any help would be greatly appreciated.

Thanks

you got 7K of grants?!?! wow, they gave me $100 for applying to the Millnieum scholarship...

why would anyone want to pay $9100 for 8month of housing anyways? they also force you to buy a meal plan right?

i would have just got a room around downtown for like $400/month...

[BBQPorkBun]

you got 7K of grants?!?! wow, they gave me $100 for applying to the Millnieum scholarship...

why would anyone want to pay $9100 for 8month of housing anyways? they also force you to buy a meal plan right?

i would have just got a room around downtown for like $400/month...

PM plz

[xtrader101]

Is it possible to get student loan if you declared bankruptcy before?

I was discharged three years ago and during my filing for insolvency I did not include my student loans and keep paying it until it was paid off. Now I am planning to go back to school and need student loan again. Do you think I will be approved? Any knowledge or personal experiences about this matter is highly appreciated.

Thank you.

[BBQPorkBun]

Is it possible to get student loan if you declared bankruptcy before?

I was discharged three years ago and during my filing for insolvency I did not include my student loans and keep paying it until it was paid off. Now I am planning to go back to school and need student loan again. Do you think I will be approved? Any knowledge or personal experiences about this matter is highly appreciated.

Thank you.

I would say it would not be approved, I believe they ask if you've declared bankruptcy in the application. But not harm in trying.

[J_u_n_i_o_r_3]

Just a week ago it listed how much i will be getting

Now it says
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.

Why

[BBQPorkBun]

Just a week ago it listed how much i will be getting

Now it says
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.

Why

Your school is holding up the process, wait.

[J_u_n_i_o_r_3]

what whould happen
say
your income went off 2000 to 3000$

and you found out wen you where doing your taxes

and at that time say January you update your info

For me i don't if i ll go over until december

[Jean Alesi]

Hi,

Two years ago I had a student loan that went to collections for about $4000, however it was payed back in full the minute I had the money approximatly 6 months afterwards.

Now I would like to attend university again full time for 2008/2009. What do you think my chances of getting a loan are?

[BBQPorkBun]

what whould happen
say
your income went off 2000 to 3000$

and you found out wen you where doing your taxes

and at that time say January you update your info

For me i don't if i ll go over until december

You know, your pay stub should have a year to date amount.
If I didn't answer your question please state your question clearly.

[BBQPorkBun]

Hi,

Two years ago I had a student loan that went to collections for about $4000, however it was payed back in full the minute I had the money approximatly 6 months afterwards.

Now I would like to attend university again full time for 2008/2009. What do you think my chances of getting a loan are?

Close to nil

[fb9]

what is the minimum amount of courses you have to have in order to recieve OSAP? I am thinking of taking courses during the summer so I might be taking like 1 or 2.

Thanks in advance.

[lame23]

Hello my question is that, How largely will my Guaranteed Invesment Account (GIA)afffect my osap? I was already approved and the money will be released by sept. I ask because i want to get the ipon nano offer and soemone willl lend me 5,000 for the GIA? Will the osap people find about about this GIA?? THnak you

[Waiwai]

what is the minimum amount of courses you have to have in order to recieve OSAP? I am thinking of taking courses during the summer so I might be taking like 1 or 2.

Thanks in advance.

I believe you need a 60% course load.

[BBQPorkBun]

what is the minimum amount of courses you have to have in order to recieve OSAP? I am thinking of taking courses during the summer so I might be taking like 1 or 2.

Thanks in advance.

There is no minimum, just apply and see what they give you, depends on course, cost and other things as well.

You do not need 60% minimum, please do not guess out answers to confuse people, thanks.

[BBQPorkBun]

Hello my question is that, How largely will my Guaranteed Invesment Account (GIA)afffect my osap? I was already approved and the money will be released by sept. I ask because i want to get the ipon nano offer and soemone willl lend me 5,000 for the GIA? Will the osap people find about about this GIA?? THnak you

Theres a very small chance osap will find out. But just leave a numbers trail to prove that the money is not yours. Like have that person write out a check to you so we can see the transaction of 5k out of their account into yours. Then at least u can say that is not your asset.

[xtrader101]

I would say it would not be approved, I believe they ask if you've declared bankruptcy in the application. But not harm in trying.

I found this information. I think I am eligible since I was discharged more than three years ago.

Bankruptcy Affects your Eligibility for Student Loans

There are important differences in bankruptcy policy between the Alberta and Canada Student Loan programs.

Alberta Student Loan Program

If you have filed or intend to file for bankruptcy while you are a student, any provincial financial assistance that you may otherwise be eligible for will be cancelled. If you receive a court-ordered discharge from bankruptcy or if you have paid your Alberta Student Loans in full, you must still wait three (3) years before you are eligible to apply for provincial financial assistance.

Canada Student Loan Program


If you have already received Canada Student Loans and have filed or intend to file for bankruptcy and you are continuing your studies, you may:


- receive further Canada Student Loans for a maximum of three (3) years, to complete your current program of study
- retain interest free status for your Canada Student Loans while in study

if you have already received Canada Student Loans and have filed or intend to file for bankruptcy and you have been out of school for more than six months, then:

- if your court ordered discharge from bankruptcy is approved, or if you have paid your Canada Student Loans in full, you must still wait three (3) years before you are eligible to apply for federal financial assistance.

Here is the link.

http://www.alis.gov.ab.ca/studentsfinance/repaydef.asp

[lame23]

Theres a very small chance osap will find out. But just leave a numbers trail to prove that the money is not yours. Like have that person write out a check to you so we can see the transaction of 5k out of their account into yours. Then at least u can say that is not your asset.

OH ok....thank you......I think ill go ahead.......But if theres a chance that they found out how much do you u think will they decrease my loan/ grants. Or are the grants even decreasable (if this word exist :D)??

[J_u_n_i_o_r_3]

Estimated total gross income prior to pre-study period

is this after taxes
or before taxes

[lame23]

gross =before taxes

[BBQPorkBun]

OH ok....thank you......I think ill go ahead.......But if theres a chance that they found out how much do you u think will they decrease my loan/ grants. Or are the grants even decreasable (if this word exist :D)??

Found out what? I thought the asset really is not yours. If they found out it was yours then they would significantly decrease your loan to the amount of at least what you didn't include in your application.

[BBQPorkBun]

I found this information. I think I am eligible since I was discharged more than three years ago.

Bankruptcy Affects your Eligibility for Student Loans

There are important differences in bankruptcy policy between the Alberta and Canada Student Loan programs.

Alberta Student Loan Program

If you have filed or intend to file for bankruptcy while you are a student, any provincial financial assistance that you may otherwise be eligible for will be cancelled. If you receive a court-ordered discharge from bankruptcy or if you have paid your Alberta Student Loans in full, you must still wait three (3) years before you are eligible to apply for provincial financial assistance.

Canada Student Loan Program


If you have already received Canada Student Loans and have filed or intend to file for bankruptcy and you are continuing your studies, you may:


- receive further Canada Student Loans for a maximum of three (3) years, to complete your current program of study
- retain interest free status for your Canada Student Loans while in study

if you have already received Canada Student Loans and have filed or intend to file for bankruptcy and you have been out of school for more than six months, then:

- if your court ordered discharge from bankruptcy is approved, or if you have paid your Canada Student Loans in full, you must still wait three (3) years before you are eligible to apply for federal financial assistance.

Here is the link.

http://www.alis.gov.ab.ca/studentsfinance/repaydef.asp

Great research, can help others too. Go right ahead.

[Waiwai]

There is no minimum, just apply and see what they give you, depends on course, cost and other things as well.

You do not need 60% minimum, please do not guess out answers to confuse people, thanks.

Not according to the OSAP website
OSAP Eligibility - Full Time (http://osap.gov.on.ca/eng/not_secure/eligibility.htm)

You must be taking at least 60 per cent of a full course load, or 40 per cent if you are a student with a permanent disability.

EDIT:

Actually, there is one for Part-Time students, but it has a different set of requirements. Also, you pay interest immediately.
OSAP Eligibility - Part Time (http://osap.gov.on.ca/eng/not_secure/parttime.htm)

[lame23]

Found out what? I thought the asset really is not yours. If they found out it was yours then they would significantly decrease your loan to the amount of at least what you didn't include in your application.

No the asset is not really mine, What I meant to say is that if they see that I have 5,000 in an Guaranteed Investment Account they might think its a gift and therfore I can use it for school.

[cash_money]

how do i get osap if my parents "make too much money"

[BBQPorkBun]

Not according to the OSAP website
OSAP Eligibility - Full Time (http://osap.gov.on.ca/eng/not_secure/eligibility.htm)

You must be taking at least 60 per cent of a full course load, or 40 per cent if you are a student with a permanent disability.

EDIT:

Actually, there is one for Part-Time students, but it has a different set of requirements. Also, you pay interest immediately.
OSAP Eligibility - Part Time (http://osap.gov.on.ca/eng/not_secure/parttime.htm)

Yes, but that was not the question. There is no minimum to apply.

[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

[jcoltage]

I got 12,000 dollars how much do I have to pay back?

I heard somewhere I only need to pay back 7k of the loan

[thephenom]

I got 12,000 dollars how much do I have to pay back?

I heard somewhere I only need to pay back 7k of the loan

You can ask for debt forgiveness after you graduate and can't find a job, otherwise, you pay what you owe.

[mingyang]

Current Entitlement $8366
Released to Date $5019
To be
Released Jan 01, 2008 $3347

But I haven't report the money I've made during the summer, its about $1700(After Tax deduction) atm. Not sure if I should still be working anymore, since I heard my loan will decrease, and also over $7000 the money is free, so the more I make, the less loan I'll get.

So should I stop working to prevent the loan loss? Or $1700 is not significant enough

Thanks

[cywhiz]

how do i get osap if my parents "make too much money"A sort of related question...BTW, my parents are not rich at all, hehe...:lol:

I am just wondering do the gov actually check the SIN and bank accounts of my parents to see how much do they really make? Do they also check mine too? Is it OK to "lie" a little saying that I don't live with my parents (ie: pay them rent)? How would they find out whether or not I live with my parents? :confused:

[lagzor]

Hmm. I got a question..

Originally OSAP said I would receive about $4000 in funds/loans for first year. A few weeks later I get a letter saying i would be only getting about $1700 in grants ONLY. No loans at all? :confused: Is this normal, and if so isn't the point of OSAP to lend me money? :?:

[J_u_n_i_o_r_3]

how much does your income have to be off by to get in trouble

[kt11]

When exactly do I "get" my money...

[thephenom]

When exactly do I "get" my money...

Couple weeks after school starts, then again in the winter semester.

[lil_c09]

Hi there, I currently have a problem on my hands regarding OSAP. I was estimated $11,000. I received a call from my schools financial office asking for proof that my mother receives a cheque of a certain amount every month as that is our main source of income aside from me working. Problem is, there is no paper proof which states she receives this amount as it goes directly into her bank account. Is there anything I can do to help out my situation?

[tokajim]

A sort of related question...BTW, my parents are not rich at all, hehe...:lol:

I am just wondering do the gov actually check the SIN and bank accounts of my parents to see how much do they really make? Do they also check mine too? Is it OK to "lie" a little saying that I don't live with my parents (ie: pay them rent)? How would they find out whether or not I live with my parents? :confused:

you will get less for saying you live with your parents. but i wouldn't just outright lie. all they have to do is look at the address of where you live and they can see it's the same as your parents. and they will check to see if you pay rent or not, your parents would have to declare it on their tax forms that they received rent income. (which means they pay more taxes)

the answer i got from someone knowledgeable on these forums is that, if you have the means to live on your own, you would be living on your own. i.e. actually paying rent, so i wouldn't just make up stuff like that, plus it's a hassle to fix.

[jeeva86]

Hi there, I currently have a problem on my hands regarding OSAP. I was estimated $11,000. I received a call from my schools financial office asking for proof that my mother receives a cheque of a certain amount every month as that is our main source of income aside from me working. Problem is, there is no paper proof which states she receives this amount as it goes directly into her bank account. Is there anything I can do to help out my situation?

Paystub? or Print out the bank statement from several months

[mescalito]

According to the .pdf up at the York website, they want you to bring in record of income for the 16 weeks prior to the sep 5th pick-up date.

My question is what kind of proof are they talking about? Can I just use a letter written by the owner of the small company?

[winner2000]

Your last paystub which has your YTD amounts on it will satisfy that requirement.

[mescalito]

Mine don't have the YTD - Just a cheque with a reciept on the bottom for the current amount, not total's

[Draff]

I have a quick question. If I'm declaring interest from bank accounts as income, do I have to declare the accounts as assets, even if I closed them? (I was holding the money temporarily for someone else) The woman on the phone at UofT said yes but it doesn't sound right...

[cywhiz]

you will get less for saying you live with your parents. but i wouldn't just outright lie. all they have to do is look at the address of where you live and they can see it's the same as your parents. and they will check to see if you pay rent or not, your parents would have to declare it on their tax forms that they received rent income. (which means they pay more taxes)

the answer i got from someone knowledgeable on these forums is that, if you have the means to live on your own, you would be living on your own. i.e. actually paying rent, so i wouldn't just make up stuff like that, plus it's a hassle to fix.Cool, thanks for the info...Seems too much hassle if they actually check everything...

Another question...Do they actually go through your bank accounts to see how much you have? Or do they just guesstimate according to what I fill in the form?

[cywhiz]

I have a quick question. If I'm declaring interest from bank accounts as income, do I have to declare the accounts as assets, even if I closed them? (I was holding the money temporarily for someone else) The woman on the phone at UofT said yes but it doesn't sound right...If your account is closed and it has zero dollar balance, then I don't think it should be an "asset"...Correct me if I'm wrong...

[Draff]

Good to know someone agrees with me. The person on the phone didn't seem to know very much and had to check the answers with someone else.

[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

[Tilter]

My friend was given OSAP through Yrs 1-3 (where he also received a bursary). He then got a PEY Job (30K salary) and has since paid off OSAP ~16K; paid for a car and other expenses.

He was wondering if its possible for him have an OSAP payment given to him again as he will likely have to go to the bank for a loan otherwise. 8K tuition, 4K residence, $500-100 on Books; $2000 for MISC Expenses.

If so, he was wondering how he should submit his form to maximize the amount on an OSAP loan he would get back.

THANKS

[Essence89]

ok guys im noob need some help..

im going to ut this year..and now i have to pay the tut

so i have the invoice...i no the scholarship u just deduct it from the total when u pay it at the bank..but what about the osap funds?.. The first set of fund is released in sept but i have to pay my tut during the month of aug..so how does that work

i did a deferral on the site..but it isnt much..just electronic signature and i dont no what happens next. So how does the deferral work? and what amount do i pay now?

thanks

[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 =]

[Spiderpal93]

ok guys im noob need some help..

im going to ut this year..and now i have to pay the tut

so i have the invoice...i no the scholarship u just deduct it from the total when u pay it at the bank..but what about the osap funds?.. The first set of fund is released in sept but i have to pay my tut during the month of aug..so how does that work

i did a deferral on the site..but it isnt much..just electronic signature and i dont no what happens next. So how does the deferral work? and what amount do i pay now?

thanks

If you did the deferral at your register's office, you don't have to pay until November 15th(after that it will start charging you interest).

You should see on your timetable/ on ROSI beside Status: REG
Which means that you are registered and they accepted your deferral instead of INVIT(Invitation).

When you are in school in September go to your registrar's office to pick up the documents and sign the funding release form. The funds should then be deposited into your checking account.

I'm not sure about how scholarships work though.

[Essence89]

If you did the deferral at your register's office, you don't have to pay until November 15th(after that it will start charging you interest).

You should see on your timetable/ on ROSI beside Status: REG
Which means that you are registered and they accepted your deferral instead of INVIT(Invitation).

When you are in school in September go to your registrar's office to pick up the documents and sign the funding release form. The funds should then be deposited into your checking account.

I'm not sure about how scholarships work though.

oh i did the deferral online..they sent me an email..right now i dont have my timetable yet is released on aug 24..so all i need to check is if that on my timetable there some STATUS either REG or INVIT?

the status is on the timetable right?

[atomicwinter]

Hey guys, to whomever can answer this...
I had OSAP loans for first year as a full-time student, then recently I got suspended from school for 1 semester cause of poor performance =(. Since I don't get OSAP loans anymore cause I'm not full time, does that mean I have to start paying the loan back in 6 months? Can I apply for Interest free status to pay it off when I actually graduate? Cause I plan on going back to university in the Winter 2008 semester.
Thanks a bunch

[arnyk]

Checking on my status it says it has checked my parents' income and there is a "discrepancy" - wtf? I manage all my family's finances, I know exactly what they make, I file their taxes for them - and when I was filling out the OSAP application I used the exact numbers on the tax return. These are the same numbers the CRA received, and I assume the same numbers OSAP verifies with the CRA.

Ok and secondly my real question - for my personal income, do they verify 2007 income after I file my return in March/April? And if so, does that mean any money I receive before then will be based on my application estimates? The real question here is will they verify my 2007 income before I file a return? I'm really in a cash crunch right now so if they take away dollar for dollar each dollar I earn - I'm screwed.

[J_u_n_i_o_r_3]

Ok and secondly my real question - for my personal income, do they verify 2007 income after I file my return in March/April? And if so, does that mean any money I receive before then will be based on my application estimates? The real question here is will they verify my 2007 income before I file a return? I'm really in a cash crunch right now so if they take away dollar for dollar each dollar I earn - I'm screwed.

same situation

[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!

[strohlio]

I've vaguely heard of people getting out of paying their loans off in the specific time that OSAP says you have to pay it off in....

does anyone know how this is done?

Dan

[j-walker]

I have two questions. Any comment is helpful.

1) I applied for OSAP for this year (both semesters) 60% courseload. But I've decided to drop down to two, which means I'm part-time now. I can't get osap right now. But I deferred my fees already so I see 'INVIT' to 'REG'. Would it switch back to INVIT cause I'm part-time or will it remain 'REG'? I assume that I'll have to pay off for rest without osap, but do I pay for both fall/winter? Confusing eh?

2) About interest fees, since I'm part-time, I guess my grace period will end soon and I'll go into repayment status in december. The thing is, I'll be going back to full-time in the winter session. So is the interest back to nil once I've become full-time in winter? And do I have to repay all my loans?

[redkid]

I know people who really need it, parents divorced, lived on campus, had no job, took full load of courses and got $500

On the other hand, somebody with a car, job, parents owned business, lived at home got full $4000 tuiton

unbelievable eh ?

[arnyk]

I got reassessed because I filed my OSAP early in May before even knowing about the QEII scholarship - so when I went to pick up my papers they had to re-enter all the numbers and now say it'll be at least another few weeks. I actually need this money for groceries and stuff since I don't have a meal plan. :/

Ah well, I'm good for at least another 2 weeks lol.

[so lost]

heres the situation. im done university for which i borrowed OSAP. now im studying at a college outside canada which is not recognized by the national loan service department. so i sent out a schedule 2 request form for my osap to be wavered till im done studying and till i get a degree and till i get a job (since its a professional college and i never get anytime from studies). osap rejected my application and schedule 2 forms and now the government wants me to pay back. but i have NO job! so i cant pay back yet. what should i do?

[CSR]

heres the situation. im done university for which i borrowed OSAP. now im studying at a college outside canada which is not recognized by the national loan service department. so i sent out a schedule 2 request form for my osap to be wavered till im done studying and till i get a degree and till i get a job (since its a professional college and i never get anytime from studies). osap rejected my application and schedule 2 forms and now the government wants me to pay back. but i have NO job! so i cant pay back yet. what should i do?

incur interest?

[Azxster]

I have a question about my "vehicle asset"

There is one car with my name on the ownership, and another car with my father and my name.

Do I need to include both, or one, or neither of these in my application?

[aman110]

hi all,

i graduated in Dec 2005 with osap loan of abt 20000. but unfortunately i had to go back home and therefore i cudnt keep track of my osap payments and letters and it went to collection.. however i did rehab osap program by making payement for 6 months and i havent missed any payment for about 1.5 yr now... my fedral portion has gone back to osap but prov. one is still in collection and they have told me that there is no rehab program for prov. loan. a month ago i had a major surgery and therefore i am out of work but still making min. payments to prov. as my fedral one is on interest relief now.... despite me telling collection people that i am out of work and i had a major surgery they are harrasing me to pay it in full. my credit history is not gr8 because of other credit card loans ( which i am paying as well) therefore i cant consolidate it through the bank.

any suggestions what i can do in this situation. ( i dont have any family member who can help me in this situation.) ....>:(

[xiLLeNtz]

i was always told to say that i'm personally making 0 income.
what if i really am? a job that's 15-20hours a week making 9$/hour.
should i still say that im making non?
what are the odds id get caught?
will my loan change significantly if i say that i have a job?

[rocheapplied]

OSAP will eventually find out and debar you from taking any other loans.

A similar thing happened to a buddy of mine and they barred him from taking OSAP..

The reason is that your income is reported to the CRA through your employee stubs, etc. Now if you were being paid cash under the table, it would be a different story altogether...

[Rayblue88]

nm

[xiLLeNtz]

ive made up to 2000 from the beginning of summer up to now;
but i need osap;
what should i do?

im receiving apprx $3500
but i dont mind if i lose a bit because all i need it for is tuition, i got all my books;
hmm

my reason is that my parents juuust bought a house and i try to help with the money i earn when i can

[pointofnoreturn]

I've got a quick question.

I received $8701 in OSAP loans and $2000 in grants for the year (07-08). When I applied, I put down $0 in terms of money expected to be made during the school year. I didn't think I was going to be working but now I've been called back to my summer job for the Cdn. government and I'll be working 15 hours a week. But that's only for beg. of Oct. to beg. of Dec, so basically 2 months.

Will that affect my loans or anything? I'm totally unsure about what to do or what will happen later - hopefully someone can answer my question and explain the process.

[xiLLeNtz]

ive made up to 2000 from the beginning of summer up to now;
but i need osap;
what should i do?

im receiving apprx $3500
but i dont mind if i lose a bit because all i need it for is tuition, i got all my books;
hmm

my reason is that my parents juuust bought a house and i try to help with the money i earn when i can

bump~
just to add: i mainly just need the money for this sem. next sem i think i can try and take care of myself.

[wolf30]

I just received a letter saying that my osap application has been reassessed because changes were made to my file. I'm now entitled to $2,088 because changes were made to my file. Now they say I got an overpayment amount of $1073. Back when I applied around at the beginning of august they said I was entitled to $3262. $1975 was remitted to my university in September. First of all I never made any changes. My course load has been the same, I haven't dropped any courses. I live at the same house and my reported income is the same. So how could I have made any changes. Last year I had another similar situation like this. I had to repay back around $2000 which I did and then I was cleared. Now this $hit happens again during a time when I'm packed with so much stuff from school. I'm really pi$$ed right now and on the verge of snapping:mad:. I really don't have time for stuff like this. I'm already stressed to the boiling point from school. I don't know if this is some $hit they pull off at osap or something to pi$$ students off but I'm extremely angry right now.

[Silent_girl]

I have tried with 3 different phones to call the telephone payment option for the OSAP paper application and the number is just not working. 1 900 565 3434

Is there a certain time you are supposed to call, ie weekday, mid day?

[redflagrox]

omg... i said yes to the distance education question but i realized i will not take distance education...i had no time(lik 30mins) last night cuz i was only applyin for the queen elizabeth scholarship so i was rushing through the OSAP application..so do we get a chance to redo that part of the app??? what i mean is -can we change it? but would that affect my chance of getting the queen elizabeth scholarship (cuz the deadline was yesterday)? plz reply

[aman110]

i am going to study through Athabasca university... which is an online university in alberta... so it will be long distance... would i be eligible to get osap for part time studies... i will be on mat leave... also if i dont share my husband's income or have my name on car..... would i still have to declare it??
a portion of my OSAP went to collections becuz i was unaware of the payment time... but now that portion has been paid in full and i am still making payment for the canada portion.... would i have any difficulty for getting approved for a second time?? if i were to contact osap regarding this and i haven't enrolled in any classes yet... can they help me with it???

[Mysteek]

Guys,

This thread is dead, please post any questions in the other one.

(Hey, someone had to say it)

[help_questions]

The other thread is located @ http://www.redflagdeals.com/forums/showthread.php?t=324149

[tictac11]

hi there, a quick question to confirm. If I'm just taking 3/5 that's 60% of the course load, I'm still considered as full time student right? And that osap won't deduct the $ even the school gives me the refund? Because I don't think i can handle all 5 heavy courses and still get a good GPA, so need to drop 1 or 2 to compromise. Thank you in advance.

[RozMc]

I have a quick question...
I have recently switched schools, the first one I had successfully completed my first year and then transfered to another to complete my course. The first school I was on OSAP and now at my new school because they are new, they are not covered by OSAP.
I was just wondering if I were to call them and let them know that I am still in school, would they be able to do anything... like reduce my loan or something along those lines?

[davidkh]

Hey guys do you know what time is good to apply for OSAP?

Thanks ;)

[samm]

Hey guys do you know what time is good to apply for OSAP?

Thanks ;)

When the applications come out? LOL

[onexeyed]

I just started paying my OSAP loans three months ago and from experience:

You can still have a part-time job and still get OSAP. I got an average of $6,000-$8,200 (depending on the year) from OSAP even though I lived with my parents with an middle class income. I got more money than most of my friends even though their parents made a lot less or in worse financial situations.

I worked part-time making minimum wage for my university career. I worked an average of 10-15 hours a week/shift work. When I filled out the application, I didn't have an exact amount of money I would make during the summer because some weeks I made more money and some weeks I made less. OSAP never penalized me when I over estimated or underestimated. Just tell your financial aid office at your campus, fill out the form and OSAP will make adjustments. OSAP deducted $56 from me one year when I overestimated my summer employment income.

[gettingadeal]

I have a quick question...
I have recently switched schools, the first one I had successfully completed my first year and then transfered to another to complete my course. The first school I was on OSAP and now at my new school because they are new, they are not covered by OSAP.
I was just wondering if I were to call them and let them know that I am still in school, would they be able to do anything... like reduce my loan or something along those lines?

doubt it. If your school isn't eligible they probably won't do anything for you.

[erkan]

I am a Phd student in his 5th year and i have completed all of my course workload. That means my course workload is 0%. Am i still eligible for Osap? If so under which category?

[shuggz]

Hi,
I applied for osap for this semester and I also paid my overpayment to the financial services. When i went to pick up my osap documents today, they told me my application has been put on hold. WHat could this possibly mean? I'm desperate to find out what's going on...Can someone help? Pls asap

[Bonzi]

My situation:
I'm in my third year of university.
My mom remarried about 4 years ago and it was decided that my stepdad is not obligated to help with my university expenses. For my first year, I was declined OSAP funding because my stepdad has a high income. I relied mostly on RESPs and received some funding from my stepdad. When I was declined again in 2nd year, I filed an appeal on the basis of because my dad was not expected to fund me for my expenses. My appeal was denied solely on the grounds that he provided some funding in my first year.

Do you have any suggestions for me? Or is it impossible for me to get OSAP funds?