funding post secondary · 2019-05-08 · why should you apply for osap? • the osap loan is an...
TRANSCRIPT
Funding Post Secondary
Funding Post Secondary is a Partnership
Student
Institution
Parent(s)
Government
Student and Parental Contributions
Institution’s Contribution
The Government Piece - What is OSAP?
• The Ontario Student Assistance Program is a needs based loan and grant
program, funded by both the federal and provincial government, which
provides financial assistance to students to help them attend college or
university.
• “Its purpose is to supplement, not to replace, the financial resources that you
(and your family, if applicable) are expected to contribute.”
• Through one application (per academic year), you will be considered for non-
repayable grants, as well as loans that you eventually must repay.
OSAP
Loans = Borrowed Money
Grants = Free Money
Why should you apply for OSAP?
• The OSAP Loan is an interest free loan as long as you are attending a post
secondary institution full time (60% courseload or greater)
• Federal Interest Rate = Prime + 2.5 / Provincial Interest Rate = Prime + 1.0
• OSAP offers a grace period. OSAP loans are payment free for the first six months
after you complete full time studies. (Provincial Interest accrues during this period)
• The Loans Center has Repayment Assistance Programs (RAP). When your loans
go into repayment and you are unable to make the payments-you can apply for RAP
to have the payment reduced or put on hold for an additional 6 months. Students that
earn less than $25,000 in annual income will not be required to make payments
How much OSAP can I get?
When do I apply?
• The 19-20 application will be available on or around April 24th, 2019
• Check with your College or University about deadlines-they will request
you to apply by a certain date in order to have your application ready to
process for September
• The OSAP deadline to apply is 60 days prior to the end of the study
period; however if you are looking to have an OSAP deferral for your
tuition, you need to adhere to the institution’s deadline
• Not every school offers an OSAP deferral for tuition and/or residence; it
is important to visit the schools website to determine when your fees
are due
What do I need before I apply?
• Your Social Insurance Number
• Info about your school and program
• Your parent’s SIN’s and information
• Your parents tax information form 2018
• Your banking information
www.ontario.ca/osap Register
New Users must register first-
Keep your OAN and password safe
Lost your OAN or Password
• #1- Try the challenge questions
• #2- Visit a financial aid office in Ontario with your SIN card and gov’t photo ID
Create your Profile
Create your Profile
My Applications
Start a New Application
Select Your School
Select Your Program
Program Information
Your Current Situation - Student
Student Income
• You will be asked questions about:
- Income you expect to earn during your study period (exemption is $5600 per term)
- Scholarships and bursaries you expect during your study period (exemption is $1850)
- Your RRSP’s - Retirement Savings (exemption is $2000
per year for every year out of high school)
- Your Assets (exemption is $3600 as part of student’s contribution)
Student Assets
Blue words are links to definitions
Parental Status
Parental Information Cont’d
Parental Information Cont’d
Dependent Children
Dependent Children: Any Children below 16 in and in school.
Children 16 years of age or older must be full-time (taking 60%
or more of a full course load) high school or postsecondary
students to be considered. Children beyond 4 years out of high
school are no longer considered dependent children.
Review and Submit
You receive an Estimate after you apply
In Late April or May – Print Documents1. Signature Sheets for Student
2. Signature Sheets for Parents
2. Process your MSFAA online(Setting yourself up on the Loans Centre site-banking is req’d)
Documents should appear as
Approved in 6 Weeks
OSAP Appeals
• Parent’s Estimated Income Review
• Exceptional Family Situations
• Exceptional Expense Review (i.e. legal costs)
• Living Away from Home Allowance
• Additional Travel Allowance
Student Line of Credit
• Student line of credit vs. parent’s line of credit
– Differences in amounts and interest rates when out of
school
• Can still apply for most needs based awards
• Most banks offer Student Lines of Credit where interest
only payments allowed until graduation
• Back up plan
Create a Budget
OSAP video on YouTube
Questions?