money matters - yrdsb · 2017-03-29 · maximum osap assistance levels for 2017-18 weekly 34-week...
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
Money Matters
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
• How Much Does It Cost?• Tuition & Other Academic
Fees
• Living Costs
• Financing Your Education• Making a Budget
• Financial Resources• OSAP
• “Free Tuition”
• RESP, etc.
• Your School’s Financial Support
• Saving Money
Agenda
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
Understanding Your Expenses
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
• Tuition & Incidental Fees
• Health & Dental Insurance
(Optional)
• Books & Supplies
• Residence or Rent
• Other Living Costs
• Cell phone
• Food
• Entertainment
• Transportation
College/University Expenses
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
$6,595
$1,600
$1,000
$3,800
Living at Home ($12,995)
Tuition
Compulsory Fees
Books & Supplies
Living Costs
$6,595
$1,600
$1,000
$11,560
Living Away ($20,710)
Tuition
Compulsory Fees
Books & Supplies
Living Costs
How Much Does It Cost?
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
• Higher tuition fees for:
• Computer Science
• Management
• Engineering
• & Others
• Additional Fees for Co-op
Special Program Fees
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
• Residence at UTSC
• Townhouse (shared or single
bedroom)
• Apartment
• Residence Cost per Year:
• $5,540 - $9,343
• $600 Residence Deposit
due usually in June
Additional Costs - Residence
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
• Meal Plans (optional)
• $295 - $3,284
• Add money to your meal
plan card as needed
• Local Grocery Stores
• Metro, Loblaws, No Frills,
Sobeys, Walmart
Additional Costs - Food
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
Paying For Your Education
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
Forecast your expenses
Identify your resources
How much will you contribute
toward your education?
How much will your family
contribute toward your education?
Will you apply for OSAP, the
Ontario Tuition Grant, or a Student
Line of Credit?
Do you have an RESP plan?
Be realistic
Write it down and review it as
needed throughout the year
Making a Budget
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
Budget Templates
• Google it!
• Excellent Excel template on the Financial
Consumer Agency of Canada (FCAC) website
• Check your school’s website for a budget sheet
• Handouts
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
Financial Resources
Scholarships Summer JobPart-time
Work
Family Support
Work Study Plan
OSAP
RESPStudent Line
of Credit
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Ontario Student
Assistance Program
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Financial Aid | Office of the Registrar
University of Toronto Scarborough14
What is OSAP?
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What is OSAP?
• The Ontario Student Assistance Program (OSAP), which is offered by the Government of Ontario, provides financial assistance to students to help them attend college or university.
• OSAP is based on your financial need, not your grades.
• With one application, you will be considered for non-repayable grants, as well as an OSAP loan.
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What is OSAP?
• OSAP includes:
Grants, bursaries and scholarships = non-repayable aid (you keep) Loans = repayable aid (you pay back)
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LoansGrants
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Am I eligible for OSAP?
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Am I eligible for OSAP?
• To be eligible for OSAP, you must be:
A Canadian citizen, permanent resident or protected person
An Ontario resident
Currently attending or entering an OSAP-approved program and school
Currently enrolled in or entering a certificate, degree or diploma program
• You must meet all of these four criteria.
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Can I get OSAP if I want to study outside of Ontario?
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Can I get OSAP if I want to study outside of Ontario?
• Yes, you can still receive OSAP if you enroll in a public college or university program outside of Ontario.
• If you want to study outside of Canada, you can still be eligible to receive partial OSAP funding.
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How is OSAP aid determined?
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How is OSAP aid determined?
Allowable Educational
Costs
Expected Financial
Contribution
Calculated Financial
Need
minus equals
Tuition & compulsory fees
Books & supplies
Equipment
Computer costs
Personal living expenses
Child care
Travel
Student contribution
Student, parental & spousal income
Student & spousal assets
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Example of how OSAP aid is determined
Educational Costs$15,000
Financial Contribution$3,000
Financial Need$12,000
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How much money can I get from OSAP?
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Maximum OSAP Assistance Levels for 2017-18
Weekly 34-week program (2 school terms)
Single dependent and independent students
Up to $390 Up to $13,260
Married students and sole support parents
Up to $660 Up to $22,440
Students studying outside of Canada
Up to $210 Up to $7,140
*Amounts are based on both federal and provincial aid.**The Government of Canada provides $210/week in loans for all student types. (This is already included in the funding above.)
How much money can I get from OSAP?
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• The amount of OSAP aid you qualify for is based on your calculated financial need.
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• Go to ontario.ca/osap to find out how much you can get in OSAP loans and grants.
How much money can I get from OSAP?
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Who can get free tuition?
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Who can get free tuition?
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• Starting in September 2017, the changes to OSAP will result in free average tuition and no provincial debt for:
Dependent students whose annual family income is less than $50,000.
Independent students whose annual income is less than $30,000.
Grants
Loans
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Who can get free tuition?
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• Free tuition means OSAP grants would equal or exceed:
Actual tuition for a regular college diploma program across the province; or
Actual tuition for an undergraduate Arts and Science program at an Ontario university; or
Average tuition for a regular college or undergraduate Arts and Science program for a student in a high cost program, such as engineering.
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Can I get a grant if my family income is over $50,000?
• Yes, students with family incomes above these amounts can receive a mix of grants and loans, which are based on their family size and income.
$145,000
$150,000
$155,000
$160,000
$165,000
$170,000
$175,000
$180,000
$185,000
$190,000
$195,000
1 2 3 4 5 6 7
Availability of grant funding based on family size and income
Maximum family income per year
Family size (total parents + kids)
For a family of 4, grant funding is available if the family’s income is up to $175,000 per year
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How do I apply for OSAP?
• When you apply for college or university through the college or university application centre (OCAS/OUAC), you’ll be directed to OSAP’s website, where you can register and set up your profile.
• You can register for OSAP now to receive an email when the application becomes available in spring 2017. Registration is free!
• Apply early! Students typically apply right after being accepted to college or university.
• Apply every year!
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Register and apply online at: ontario.ca/osap
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
Steps to apply for OSAP
Go to ontario.ca/osap.
Click “Register” to create your profile. We’ll let you know when it’s time to apply.Once you create an OSAP profile, you will be assigned an OSAP Access Number (OAN).
1
2
Log in and click “start new app” to fill out the application.
3
Gather all required documents. (You’ll get a list at the end of your application.)
4
Upload your documents online, or mail/deliver them to your financial aid office.
5
Print, sign and submit your MSFAA to a designated Canada Post office.The Master Student Financial Assistance Agreement (MSFAA) is your lifetime loan agreement.
6
Track the status of your application online, and learn how much money you’ll get and when. You can even do this from your phone!
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Questions?
• Talk to your school’s guidance counsellor.
• Visit the OSAP website: ontario.ca/osap.
• Visit the Financial Aid Office of the school you plan to attend.
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
• Seek support from
the FAO after you
receive your
assessment
• Meet with a
Financial Aid Advisor
in a confidential
setting
OSAP Appeals
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
• your financial institution may
require confirmation of your
enrollment to access funds
• Your financial institution may
provide you with form(s) that
need to be completed
• After course enrolment, bring
your RESP form(s) to
Registrar’s Office
RESP(Registered Education Savings Plan)
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
• Online Databases
• Student Awards
• Scholarships Canada
External Scholarships
• Community Scholarships
• Employer
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
• Bank Loan
• Available from all major
banks
• Need a co-signer
• Alternative option for
students who do not qualify
for or receive enough OSAP
Student Line of Credit
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
• Work every summer
• Save for your education!
• Part-time work
• Work-Study Plan
• on campus with faculty and
staff
Employment
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
U of T Financial Support
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
• Entrance Scholarships
• Automatic – ongoing
• In-Course Awards
• Automatically assessed
U of T Scholarships & Awards
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
• UTSC Grants
• Apply using an application
• UTAPS - U of T Advance
Planning for Students
• Automatic grant for OSAP
students
• Other institutional support
U of T Grants
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
• Live at home
• Pay tuition early to avoid late fee penalties
• If you live away from home make your own meals
• Health & Dental Plans • Opt out if you are covered by
another plan
• Textbooks• Buy used
• Rent
Cutting Costs
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Financial Aid | Office of the Registrar
University of Toronto Scarborough
Thank You for
Coming!
Questions?