OSAP

An “umbrella” term for ALL need-based provincial and federal student assistance funding in Ontario

Remember: It is an ASSISTANCE program!

Funding can be issued as:

Integrated Canada/Ontario Student LOANS

Up front GRANTS for high need families (and Crown Wards)

The 30% off Ontario Tuition GRANT

A GRANT at the end of the school year to “forgive” a portion of your loan (Ontario Student Opportunity Grant)

What is OSAP?

Apply for OSAP each year (usually early May)

OSAP calculates what they think you need – you won’t be asked for any actual costs! Look into appeals/reviews to address exceptional

circumstances

Funding is paid out in 2 installments: 60% in Fall & 40% in Winter

CHECK your funding status THROUGHOUT THE YEAR by logging onto the OSAP website

How does OSAP work?

Year 1: get OSAP

funding

At the end of first year: interest starts after you finish full-time studies: within 6 months, YOU need to let OSAP know you’re full time EVERY YEAR by:

Get new OSAP

Apply early for OSAP & complete your application

(even if your funding = $0!) – when Financial Aid confirms your enrolment

at the start of the new school year, OSAP will

reverse the interest

Complete

a CIFS form

If you don’t need OSAP or if your funding is delayed

to stop the loan payments and to get

the interest reversed.

OR

You go into repayment on ALL OSAP 6 months after you finish full-time

studies (i.e. graduate!)

When does the cycle stop?

The OSAP cycle

OSAP (government)

National Student Loans Centre

= “OSAP Bank”

School Financial Aid Office

Who is involved in my funding?

Apply online by selecting here

The Application

The first time you log into OSAP, you need to select “new user registration”

Step 1: Agree to the terms & conditions

Must be your “legal” name

Jane

Doe

Step 2: Create your PROFILE

You can find this # on your report cards!

Remember this password! You will need it every time you try to access your OSAP information online!

Must be <12 characters, 1 capital letter & letters & #s only!

Quickest option!

Say “yes” here if you

want to allow

someone other than yourself to get access

to your OSAP

information

…like parents!

Heads up! This consent will stay on file for 5 YEARS! Keep this in mind if you share your OSAP login with anyone

If you want to add someone later, it can be updated online

810199999

You will be assigned an “OAN”… it’s for LIFE!

Step 3: Complete a funding application for the current year

You will be asked to review your “profile” information EVERY TIME you complete a new application

Select “change” if you need to modify any of your basic personal identifiers

If you see “change

required”, only your FAO can make the

change but you will be

given instructions

June 2014

If you took a break from full-time high school studies of at least 1 year, enter the date you FIRST finished full-time high school!

Pick your school

The student number is the one assigned to you

by your university/college…NOT

your high school ID!

If you choose this option it will be YOUR responsibility to pay fee installments by the deadline!

This question will only appear if you’re applying to a school that deducts fees from OSAP

Pick your program

Most of you will choose this option

Determine your “status”

You’re doing a “best guess” right now –

OSAP will ask you to confirm your income

online later in the term.

At ANY time of year: you can

make a change in writing

through your Financial Aid

Office

TRUST THE DATES!

Report your income

This section is asking about YOUR assetsnot your parents’ assets!

Report your assets

Provide parental info

DO NOT GUESS what your parents’ income might be – these numbers are

verified with the Canada Revenue

Agency!

Watch out! “Other income” is income NOT

already reported in the section

above!!!

If you pick this option, you will be asked to provide documentation to support a Family Breakdown!

Check the definition of “dependant children” to

ensure that you accurately

represent family information

XX

You can submit your application for processing now or save it to come back and make changes at a later date –don’t forget to submit it when you’re done!

Print your MSFAA and take it to a designated

postal outlet for processing

early in the summer

Step 4: Print required documentation

What is a Master Student Financial Assistance Agreement (MSFAA)?

Your “contract” with the government and the National Student Loans Centre to repay your debt

Tells the Loans Centre into which bank account to deposit your OSAP funding – must be an account in YOUR name

MUST be processed with a designated postal outlet BEFORE you start school:

Print and complete the document

Take the first 2 pages of the MSFAA, your valid SIN proof, government-issued photo ID and bank account information (voided cheque, direct deposit info from bank, etc) to a clerk at the postal outlet…it has to be YOU!

Only needs to be done once -the first time you apply for OSAP – it will cover you for the duration of your study as long as you don’t take a break of >1 year

Print both sets of signature pages :

- Use the UPLOAD option

OR

- mail them to the Financial Aid

office

The option to print the signature pages won’t come up until you SUBMIT your

application

More stuff to print

You will only have to submit signature pages the first year you apply, unless something changes in your family situation

To work with an existing application, click the appropriate year

If you “saved” your application…

A complete application will show “SUBMITTED”

Once you “submit” the only way to make changes is in writing to your Financial Aid Office

You should “check status” regularly throughout the year to stay informed of changes to your funding, what’s issuing when,

etc.!!!

Single student Living at home for the summer Going away to university Worked part-time during last year of high school - saved

$500 Will earn $2000 during the summer Awarded entrance scholarship of $1000 Not going to work while at university Parental income is $75 000 2 parent family with 2 kids (including you – you’re the

only one going to university/college) Travel cost to visit home (one round trip) is $100

So, how much OSAP can I get?

= “loan forgiveness”

Actual cost will be closer to $19000!

OSAP recognizes…

“Real life” situations which may be considered include the following:

Family breakdown Exceptional Parental expenses Lack of summer employment Additional local travel (living at home &

commuting to campus) Home within 30km but do not live with parents

OSAP Review/Appeal options

Report accurate information on your OSAP application

Meet application deadlines

Let your FAO know right away of any changes to your circumstances (or your parents’)

Successfully complete each year of study!

Let OSAP know every year you’re back in school full time: either by completing a new application each year or with a CIFS

Budget your funding carefully for the whole year and make sure your fees are covered, even if you told the school to pay with your OSAP

Your obligations: