funding your post secondary education financial aid office

Funding your Post Secondary Education

Financial Aid Office

Today’s Presentation How much does post secondary cost? Sources of funding Scholarships and Bursaries - difference OSAP Review the OSAP on-line application Canlearn web site Student Responsibilities, repayment

Some points that we will stress:

Apply for OSAP (early) even if you think you do not qualify

Not applying may make you ineligible for other programs and funding

Apply for external awards & scholarships Visit important web sites

the OSAP web site your institution’s Financial Aid or Student Awards web site the Canlearn web site

This is your money & your future – you should know as much as you can

How much does post secondary cost?

Depends on your institution & program 8 months, living away from home $17,000 – $20,000 About $8,000 – $9,000 living costs Check residence & meal plan options

Sources of Funding Parents Summer jobs On-campus Jobs Institutional Bursaries & Scholarships External scholarships & awards OSAP Queen Elizabeth II Aiming for the Top Scholarship

– June 15, 2009 Ontario Work Study Plan Student Lines of Credit – Check interest rate

Scholarships and Bursaries What is the difference?

Scholarships Merit based Generally no application at the entrance level Many offer entrance scholarships at 80% and above Some are renewable

Bursaries Based on need Fill out application

Your institution’s web site search ‘Scholarships or Financial Aid’

What is OSAP?Integrated Repayable Loans: Canada Student Loan Ontario Student LoanNon Repayable: Canada & Ontario Grants

Students with disabilities Low income students Middle income grant – new this year Students with dependants Travel/commuting grant Textbook grant – now only for OSAP with $1 need Queen Elizabeth II Aiming for the Top Scholarship Ontario Student Opportunity Grant – (loan forgiveness)

When Should I Apply for OSAP

High School students: No later than June 15th

for Aiming for the Top Scholarship eligibility

Future: At least 4-6 weeks before the start of each new school year

At http://osap.gov.on.ca

Search engine type in ‘OSAP’

How Much OSAP Will I Get? Estimator on OSAP web Recent changes to OSAP:

Federal & Provincial grants Reduced parental contributions (no income

cap) Increased Loan Amounts

OSAP maximum $350/week; $11,550 for 8 months

OSAP will not cover all costs Keep expenses low & budget carefully!

How to lose your OSAP Academic progression

Fail a term - OSAP academic probation Fail 2 terms – OSAP restriction Dropping courses & program switches Taking too long to finish your degree

Loan payment defaults Taking time off from school & not keeping your

loans in good standing

Who is Lending you the Money?

National Student Loan Service Centre (NSLSC)(Also called Resolve Corp.)

Your banker for OSAP loans Cash OSAP loans Interest free status while in school Repayment starts 6 months after you leave school How does OSAP know you are in school

On-Line Application Terms & Conditions Collection and Use of Personal Information OSAP Checks

Credit Check Ministry of Transportation Check Social Insurance Number (S.I.N.) Registry

Check Student and Parental income; verified with

Canada Revenue Agency

The OSAP Application Institution information Program information Personal Information Your Financial & Asset

Information Parental Information

Queen Elizabeth II Aiming for the Top Scholarship June 15th

Review & Submit Get an estimate Send signature pages

to your school

OSAP Web Site – http://osap.gov.on.ca

OSAP Info

The Access Window

Estimated OSAP Funding 2008/09Arts & Science student – 8 months

Family has 2 children, one in post secondary, living away from home

Family

Income

Loan Grant Total OSAP Funding

50,000 10,230 1,670 11,900

75,000 10,707 1,193 11,900

100,000 7,140 0 7,140

Grants are increasing in 2009-10, but new estimator is not available yet

Login Page

Click on the new student

link.Input your

S.I.N. number and a password. An access

number will be assigned.

Click the OSAP button

Read these links

Start Herefor 2009-10

Institution you plan on attending

Program of studySave at any point to come back and finish

later

Eligibility Page Citizenship

Canadian Citizen Permanent Resident Protected Person

Personal status of student Married, sole support parent Independent – out of high school for 4 years Single dependent (last choice, none of the above)

Provincial Residency – Read carefully I have always lived in Ontario Ontario is the last province resided in without being a

full time post secondary student for 12 months

Release of information

Financial Information

Enter only the RESP

that you will cash this year

Enter all known incomeAwards & part time jobs

Vehicles and Other Assets

Vehicles worth over $5,000

count as assets

Fill in other assets, such as savings accounts as of May 12.

Parental Information Use 2008 tax year info for custodial

parent

QEII Aiming for the TopClick here for

More info

Provide name of your high

school &OUAC or OCAS

number

Last Step!

Save your application, then SUBMIT

Correct any incorrect information

So, what happens now? Once you submit application, you can not make

changes Print out your OSAP signature (consent) pages Attach any required changes or corrections Send them, with any required documents, to your

university or college Get a summer job & open a bank account! Prepare a budget! Late August/early Sept: pick up Loan Documents in

the Financial Aid Office of your institution (at Trent you will book an appointment on line for loan pick up)

Cash your loan with NSLSC January 2010: Pick up 2nd OSAP instalment Remember that OSAP is your loan

Student’s Responsibilities Keep your lender (NSLSC) informed

address changes

Continuation of Interest-Free Status forms

Keep the Financial Aid Office informed address changes

changes in course load or program changes

changes in income

Repayment Responsibilities understand the terms and conditions of your loan.

Apply for repayment assistance if you have trouble repaying

Canlearn web sitewww.canlearn.ca

Repayment Assistance

FAQs My parents lost their job this year- can I appeal?

Yes, Lower Estimated Income appeal, on OSAP web site, contact FA office

I need a vehicle to get to school, can I have one worth more than $5,000? Yes, up to $10,000; contact FA office

I live within 40kms, but there is no bus, can I have the away from home living rate? Yes, contact FA office

I(the student) had a baby last year, do I get more OSAP? Yes, single parents get more funding, about $18,500

Q & A

Questions?

Have a great summer!Good luck!