funding your post secondary education financial aid office
TRANSCRIPT
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!