osap. an “umbrella” term for all need-based provincial and federal student assistance funding in...
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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?
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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?
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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
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OSAP (government)
National Student Loans Centre
= “OSAP Bank”
School Financial Aid Office
Who is involved in my funding?
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Apply online by selecting here
The Application
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The first time you log into OSAP, you need to select “new user registration”
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Step 1: Agree to the terms & conditions
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Must be your “legal” name
Jane
Doe
Step 2: Create your PROFILE
You can find this # on your report cards!
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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!
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Quickest option!
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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
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810199999
You will be assigned an “OAN”… it’s for LIFE!
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Step 3: Complete a funding application for the current year
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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
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If you see “change
required”, only your FAO can make the
change but you will be
given instructions
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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!
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Pick your school
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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
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Pick your program
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Most of you will choose this option
Determine your “status”
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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
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This section is asking about YOUR assetsnot your parents’ assets!
Report your assets
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Provide parental info
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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!
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Check the definition of “dependant children” to
ensure that you accurately
represent family information
XX
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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!
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Print your MSFAA and take it to a designated
postal outlet for processing
early in the summer
Step 4: Print required documentation
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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
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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
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To work with an existing application, click the appropriate year
If you “saved” your application…
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A complete application will show “SUBMITTED”
Once you “submit” the only way to make changes is in writing to your Financial Aid Office
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You should “check status” regularly throughout the year to stay informed of changes to your funding, what’s issuing when,
etc.!!!
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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?
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= “loan forgiveness”
Actual cost will be closer to $19000!
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OSAP recognizes…
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“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
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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: