OSAP and Professional Experience Year

Information and Useful Tips

Enrolment Services

172 St. George Street

416-978-2190

osap.staff@utoronto.ca

OSAP Repayment Begins!

• PEY Not Full-Time OSAP loan repayment begins

• PEY Not eligible for Loans/Grants + Not eligible for Interest Free Status

• Repayment = 6 months from the end of full-time studies

Repayment Example

• Study end date for 2013-2014 is April 30, 2014

• Non-Payment Period: May 1 to Oct 31, 2014

• Interest is charged on the CSL in this period

• Consolidation date: Nov 1, 2014

• First Payment Date: Nov 30, 2014

Interest Charges

• OSAP = Canada + Ontario student loans• Interest Rate (floating) :

CSL is Prime + 2.5%OSL is Prime + 1.0 %

• Loans are interest free when you’re full-time• Not full-time = 6 month Non-Payment period• Interest on the CSL in Non-Payment period• OSAP is an open loan: pay early + lump sum

Repayment Assistance• National Student Loans Service Centre

1-888-815-4514http://canlearn.ca (Select NSLSC)

• NSLSC will contact you prior to ConsolidationConsolidation letter will be mailed to you

• Apply for Repayment Assistance Reduced payments based on your monthly income

• Revision of TermsReduce payments by extending amortization period

Update your address

• NSLSC 1-888-815-4514http://canlearn.ca (Select NSLSC)

• OSAP websitehttp://osap.gov.on.ca

• U of T Student Web Servicehttp://www.rosi.utoronto.ca

Returning from PEY Not applying for OSAP

• STOP Loan repayment process:Notify the NSLSC that you’re full-time studentContinuation of Interest Free Status (CIFS) formComplete CIFS in September at the Registrar Office

• Pay any Outstanding interest:Contact the NSLSC:1-888-815-4514

Returning from PEY Applying for OSAP

• Apply Early:Apply & provide documents prior to end of MayMost Documents: submitted to Enrolment Services

• Assessments for early applications: early August

• OSAP appeals: Appeals are possible in some casesConsult with Enrolment Services in August

Factors that could change in new OSAP application

• Independent status:4 years out of high schoolParental income not used in the assessment

• Residency: If you work in another Province for 12 consecutive

months then you’re no longer eligible for OSAP If you’re a resident of another Province, and work in

Ontario for 12 consecutive months, then you could be eligible for OSAP.

PEY income and OSAP

• OSAP is an income/asset sensitive program

• Assets have to be declared:Vehicles, bank account balances, investments, etc.16 weeks prior to the start of classes: mid-May

• Summer income: mid-May to start of classes

• Funding Estimators:OSAP Website: http://osap.gov.on.caEnrolment Services: www.adm.utoronoto.ca/fa

Using PEY income wisely

• PEY income, and how you use it, impacts OSAP

• Assets have a significant impact:Declared as of 16 weeks prior to Sept (mid-May)

Pay down high interest debts prior to May

Vehicles affect your OSAP significantly

• Summer income (mid-May to start of classes):Reduce your expenses in the summer

• Rules consistent with Faculty Grants Committee

PEY income and UTAPS• UTAPS is linked to OSAP assessment • OSAP recipients: no separate application• Out of Province Students:

Apply beginning in AugustEnrolment Services: www.adm.utoronto.ca/fa

• Qualifying for UTAPS: Unmet financial need + FT in both terms

• Funding Estimator: loans and grantsEnrolment Services: www.adm.utoronto.ca/fa

PEY and Aiming for the Top

• Request deferral if you meet the renewal terms

• Make deferral request starting in July 2014

• Make request no later than Jan 2015• Send an e-mail to:

Beth Lebans (beth.lebans@utoronto.ca) Include legal name, student # and SIN #

• Deferral confirmation after Jan 2015

Enrolment Services

• 172 St. George Street

• Tel: 416-978-2190

• Hours: Mon, Wed, Thurs, Fri: 9:30 am to 4:30 pmTues: 1 pm to 6 pm