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OSAP

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What will be covered today: Brief OSAP intro A look at the OSAP application things to watch for! Common OSAP appeals An OSAP example OSAP vs bank Line of Credit Questions

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Ontario Student Assistance Program - ALL need-based provincial and federal student assistance funding in Ontario Funding may be issued as: from both the federal and provincial government as part of your total funding for the year: for high need families (and Crown Wards) 30% off Ontario Tuition Students with a Permanent Disability and/or 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) youll only need to provide signatures and the MSFAA the first year OSAP calculates what they think you need you wont be asked for any actual costs! Funding is paid out in 2 installments: 60% in Fall & 40% in Winter Your funding can change throughout the year remember to REGULARLY CHECK your funding status by logging onto the OSAP website How does OSAP work?

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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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Create your Student Profile by selecting here The Application

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The first time you log into OSAP, you need to select register now

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Must be your legal name Rhoda Bike 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

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 outletit has to be YOU! Only needs to be done once -the first time you apply for OSAP it will cover you for all of your studies as long as you dont 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 wont come up until you SUBMIT your application You will only have to submit signature pages the first year you apply, unless something changes in your family situation

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You should check status regularly throughout the year to stay informed of changes to your funding, whats issuing when, etc.!!!

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

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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 youre 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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Away from home At home

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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 Lower Estimated Income (parents) 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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The OSAP cycle Apply for funding every year OSAP payments are put on hold Getting OSAP money NOT getting OSAP money Complete CIFS - put payments on hold Dont need OSAP one year? Complete a CIFS in early fall!

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Track your debt: Register with the NSLSC In September, create a login using the loan ID # you will receive in the mail that way you can check your account throughout the year

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Should I choose OSAP or a Bank Loan (Line of Credit)? Why not do both (if you have an eligible co-signor)? OSAP is interest-free but not guaranteed from year-to- year Builds your credit rating If you dont touch the line of credit, you can compound your amount for future use