OSAP (Financial Aid)


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OSAP (Financial Aid)

  1. 1. 1<br />Financing Your Education and the <br />Ontario Student Assistance Program<br />
  2. 2. 2<br />HOW ARE WE GOING TO PAY FOR THIS?<br />OSAP – Ontario Student Assistance Program<br />Scholarships and Awards<br />Bursaries and Grants<br />Part-Time Employment<br />Student Lines of Credit<br />Discounts and Savings<br />
  3. 3. 3<br />WHAT IS OSAP?<br />ONTARIO STUDENT ASSISTANCE PROGRAM<br />Provincially and federally funded<br />needs-based loans and grants <br />to help subsidize cost of post-secondary education <br />310,000+ of college and university students per year.<br />
  4. 4. 4<br />TYPES OF ASSISTANCE WHILE IN SCHOOL<br /><ul><li>Funded Jointly</li></ul>Canada-Ontario Integrated Student Loans<br />Millennium-Ontario Access Grants<br /><ul><li>Federally- funded</li></ul>Canada Study Grants<br />Canada Part-Time Student Loans<br /><ul><li>Provincially-funded </li></ul>Ontario Access Grants<br />Queen Elizabeth II Aiming for the Top Scholarship<br />Bursary for Students with Disabilities<br />Child-Care Bursary Plan<br />Ontario Special Bursary Plan<br />Ontario Work Study Plan<br />Textbook & Technology Grants<br />Distance and Travel Grants<br />
  5. 5. 5<br />ELIGIBILITY FOR OSAP<br /><ul><li>To be considered for OSAP you must meet the following requirements :</li></ul>Canadian citizen, Permanent Resident or Protected Person;<br />Meet Ontario residency requirements;<br />Be enrolled in an approved postsecondary institution taking an approved program;<br />Be taking at least 60% of a full course load<br />40% if you have a permanent disability<br />
  6. 6. 6<br />Allowable Educational Costs<br />Expected Financial Contribution<br />Calculated Financial Need<br />minus<br />equals<br />Tuition & Compulsory Fees<br />Books & Supplies<br />Equipment<br />Computer Costs<br />Personal Living Expenses<br />Child Care<br />Travel<br />Student Income<br />Student Assets<br />Parental Income<br />Spousal Income<br />Spousal Assets <br />Federal Assistance<br />Provincial Assistance<br />CALCULATION OF FINANCIAL NEED<br />
  7. 7. 7<br />APPLICATION<br /><ul><li>Two methods to apply:</li></ul>http://osap.gov.on.ca<br />Online – FREE <br />Paper – $10 fee<br /><ul><li>Ontario – submit to school you are attending
  8. 8. Outside Ontario – submit to Thunder Bay Office</li></li></ul><li>8<br />OSAP APPLICATION PROCESS<br />PROVINCIAL FUNDING<br /><ul><li> Ontario Student Loan, Ontario Access grants</li></ul>FEDERAL FUNDING<br /><ul><li> Canada Student Loan, Canada Access Grant</li></li></ul><li>9<br />
  9. 9. 10<br />
  10. 10. 11<br />Most of you will choose this option.<br />
  11. 11. 12<br />Most of you will choose this option.<br />
  12. 12. 13<br />VERIFICATION<br /><ul><li>All information you provide in your OSAP applications is subject to verification and audit by the ministry.
  13. 13. ALL income is verified with the Canada Revenue Agency (CRA)</li></ul>Discrepancies can result in reassessments and potential restrictions from further funding.<br />
  14. 14. 14<br />OSAP REVIEW PROCESS<br /><ul><li>Review situations which may be considered :</li></ul>Family breakdown<br />Loss of parental employment<br />Pre-study income contributions<br />Academic progress<br />Additional travel costs<br />Living away from home<br />
  15. 15. 15<br />STUDENT RESPONSIBILITIES<br />You are responsible for:<br />Reporting information accurately on your OSAP application;<br />Meeting application deadlines;<br />Promptly reporting changes to your Financial Aid Office (income, address, etc); <br />Informing the National Student Loan Service Centre of your enrolment status (COE/CIFS) each year; and<br />Maintaining satisfactory academic progress.<br />
  16. 16. 16<br />AFTER COMPLETING STUDIES<br /><ul><li>Interest is paid while you are a full-time student.
  17. 17. Repayment starts six months after leaving full-time studies.
  18. 18. Interest begins to accrue from the time you stop being a full-time student.
  19. 19. Ontario Student Opportunity Grants
  20. 20. Assistance is available if you cannot make your minimum payments.</li></li></ul><li>17<br />STUDENT LINES OF CREDIT<br />Common features:<br />Low interest rates – prime + 1-2%<br />Interest-only payments while a full-time student<br />Repayment begins 6-12 months after leaving full-time studies<br />Available at most lending institutions<br />Good alternative if OSAP is insufficient or not available<br />
  21. 21. 18<br />OTHER RESOURCES<br />Institutional Assistance in the forms of:<br />Entrance Awards/Scholarships<br />In-course Awards/Scholarships<br />Bursaries/Grants<br />Work Study programs<br />
  22. 22. 19<br />OTHER RESOURCES<br />External Scholarships & Bursaries<br />www.studentawards.com<br />www.scholarshipscanada.com<br />www.myschool101.com<br />www.gwmsc.ca<br />www.electronicinfo.ca<br />Community Groups/Companies<br />Rotary Club, Lions Club, other associations<br />Charitable Organizations<br />Parent’s/student’s place of employment<br />
  23. 23. 20<br />PART-TIME EMPLOYMENT<br />Work Study<br />On-Campus<br />Off-Campus<br />Internships<br />Co-op programs<br />Tutoring/Teaching Assistant (TA)<br />Volunteer Opportunities<br />
  24. 24. 21<br />OTHER THINGS TO CONSIDER…<br />Create a reasonable budget<br />Maximize Resources<br />Understand Credit<br />Student Discounts and Savings<br />Have a contingency plan – what is PLAN B?<br />Be aware of your Financial Aid Office – what can they do for you?<br />
  25. 25. 22<br />USEFUL CONTACTS<br /><ul><li>Your Financial Aid Office
  26. 26. The National Student Loans Service Centre</li></ul>www.canlearn.ca<br /><ul><li>The OSAP website http://osap.gov.on.ca
  27. 27. Scholarship search websites</li></ul>www.studentawards.com<br />www.scholarshipscanada.com<br />