Financial Aid Financial Aid PresentationPresentation

OSAP InformationOSAP Information

2009-20102009-2010

What is OSAP?What is OSAP? Ontario Student Assistance ProgramOntario Student Assistance Program

An umbrella term used to refer to An umbrella term used to refer to provincially provincially and federally fundedand federally funded needs-based student needs-based student financial assistance in Ontariofinancial assistance in Ontario

NOT JUST LOANS: OSAP includes loans, NOT JUST LOANS: OSAP includes loans, grants, bursaries and scholarship programs.grants, bursaries and scholarship programs.

Types of OSAP AssistanceTypes of OSAP Assistance

FEDERALFEDERAL

Canada Student LoansCanada Student Loans

www.canlearn.cawww.canlearn.ca

PROVINCIALPROVINCIAL

Ontario Student LoansOntario Student Loans

http://osap.gov.on.cahttp://osap.gov.on.ca

GRANTSGRANTS

1. FEDERAL GRANTS1. FEDERAL GRANTS

2. PROVINCIAL GRANTS2. PROVINCIAL GRANTS

Federal GrantsFederal Grants

CANADA STUDENT GRANT – PERMANENT CANADA STUDENT GRANT – PERMANENT DISABILITY:DISABILITY:

For high-need OSAP recipients who have a For high-need OSAP recipients who have a disabilitydisability

CANADA STUDENT GRANT - DEPENDENTS:CANADA STUDENT GRANT - DEPENDENTS: For high-need OSAP recipients who have For high-need OSAP recipients who have

dependents with family income less than or dependents with family income less than or equal to the Ontario Low Income tableequal to the Ontario Low Income table

Federal Grants continuedFederal Grants continued

CANADA STUDENT GRANT – LOW INCOME:CANADA STUDENT GRANT – LOW INCOME:

Students who have been in an undergraduate Students who have been in an undergraduate program for 2 or more yearsprogram for 2 or more years

Income must be less than or equal to the Income must be less than or equal to the Ontario Low Income tableOntario Low Income table

Federal Grants Cont’dFederal Grants Cont’d

CANADA STUDENT GRANT – MIDDLE CANADA STUDENT GRANT – MIDDLE INCOME:INCOME:

Students who have been in an undergraduate Students who have been in an undergraduate program for 2 or more yearsprogram for 2 or more years

Family income must be more than or equal to Family income must be more than or equal to the Ontario Low Income table and less than or the Ontario Low Income table and less than or equal to the Middle Income tableequal to the Middle Income table

Provincial GrantsProvincial Grants

ONTARIO ACCESS GRANT YEAR 1:ONTARIO ACCESS GRANT YEAR 1: First year, first time students from low income First year, first time students from low income

families attending postsecondaryfamilies attending postsecondary

ONTARIO ACCESS GRANT YEAR 2:ONTARIO ACCESS GRANT YEAR 2: For students from low income families For students from low income families

attending postsecondary in year two of their attending postsecondary in year two of their program.program.

Queen Elizabeth II Aiming Queen Elizabeth II Aiming for the Top Scholarshipfor the Top ScholarshipFor:For: High school graduates who have achieved High school graduates who have achieved

academic excellence (80% and up).academic excellence (80% and up). Between $100 - $3,500 per academic year – Between $100 - $3,500 per academic year –

depending on your financial need and depending on your financial need and academic merit as determined by the Ministry. academic merit as determined by the Ministry. RenewableRenewable..

Who can apply for OSAP?Who can apply for OSAP?

Canadian citizen, Permanent Resident or Canadian citizen, Permanent Resident or Protected PersonProtected Person

Lived in Ontario for the past 12 consecutive Lived in Ontario for the past 12 consecutive months before starting full-time post-secondary months before starting full-time post-secondary schoolschool

Lived in Canada for less than 12 monthsLived in Canada for less than 12 months Enrolling in OSAP-approved program and Enrolling in OSAP-approved program and

taking 60% course load (40% for students with taking 60% course load (40% for students with a permanent disability)a permanent disability)

You MUST pass the OSAP credit checkYou MUST pass the OSAP credit check

When to apply?When to apply?

AS SOON AS POSSIBLE! AS SOON AS POSSIBLE!

At LEAST 10 weeks before classes beginAt LEAST 10 weeks before classes begin

ApplicationApplication

To apply for OSAP you must fill out and submit an To apply for OSAP you must fill out and submit an OSAP Application for Full-Time StudentsOSAP Application for Full-Time Students

There are two different methods you can use to There are two different methods you can use to apply for OSAP:apply for OSAP:

1. 1. Online application available at Online application available at http://osap.gov.on.cahttp://osap.gov.on.ca

2. Paper application available to print 2. Paper application available to print out out from the OSAP website. from the OSAP website.

Online ApplicationOnline Application

Almost 99% of students apply through the web.Almost 99% of students apply through the web. The online application is available on the The online application is available on the

OSAP website 24 hours a day, 7 days a weekOSAP website 24 hours a day, 7 days a week You can get on-the-spot estimate of the You can get on-the-spot estimate of the

amount of funding you may be eligible to amount of funding you may be eligible to receivereceive

You can check the status of your application You can check the status of your application onlineonline

THERE IS NO APPLICATION FEE!THERE IS NO APPLICATION FEE!

Online Loan CounselingOnline Loan Counseling

An online counseling session has been added to the OSAP An online counseling session has been added to the OSAP application. The loan counseling session:application. The loan counseling session:

Is a mandatory part of the OSAP online 2009-2010 Is a mandatory part of the OSAP online 2009-2010 applicationapplication

Provides brief high-level introduction to topics like the Provides brief high-level introduction to topics like the Ontario Student Opportunity GrantOntario Student Opportunity Grant, , loan repaymentloan repayment, and , and Interest ReliefInterest Relief..

Is interactive – you must correctly answer four multiple Is interactive – you must correctly answer four multiple choice questions to complete the session.choice questions to complete the session.

The questions take about 10 minutes to complete.The questions take about 10 minutes to complete.

Multiple ApplicationsMultiple Applications

If you decide to apply for OSAP before you If you decide to apply for OSAP before you receive notification of your acceptance, receive notification of your acceptance, you have to fill out a separate OSAP you have to fill out a separate OSAP application for each institution.application for each institution.

Submitting OSAP Submitting OSAP ApplicationApplication

When you submit your web application When you submit your web application electronically, print off the electronically, print off the SIGNATURE SIGNATURE PAPERS PAPERS and submit them to the Financial Aid and submit them to the Financial Aid office of the institution you plan to attend.office of the institution you plan to attend.

YOUR APPLICATION WILL YOUR APPLICATION WILL NOTNOT BE PROCESSED UNTIL THESE BE PROCESSED UNTIL THESE FORMS ARE SUBMITTED!FORMS ARE SUBMITTED!

Studying in OntarioStudying in Ontario

ONLINEONLINE signature papers signature papers Any supporting Any supporting

documentation documentation requestedrequested

PAPERPAPER completed OSAP completed OSAP

application application $10 application fee$10 application fee Any supporting Any supporting

documentation requesteddocumentation requested

Submit the following forms to the Submit the following forms to the financial aid office of the institution financial aid office of the institution which you plan to attend:which you plan to attend:

Studying Outside Ontario Studying Outside Ontario or Canada or Canada

ONLINEONLINE Signature papersSignature papers Any supporting Any supporting

documentation documentation requestedrequested

PAPERPAPER completed OSAP completed OSAP

application application $10 application fee$10 application fee Any supporting Any supporting

documentation requesteddocumentation requested

Submit the following forms directly to the Ministry of Training, Colleges, and Universities in

Thunder Bay (Except McGill and Concordia Universities –send to their direct address

instead).

How OSAP Funding is How OSAP Funding is DeterminedDetermined

Allowable Educational ExpensesAllowable Educational Expenses

(tuition, books, supplies, living allowance)(tuition, books, supplies, living allowance)

MINUSMINUS

Expected Financial ContributionsExpected Financial Contributions

(from student and/or parent)(from student and/or parent)

==

OSAP FundingOSAP Funding

Maximum Assistance Maximum Assistance AvailableAvailable

Canada Canada PortionPortion

Ontario Ontario PortionPortion TotalTotal

Typical Two Typical Two Term Term

Academic Academic Year Year

(34 weeks)(34 weeks)

Single Single StudentsStudents

$210/wk$210/wk $140/wk $140/wk $350/wk$350/wk $11,900$11,900

Sole Sole Support/ Support/ Married Married StudentsStudents

$210/wk$210/wk $335/wk$335/wk $545/wk$545/wk $18,530$18,530

Checking the Status of Checking the Status of your OSAP Applicationyour OSAP Application

WHEN TO CHECK?WHEN TO CHECK?You should wait at least 2-4 weeks after you You should wait at least 2-4 weeks after you submit your signature pages & supporting submit your signature pages & supporting documents.documents.

HOW TO CHECK?HOW TO CHECK?You can visit the OSAP website atYou can visit the OSAP website athttp://osap.gov.on.ca http://osap.gov.on.ca Click on Check Status and Click on Check Status and

enter your Social Insurance Number and your enter your Social Insurance Number and your passwordpassword

Getting your OSAP FundsGetting your OSAP Funds

Your approved OSAP funding cannot be Your approved OSAP funding cannot be issued to you issued to you by the Financial Aid Officeby the Financial Aid Office until you are registered AND attending until you are registered AND attending

classes.classes.

Getting your OSAP FundsGetting your OSAP Funds

Once OSAP funds are issued, they are administered through a lending institution:

You will receive 60% initially and the You will receive 60% initially and the other 40% half-way through your other 40% half-way through your study period.study period.

Getting Your OSAP FundsGetting Your OSAP Funds

One piece of valid photo I.D. issued in One piece of valid photo I.D. issued in Canada by the federal or provincial Canada by the federal or provincial

government government (For example: valid driver’s license, (For example: valid driver’s license, passport, provincial health card with photo, permanent passport, provincial health card with photo, permanent

residency or citizenship card).residency or citizenship card).Your government-issued Social Insurance Your government-issued Social Insurance

Number (S.I.N) Number (S.I.N) CARDCARD

Take your OSAP documents to a NSLSC Take your OSAP documents to a NSLSC representative on campus, or to a representative on campus, or to a designated Post Office, where they will designated Post Office, where they will help you complete the final requirementshelp you complete the final requirements

Getting Your OSAP FundsGetting Your OSAP Funds

Student Banking information is requiredStudent Banking information is required Name and Address of financial institutionName and Address of financial institutionYOURYOUR Bank Account Number (CANNOT Bank Account Number (CANNOT

use your parent’s bank account)use your parent’s bank account)Bank transit (branch) numberBank transit (branch) number

Bring a void chequeBring a void cheque

Paying your tuition with Paying your tuition with OSAP FundsOSAP Funds

If you have been accepted to your program, most If you have been accepted to your program, most institutions require early tuition fee payment.institutions require early tuition fee payment.

If you have OSAP you If you have OSAP you maymay qualify for a fee qualify for a fee deferment. Ask the financial aid office at your deferment. Ask the financial aid office at your chosen institution for more information.chosen institution for more information.

Your Your ResponsibilitiesResponsibilities

Provide complete and accurate Provide complete and accurate informationinformation

Supply all necessary supporting Supply all necessary supporting documentationdocumentation

Promptly notify the financial aid office, in Promptly notify the financial aid office, in writing, of any changes to your academic, writing, of any changes to your academic, financial, family or study period statusfinancial, family or study period status

Your Responsibilities Your Responsibilities

Maintain satisfactory academic progressMaintain satisfactory academic progressBegin repayment of your loans 6 months Begin repayment of your loans 6 months

after you cease to be a full-time studentafter you cease to be a full-time student Notify NSLSC of any change of addressNotify NSLSC of any change of address

Details are available on both the OSAP and Details are available on both the OSAP and Canada Student Loans websitesCanada Student Loans websites

Example of Average Annual Example of Average Annual College Expenses for College Expenses for

2008-20092008-2009Tuition and College Fees…………………………………………$2800.00Tuition and College Fees…………………………………………$2800.00

Incidental Fees, Books and Supplies……………………………$1150.00Incidental Fees, Books and Supplies……………………………$1150.00

*Cost varies per program. Please check individual programs brochures *Cost varies per program. Please check individual programs brochures for detailsfor details

AVERAGE LIVING EXPENSES FOR EIGHT MONTHSAVERAGE LIVING EXPENSES FOR EIGHT MONTHS

Accommodations (residence or apartment)…………………….$5900.00Accommodations (residence or apartment)…………………….$5900.00

Utilities…………………………………………………………………400.00Utilities…………………………………………………………………400.00

Phone/Internet……….…………………………………………….....450.00Phone/Internet……….…………………………………………….....450.00

Food…………………………………………………………………..2200.00Food…………………………………………………………………..2200.00

Clothing………………………………………………………………...650.00Clothing………………………………………………………………...650.00

Transportation…………………………………………………………800.00Transportation…………………………………………………………800.00

Miscellaneous…………………………………………………………600.00Miscellaneous…………………………………………………………600.00

TOTALTOTAL …………………………………………………………………………………………………………………………$14,950.00$14,950.00

Common Financial PitfallsCommon Financial Pitfalls

Understanding what all the various set-up Understanding what all the various set-up costs are going to becosts are going to be

Credit Card DebtCredit Card DebtCell PhonesCell PhonesProblems with the people students are Problems with the people students are

sharing accommodation with. sharing accommodation with. Make sure Make sure all names are on the lease agreementall names are on the lease agreement

Unexpected medical/dental expenses Unexpected medical/dental expenses

Common Financial PitfallsCommon Financial Pitfalls

The cost of utilities in the deep of an Ottawa winterThe cost of utilities in the deep of an Ottawa winter Leasing or buying expensive vehicles while in receipt of Leasing or buying expensive vehicles while in receipt of

OSAP fundingOSAP funding Maintaining a vehicle – can cost $300/month on Maintaining a vehicle – can cost $300/month on

averageaverage An inability to cook basic meals. Fast food or take out An inability to cook basic meals. Fast food or take out

meals are very costly optionsmeals are very costly options No insurance coverage on possessions i.e. Computer.No insurance coverage on possessions i.e. Computer.

Loan Repayment Loan Repayment CalculatorCalculator

Loan Repayment Loan Repayment CalculatorCalculator

Option 1Option 1 Option 2Option 2 Option 3Option 3

Your Loan at Your Loan at GraduationGraduation

$5528$5528 $5528$5528 $5528$5528

Select a Select a fixedfixed or or floatingfloating interest rate interest rate

FixedFixed FixedFixed FixedFixed

Prime RatePrime Rate to be used to be used for your calculations for your calculations

(%)(%)4.5%4.5% 4.5%4.5% 4.5%4.5%

Select number of Select number of monthly paymentsmonthly payments

114114 3636 4848

Amount of each Amount of each monthly paymentmonthly payment

$73.84$73.84 $177.08$177.08 $138.88$138.88

Total interest payableTotal interest payable $2, 885.16$2, 885.16 $846.81$846.81 $1,138.27$1,138.27

Total amount payableTotal amount payable $8, 413.16$8, 413.16 $6, 374.81$6, 374.81 $6, 666.27$6, 666.27

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