YOUR CHEAT SHEET: OSAP FOR PARENTSGlendon Student Financial Services

What is OSAP?

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What is OSAP?• OSAP includes:

Grants, bursaries and scholarships = non-repayable aid (you keep)

Loans = repayable aid (you pay back)

LoansGrants

The Benefits of OSAP• Free money: grants• Interest free until graduation• Students are responsible • Low interest rates• 10-year repayment timeline

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How is OSAP aid determined?Allowable Educational Costs

Expected Financial Contributi

on

Calculated

Financial Need

minus

equals

Tuition & compulsory fees

Books & suppliesEquipmentComputer costsPersonal living

expensesChild careTravel

Student contribution

Student, parental & spousal income

Student & spousal assets

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Example

4 pieces of information

were entered in

this example

How much grant money

you could get

How much loan money you could

get

Other informati

on

Free Tuition For Low-Income Families• For students from low-income families, OSAP will provide enough grants to cover the average cost of tuition.• Eligibility Requirements:• Your parents earn $50,000 or less per year• You’re going to study full-time• You‘re attending a publicly assisted college or

university (like Glendon!)• You meet the eligibility requirements for OSAP

*Many grants will also be available to students from middle-income families

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Can I get a grant if my family income is over $50,000?• Yes, students with family incomes above these

amounts can receive a mix of grants and loans, which are based on their family size and income.

1 2 3 4 5 6 7$145,000$150,000$155,000$160,000$165,000$170,000$175,000$180,000$185,000$190,000$195,000

Availability of grant funding based on family size and income

Maximum family income per year

Family size (total parents + kids)

For a family of 4, grant funding is available if the family’s income is

up to $175,000 per year

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Examples

Sam, SociologyWants to live away from homeTuition: $6613 + $1000 fees

Parents earn: Just under $80 000

Alex, EngineeringLiving at home

Tuition: $12 764 + $1141 FeesParents earn: $50 000

Bailey, EconomicsWants to live away from homeTuition: $6519 + $1000 feesParents earn: $140 000/yr

Bailey is eligible for:$1961 in grants$5295 in loans

Tuition and fees are covered!

Sam is eligible for: $4999 in grants$8483 in loans

Tuition and fees are covered + $6397 left

over!

Alex is eligible for:$6528 in grants$7140 in loans

Tuition is just about covered – good thing

Alex applied for scholarships and got

$4159 !

The Application• Apply online• Submit all required documents• osap.gov.on.ca

Application Potholes•RESP? Only declare the EAP portion • York or Glendon scholarships do not need to be declared•Made a mistake? Have the student contact us and fill out a change form

September: Confirming Enrolment•OSAP funds are released twice a year• 60% in September, 40% in January

•Dependent on Confirmation of Enrolment• Students must be enrolled and registered in a full-time course load• $300 registration deposit must be paid

September: Receiving the Funds• Students can check their status on the OSAP website•OSAP funds are deposited into two places:• York student account• Student’s bank account

•Check both places and make the necessary payments: we may not have received enough!

During Studies•When your student wins the lottery, OSAP wants to be kept in the loop. •Encourage your student to report any changes:• Course drop / add• Job or income changes• Change of living situation• Anything!

•November: income update•December: confirmation of enrolment cycle begins again!

Appeals •When bad things happen to good people… there may be an appeal for that. •OSAP can be complicated, that is why we are here to help the students out.

Have your student come and see us!

Important Dates• June 1 - accept offer of admission deadline• June 1 – apply for residence deadline• June 30 – apply for OSAP deadline

• A $300 deposit is due 10 days after enrolling, or June 1, whichever comes later, to secure classes

• Fall tuition/residence due Sept 10th• Winter tuition/residence due January 10th