OSAP 101 Fact Sheet
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OSAP 101 Presentation Fact Sheet Tuesday March 3rd 2015: Thomas Lounge in Ryerson’s Student Centre What is OSAP? Provincial and federal funding based on student financial assistance in Ontario OSAP includes 26 loan, grant, bursary, scholarship and other financial aid programs To provide needs-based assistance to eligible students from low/middle income families who do not have the resources to pay for full-time post-secondary school One application per academic year allows a full-time student to be assessed for multiple loans and grants. OSAP funding is released in two installments by the National Student Loans Service Centre – 60% of your funding will be released in the fall session and 40% in the winter session. How do I qualify? Attending (or planning to attend) post-secondary school Enrolled in a (degree, diploma, or certificate) program that is 12 weeks or longer Canadian Citizen, permanent resident or protected person and Ontario resident Students studying on a part-time basis who apply for OSAP are assessed for: – Part-Time Canada Student Loan – Canada Student Grant for Part-time Studies – Canada Student Grant for Part-time Students with Dependants – Canada Student Grant for Persons with Permanent Disabilities – Ontario Part-time Grant Students must complete a separate application to apply for each of these programs: – Aboriginal Bursary – First Generation Bursary – Bursary for Students with Disabilities – Ontario Out-of-Country Bursary for Deaf Students – Child Care Bursary Financial Literacy
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Transcript of OSAP 101 Fact Sheet
OSAP 101 Presentation Fact SheetTuesday March 3rd 2015: Thomas Lounge in Ryerson’s Student Centre
What is OSAP? Provincial and federal funding based on student financial assistance in Ontario OSAP includes 26 loan, grant, bursary, scholarship and other financial aid
programs To provide needs-based assistance to eligible students from low/middle income
families who do not have the resources to pay for full-time post-secondary school One application per academic year allows a full-time student to be assessed for
multiple loans and grants. OSAP funding is released in two installments by the National Student Loans Service Centre – 60% of
your funding will be released in the fall session and 40% in the winter session.
How do I qualify? Attending (or planning to attend) post-secondary school Enrolled in a (degree, diploma, or certificate) program that is 12 weeks or longer Canadian Citizen, permanent resident or protected person and Ontario resident
Students studying on a part-time basis who apply for OSAP are assessed for:– Part-Time Canada Student Loan– Canada Student Grant for Part-time Studies– Canada Student Grant for Part-time Students with Dependants– Canada Student Grant for Persons with Permanent Disabilities– Ontario Part-time Grant
Students must complete a separate application to apply for each of these programs:– Aboriginal Bursary– First Generation Bursary– Bursary for Students with Disabilities– Ontario Out-of-Country Bursary for Deaf Students– Child Care Bursary
It is the student’s responsibility to: Maintain at least a 60% course load/billing unit (40% course load for students
with documented permanent disabilities) for every week of the study period Remain in good academic standing Consult with a Financial Aid Advisor if you are considering dropping courses and
are receiving OSAP funding for the session. Failures, course drops, etc. can impact eligibility.
OSAP Repayment
Financial Literacy Workshop
No matter how much you borrow, Ontario limits the amount you need to repay after you graduate or are no longer a student. $7,300: the most you will need to pay back for a 2-term academic year.$10,950: the most you will need to pay back for a 3-term academic year.You are automatically considered for this debt relief through the Ontario Student Opportunity Grant – one of the grants that is part of OSAP. But you need to:
complete your academic year file your income tax return make sure that anyone else who reported income on your OSAP application also
files their income tax return
6 months grace periodFor the first 6 months after you graduate, finish your studies, or stop being a full-time college or university student: you don’t need to make any loan payments; no interest is charged on the Ontario portion of your student loan; interest is charged on the Canada portion of your student loan. You start to repay your loan at the end of the 7th month, after you leave school.
Application Process
Apply Early! The OSAP application is available online at osap.gov.on.ca
The workshop will also cover: Repayment Assistance Plan (RAP) Student Access Guartantee Rehabiliating an Ontario Student Loan Full-Time vs. Part-Time Grants Failing to Repay OSAP Loans and More!
