1

Financing Your Education and the Ontario Student Assistance Program

2

HOW ARE WE GOING TO PAY FOR THIS?

OSAP – Ontario Student Assistance Program Scholarships and Awards Bursaries and Grants Part-Time Employment Student Lines of Credit Discounts and Savings

3

WHAT IS OSAP?

ONTARIO STUDENT ASSISTANCE PROGRAM

Provincially and federally funded needs-based loans and grants to help subsidize cost of post-secondary

education

310,000+ of college and university students per year.

4

TYPES OF ASSISTANCE WHILE IN SCHOOL

Funded Jointly Canada-Ontario Integrated Student Loans Millennium-Ontario Access Grants

Federally- funded Canada Study Grants Canada Part-Time Student Loans

Provincially-funded Ontario Access Grants Queen Elizabeth II Aiming for the Top Scholarship Bursary for Students with Disabilities Child-Care Bursary Plan Ontario Special Bursary Plan Ontario Work Study Plan Textbook & Technology Grants Distance and Travel Grants

5

ELIGIBILITY FOR OSAP

To be considered for OSAP you must meet the following requirements :

Canadian citizen, Permanent Resident or Protected Person;

Meet Ontario residency requirements;

Be enrolled in an approved postsecondary institution taking an approved program;

Be taking at least 60% of a full course load 40% if you have a permanent disability

6

Allowable Educational

Costs

Expected Financial

Contribution

Calculated Financial

Needminus equals

Tuition & Compulsory FeesBooks & SuppliesEquipmentComputer CostsPersonal Living ExpensesChild CareTravel

Student IncomeStudent AssetsParental IncomeSpousal IncomeSpousal Assets

Federal Assistance

Provincial Assistance

CALCULATION OF FINANCIAL NEED

7

APPLICATION

Two methods to apply:

http://osap.gov.on.ca

1. Online – FREE

2. Paper – $10 fee- Ontario – submit to school

you are attending- Outside Ontario – submit

to Thunder Bay Office

8

OSAP APPLICATION PROCESS

FEDERAL FUNDING

• Canada Student Loan, Canada Access Grant

PROVINCIAL FUNDING

• Ontario Student Loan, Ontario Access grants

9

10

11

Most of you will choose this option.

12

Most of you will choose this option.

13

VERIFICATION

All information you provide in your OSAP applications is subject to verification and audit by the ministry.

ALL income is verified with the Canada Revenue Agency (CRA) Discrepancies can result in reassessments and

potential restrictions from further funding.

14

OSAP REVIEW PROCESS

Review situations which may be considered : Family breakdown Loss of parental employment Pre-study income contributions Academic progress Additional travel costs Living away from home

15

STUDENT RESPONSIBILITIES

You are responsible for: Reporting information accurately on your OSAP

application;

Meeting application deadlines;

Promptly reporting changes to your Financial Aid Office (income, address, etc);

Informing the National Student Loan Service Centre of your enrolment status (COE/CIFS) each year; and

Maintaining satisfactory academic progress.

16

AFTER COMPLETING STUDIES

Interest is paid while you are a full-time student.

Repayment starts six months after leaving full-time studies.

Interest begins to accrue from the time you stop being a full-time student.

Ontario Student Opportunity Grants

Assistance is available if you cannot make your minimum payments.

17

STUDENT LINES OF CREDIT

Common features: Low interest rates – prime + 1-2% Interest-only payments while a full-time student Repayment begins 6-12 months after leaving full-

time studies Available at most lending institutions Good alternative if OSAP is insufficient or not

available

18

OTHER RESOURCES

Institutional Assistance in the forms of:

Entrance Awards/Scholarships In-course Awards/Scholarships Bursaries/Grants Work Study programs

19

OTHER RESOURCES

External Scholarships & Bursaries www.studentawards.com www.scholarshipscanada.com www.myschool101.com www.gwmsc.ca www.electronicinfo.ca

Community Groups/Companies Rotary Club, Lions Club, other associations Charitable Organizations Parent’s/student’s place of employment

20

PART-TIME EMPLOYMENT

Work Study On-Campus Off-Campus Internships Co-op programs Tutoring/Teaching Assistant (TA) Volunteer Opportunities

21

OTHER THINGS TO CONSIDER…

Create a reasonable budget Maximize Resources Understand Credit Student Discounts and Savings Have a contingency plan – what is PLAN B? Be aware of your Financial Aid Office – what

can they do for you?

22

USEFUL CONTACTS

Your Financial Aid Office

The National Student Loans Service Centre www.canlearn.ca

The OSAP website http://osap.gov.on.ca

Scholarship search websites www.studentawards.com www.scholarshipscanada.com