Funding Post Secondary

Funding Post Secondary is a Partnership

Student

Institution

Parent(s)

Government

Student and Parental Contributions

Institution’s Contribution

The Government Piece - What is OSAP?

• The Ontario Student Assistance Program is a needs based loan and grant

program, funded by both the federal and provincial government, which

provides financial assistance to students to help them attend college or

university.

• “Its purpose is to supplement, not to replace, the financial resources that you

(and your family, if applicable) are expected to contribute.”

• Through one application (per academic year), you will be considered for non-

repayable grants, as well as loans that you eventually must repay.

OSAP

Loans = Borrowed Money

Grants = Free Money

Why should you apply for OSAP?

• The OSAP Loan is an interest free loan as long as you are attending a post

secondary institution full time (60% courseload or greater)

• Federal Interest Rate = Prime + 2.5 / Provincial Interest Rate = Prime + 1.0

• OSAP offers a grace period. OSAP loans are payment free for the first six months

after you complete full time studies. (Provincial Interest accrues during this period)

• The Loans Center has Repayment Assistance Programs (RAP). When your loans

go into repayment and you are unable to make the payments-you can apply for RAP

to have the payment reduced or put on hold for an additional 6 months. Students that

earn less than $25,000 in annual income will not be required to make payments

How much OSAP can I get?

When do I apply?

• The 19-20 application will be available on or around April 24th, 2019

• Check with your College or University about deadlines-they will request

you to apply by a certain date in order to have your application ready to

process for September

• The OSAP deadline to apply is 60 days prior to the end of the study

period; however if you are looking to have an OSAP deferral for your

tuition, you need to adhere to the institution’s deadline

• Not every school offers an OSAP deferral for tuition and/or residence; it

is important to visit the schools website to determine when your fees

are due

What do I need before I apply?

• Your Social Insurance Number

• Info about your school and program

• Your parent’s SIN’s and information

• Your parents tax information form 2018

• Your banking information

www.ontario.ca/osap Register

New Users must register first-

Keep your OAN and password safe

Lost your OAN or Password

• #1- Try the challenge questions

• #2- Visit a financial aid office in Ontario with your SIN card and gov’t photo ID

Create your Profile

Start a New Application

Select Your School

Select Your Program

Your Current Status - Student

Not Your Parents !!Most of you in high school will be single but mature learners return to school as well.

Your Current Status Cont’d

Student Income

• You will be asked questions about:

- Income you expect to earn during your study period (exemption is $5600 per term)

- Scholarships and bursaries you expect during your study period (exemption is $1850)

- Your RRSP’s - Retirement Savings (exemption is $2000

per year for every year out of high school)

- Your Assets (exemption is $3600 as part of student’s contribution)

Student Assets

Blue words are links to definitions

Parental Status

Parental Information Cont’d

If your parents have not filed taxes yet-that’s ok. Enter their best estimate and it

can be updated later when they file taxes.

Dependent Children

Dependent Children: Any Children below 16 in and in school.

Children 16 years of age or older must be full-time (taking 60%

or more of a full course load) high school or postsecondary

students to be considered. Children beyond 4 years out of high

school are no longer considered dependent children.

Review and Submit

You receive an Estimate after you apply

In Late April or May – Print Documents1. Signature Sheets for Student

2. Signature Sheets for Parents

2. Process your MSFAA online(Setting yourself up on the Loans Centre site-banking is req’d)

Documents should appear as

Approved in 6 Weeks

OSAP Appeals

• Parent’s Estimated Income Review

• Exceptional Family Situations

• Exceptional Expense Review (i.e. legal costs)

• Living Away from Home Allowance

• Additional Travel Allowance

Student Line of Credit

• Student line of credit vs. parent’s line of credit

– Differences in amounts and interest rates when out of

school

• Can still apply for most needs based awards

• Most banks offer Student Lines of Credit where interest

only payments allowed until graduation

• Back up plan

Create a Budget

OSAP video on YouTube

Questions?