O.S.A.P. For 2010/2011Presented by King’s University College

Resources

• Bursaries, Scholarships & Awards• Work Study• Working during school• Parental Contribution• Student Lines of Credit/Loans/Credit Cards• OSAP

Budget – Resources vs. Expenses

http://osap.gov.on.ca

““The purpose of a The purpose of a Canada Student Loan Canada Student Loan is to is to supplementsupplement, not , not replace, the financial replace, the financial resources that you (and your resources that you (and your family, where applicable) are family, where applicable) are expected expected to contribute.”to contribute.”

*(Investing in Your Future 2005-2006, Government of Canada)

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% or greater)

• Federal Interest Rate = Prime + 2.5 / Provincial Interest Rate = Prime + 1.0• OSAP offers a grace period. No payments for 6 months after the last day of your

last study period – NOTE – new legislation March 30, 2010 should be interest free too.

OSAP is more than “Just a loan”

OSAP

Loan Bursary/Grant Scholarship

22 different programs are determined through one OSAP application

Can I get funding for the school I wish to attend?

How do I apply?

Online at http://osap.gov.on.ca

New Student vs. Renewal

New Student? Click here.New Student? Click here.

Remember: Starting May 2010, you will use your OSAP Access Number (OAN), along with your

password to log into this site.

Starting a new Application

Post Secondary Institution Information

Make sure to indicate that you are applying to the proper campus.

Make sure to indicate that you are applying to the proper campus.

Program Information

Be sure to indicate Be sure to indicate Year 1 and check the Year 1 and check the start and end date.start and end date.

Be sure to indicate Be sure to indicate Year 1 and check the Year 1 and check the start and end date.start and end date.

Review Course Details Thoroughly

Note the tabs-if you need exit the application, it’s easy to return to where you left off.

Note the tabs-if you need exit the application, it’s easy to return to where you left off.

What is your status?

Residency Status

Income Section-Pre Study PeriodIncome Received Before Your Study Period Begins and For the Year 2010

Jan 01 to June 26

Note the Note the dates for dates for which you which you are are estimating estimating income.income.

Note the Note the dates for dates for which you which you are are estimating estimating income.income.

June 27 to Sep 7 Jan 01 to Dec 31

This amount represents what you will claim on Line 150 of your 2010 incomeincome tax. This could include: work income, bursaries, RESP withdrawals, any other income that you might receive during the year.

This amount represents what you will claim on Line 150 of your 2010 incomeincome tax. This could include: work income, bursaries, RESP withdrawals, any other income that you might receive during the year.

Income Section – Study Period

Sep 13, 2010 to Apr 30, 2011

Asset Information

May 16, 2010.

May 16th.

May 16, 2010

This day is known as

asset validation day. You

must record all of your

assets of this day.

The Ministry allows you to have $2000 in RRSP for every year out of high school.

Parental StatusDependent ChildrenFor OSAP purposes, dependent children are disabled children, pre-school children, children attending elementary school, and children in high school who are under 16 years of age. Children 16 years of age or older must be full-time (taking 60 per cent or more of a full course load) high school or postsecondary students to be considered dependent. Children who are not disabled and who have been out of high school for 4 or more years are not considered dependent.

Dependent ChildrenFor OSAP purposes, dependent children are disabled children, pre-school children, children attending elementary school, and children in high school who are under 16 years of age. Children 16 years of age or older must be full-time (taking 60 per cent or more of a full course load) high school or postsecondary students to be considered dependent. Children who are not disabled and who have been out of high school for 4 or more years are not considered dependent.

Parental Income SectionTaxable Income

Enter the annual income for each parent, as reported on his or her 2009 individual income tax return. Enter amounts in dollars only; do not indicate cents. If no income or if the amount is negative (i.e., a loss) enter zero (0).

What is father’s (parent 1) TOTAL income as indicated on line 150 of his 2009 income tax return?

What is mother’s (parent 2) TOTAL income as indicated on line 150 of his 2009 income tax return?

What is father’s (parent 1) NET income as indicated on line 236 of his 2009 income tax return?

What is mother’s (parent 2) NET income as indicated on line 236 of his 2009 income tax return?

Other Income/ Non- Taxable Income

Any other funds that your parents receive, but do not claim as taxable income on their taxes. ie) overseas income or child support.

Sample Notice of Assessment

150150

236236

These figures are used to consider your eligibility for Canada Access Grants.

These figures are used to consider your eligibility for Canada Access Grants.

QEII Scholarship

June 18, 2010June 18, 2010

2010?2010?

2009

09

Print Signature Pages

Print Signature Pages

If you are able to…Print your signature pages.If you are able to…Print your signature pages.

Before you print the pages you will be required to enter your password again. Make sure you have your pop up block off as the password insert is an electronic pop up.

Before you print the pages you will be required to enter your password again. Make sure you have your pop up block off as the password insert is an electronic pop up.

Sample Assessment

Your Expenses for the study period.

Your Expenses for the study period.

Your Resources for the study period.

Your Resources for the study period.

Strict Identification Restrictions.Must present Social Insurance Card and

Government Issued Photo ID.

• NO IDNO ID• NO OSAPNO OSAP

• NO KIDDINGNO KIDDING

How’s your credit rating?

Check with Equifax at:Check with Equifax at:1-800-465-71661-800-465-7166www.equifax.ca

Important Things to Remember

• Don’t Self-Eliminate• Apply to OSAP before June 18th, 2010• Print off and mail in your signature sheets by July 15th, 2010• Find the Financial Aid Office at the institution you will be

attending• Get the appropriate ID ready for September

Questions??Questions??

Email us at Email us at kingsfinances@uwo.cakingsfinances@uwo.ca