bur oak secondary school osap ontario student assistance program

Bur Oak Secondary School

OSAPOntario Student Assistance

Program

Education Financing OptionsSavingsFamily ContributionScholarships and BursariesEmployment (on or off campus)OSAPStudent Lines of Credit

OSAP Introduction Video

OSAPBased on financial needSupplements the cost of education and

basic living expensesNot a replacement for the financial resources

you and your family are expected to contributeThe money you receive is for YOU. It is

YOUR debt and for YOU to repay.

Who is Eligible to Apply?To be considered for OSAP you must meet

the following requirements:1. Be a Canadian citizen, Permanent Resident or

Protected Person 2. Meet Ontario residency requirements3. Be enrolled in an approved postsecondary

institution and program4. Be taking at least 60% of a full course load or

40% if you have a permanent disability

How Much Can I Get?The maximum amount of money you can receive

for a two-term academic postsecondary year is: $12 410 if single with no dependents$19 210 if married, common-law, or single parent

OSAP MONEY MUST BE REPAID!The annual debt is capped at $7300 no matter how

much loan you receive! The amount you owe is interest-free during

school; you begin paying interest 6 months after graduating

How Much Can I Get?The amount of OSAP you actually receive

depends on:Education expenses

tuition, books, personal living expenses, suppliesPersonal financial situation

how much you and your family are expected to contribute based on your collective income and assets

Course load full or part time

How is OSAP Calculated?

ALLOWABLE COSTS – EXPECTED RESOURCES =

OSAP AMOUNT (may be a mix of loans, grants, bursaries,

and scholarships)

ALLOWABLE

COSTSTuition Compulsory FeesBooks and EquipmentComputer ExpensePersonal LivingReturn Travel (if living away)

EXPECTEDRESOURCESExpected Student

Contribution Your income 16 weeks or less

before program beginsStudent Income

Your expected income during school (can earn $110/week without affecting OSAP)

Expected Parental/ Spousal Contribution Based on income

Student AssetsOther factors

Number of siblings, number of siblings in postsecondary studies, etc.

How Much Can I Get?Special circumstances may give you access to

more aid:First in your family to go to college or universityAboriginal studentStudent with a permanent disability

These are not considered automatically when you apply to OSAPMost of these most be applied to separatelyDetails and processes are coordinated by the

Financial Aid Office of your postsecondary school

What if I Don’t Get Enough?Ontario Student Access Guarantee

If OSAP doesn’t cover expenses directly related to your program (tuition, books, mandatory fees) the school must provide financial help through Bursaries Scholarships Work study programs Summer employment opportunities

You are all automatically considered for this guarantee in your application.Speak to your postsecondary Financial Aid Office.

Who is my Support?The Financial Aid Office at your postsecondary schoolThey collect any necessary supporting

documentsThey are the people to contact if:

you have questions about your OSAP application you need to make changes to your OSAP application

after you submitted an application you want advice on other sources of financial aid

available

When do I Apply?NOW – the earlier the betterEnd of June is the recommended “deadline”

takes 6 – 8 weeks to process your application

Technically you have until 60 days before the end of your program to apply for OSAP

How do I Apply?Online at osap.gov.on.ca

FREE AND EASYRegister for an OSAP Access Number and

password to beginPaper applications are also available for a

$10 charge

Once you have registered, log in to start your application

How Do I Apply?Complete the application online honestly, carefully,

and completely.Print and sign any supporting documents (e.g.

declaration pages with signatures) Submit these to the Financial Aid Office of your

postsecondary school in person or by mail.All first-time applicants must also print and sign

the lifetime student loan agreement (Master Student Financial Assistance Agreement, or MSFAA)Submit this to your nearest designated Canada Post

outlet

What Happens After I Apply?1. OSAP reviews and confirms your personal and

financial information. Social Insurance Number Credit check Vehicle check Income check [you and your parent(s)/guardian(s)]

2. OSAP contacts your postsecondary school to verify your enrollment and program information/costs.

3. OSAP gets back to you. Calculates how much money you are entitled to and

updates your status online.

How do I Get my OSAP Money?You need your own bank account to receive

your OSAP funds60% of funds available in 1st term40% of funds available in 2nd term

Must pick up and sign OSAP document each semester at your Financial Aid Officerequired to show your Social Insurance Card

and government-issued photo ID

OSAP REPAYMENT

Monthly repayment must begin within six months after graduation, withdrawal, or part-time status

Interest on loans begins to accumulate

NATIONAL STUDENT LOANSSERVICE CENTREAgency acts on behalf of the Canadian and

Ontario governments - “The lender”Issues the funds to students and collects

repaymentOfficial record keeper of loansRepresentatives available on campuses

during peak periods