Financial Aid – Investing In Your

Future______________

Welcome to the HYPE! Summer Transition Program

Purpose of Presentation• To assist students transitioning from high school to

university by explaining funding options for post-secondary education

• To outline funding programs specifically designed to assist students with disabilities

• To stress the importance of effective budgeting

Questions and answers will be addressed at the end of the presentation

Office of Student Financial Aid & Scholarships

Presentation is designed to inform students of various

student assistance programs offered by the government

and through the university:

• Ontario Student Assistance Program (OSAP); including Bursaries for Students with Disabilities &

Canada Access Grants for Student with Disabilities

• McMaster University scholarships, bursaries and work programs & external sources of funding

Office of Student Financial Aid & Scholarships

Gilmour Hall, Room 120(905) 525-9140 ext. 24319

QUESTIONS…

web: http://sfas.mcmaster.ca

Office of Student Financial Aid & Scholarships

• Administers government and University financial aid programs including OSAP, bursaries, work programs & scholarships

• Responds to student inquiries by phone, in person, and through email

• Offers drop-in counselling regarding budgeting and financial aid….Monday through Thursday

9:00am - 11:30am

1:00pm - 4:00pm

OSAP & Students with a Permanent Disability

Why is it important to self-identify as a student with a disability?

• To be considered for disability grants & bursaries

• To receive assistance with accommodations

to help you succeed in your studies

• To allow OSAP consideration if your disability prevents you from taking a full course load (eligible for OSAP consideration at 40% course load per term or greater)

OSAP & Students with a Permanent Disability

What documentation is required for OSAP to prove disability status?

• Acceptable ‘proof of disability’ documentation includes:• medical documentation signed by a doctor

or• a learning disability assessment signed by a

qualified assessor or• a photocopy of your ODSP benefit statement if

you receive ODSP support or• a ‘proof of disability’ form signed by your CSD

coordinator, verifying that one of the above is on file in the CSD office

OSAPHow much might students expect to receive?• OSAP considers allowable program costs & basic living costs,

parental income, and student assets and income

• Some factors that affect eligibility…• Number of dependents in family• Number of dependents at a post-secondary institution• Course load (# of units you are registered in)

• 2010-11 maximum OSAP entitlement for a single student is $360/week of study ($11,520 for a 32 week fall/winter session)

• Students may view their OSAP entitlement online at http://osap.gov.on.ca approximately 2 weeks after submitting their application

OSAP PICK-UP IN PERSON with

ALL REQUIRED IDENTIFICATION (LISTED BELOW)

1. SIN CARD (a legible photocopy is acceptable) or proof of Social Insurance Number

(e.g. an official Government of Canada document that indicates your Social Insurance Number such as a Canada Revenue Agency Notice of Assessment, a Canada

Pension Plan Statement of Contributions, or a Confirmation of Social Insurance Number from Service Canada)

AND2. One piece of valid photo ID issued in Canada by the federal, a provincial or a territorial government (a legible photocopy is acceptable).

(e.g. valid driver's licence, Canadian passport, Canadian Citizenship card, Permanent Resident card, provincial health card with photo)

AND3. MCMASTER STUDENT ID CARD with a valid sticker

AND4. VOID CHEQUE encoded with your direct-deposit information (bank #, bank

transit # & bank account #)

***Check website http://sfas.mcmaster.ca for release dates, times and location***

OSAPOther items to bring to the OSAP pick-up…

• You will be required to verify your income and course load information when picking up your first loan certificate and signing your OSAP ‘Confirmation of Enrolment’. Know your income amounts that you have received for the year

• Students on ODSP must be very careful to report ODSP income correctly

• Surname and given name on the student’s proof of SIN must be the same surname and given name provided on the OSAP application. All identification presented MUST be in these same names

OSAPAccessibility Issues Related to OSAP Pick-up?

• The McMaster University Student Centre (MUSC 314/315) is accessible by elevator

• If there are accessibility issues relating to your disability, please contact the Office of Student Financial Aid & Scholarships prior to the OSAP release to discuss an alternate arrangement for picking up your OSAP

OSAPOSAP Appeals

• There are a limited number of OSAP appeals available

• If you are not entitled to OSAP or have a low entitlement, you may meet with a counselor in the Office of Student Financial Aid & Scholarships to discuss your options for appeal

• To access funding through BSWD, you must qualify for at least $1 of OSAP

Canada Study Grants for Students with Disabilities

What is the Canada Access Grant for Students with Permanent Disabilities (CAG-PD)?

• A federal up-front grant with a maximum value of $2,000 per academic year

• Grant displaces the first $2000 of federal loan funding with non-repayable grant funding for eligible students

How do students access Canada Access Grant for Students with Disabilities (CAG-PD) funding?

• Apply for OSAP (or part-time CSL) and self identify as a student with a permanent disability

• Provide the Office of Student Financial Aid & Scholarships with acceptable ‘proof of disability’

Bursary for Students with Disabilities

What is BSWD?• A government bursary program intended to help students with permanent

disabilities meet the exceptional education costs that are related to their disability and their attendance at post-secondary studies

• Cannot be used for tuition, books, living costs or other costs that are already included in the OSAP assessment

• Must be used specifically for disability-related educational needs

How do students access BSWD funding?• Students must FIRST apply and qualify for funding through one of the

government programs (e.g. OSAP or Part-time Canada Student Loan/Canada Study Grant program, depending on course load)

• Applications must be reviewed and submitted by the Centre for Student Development (CSD)

• CSD coordinator will identify the student’s exceptional education-related needs and recommend items or services that may assist the student with their studies

Bursary for Students with Disabilities

Accountability

• The Ministry requires that every dollar of BSWD is accounted for with receipts verifying the purchase of the item or service that was approved by the student’s disability coordinator

• Students MUST submit receipts to the Office of Student Financial Aid & Scholarships or the Centre for Student Development

McMaster Bursary Program

• Bursaries are non-repayable

• Apply online bursary through MUGSI beginning September 15, 2010

• Application process & deadline dates posted at http://sfas.mcmaster.ca

• Must FIRST apply for OSAP (or out-of-province student aid)

• Bursaries will be paid to the student account of eligible students by February

• Bursary is NOT a valid payment option on the Payment Agreement (PA)

Other Sources of Funding

• Work Programs

• Scholarships & Bursaries (Internal & External)

• Personal Bank Loan or Line of Credit

Preparing a Budget• Know & understand the resources you have

and the expenses you will have to pay• Plan ahead and develop a REALISTIC budget

before school starts• Stick to your budget carefully so that you can

make it through the year• Avoid purchasing on credit• Keep track of bills and pay ALL bills on time!• If expenses are greater than resources, you

must figure out how you are going make up the difference (ie. work more or spend less!)

Cost Saving Tips• Comparison shop to get the best deal for your

dollar• Clip coupons• Take advantage of student discounts• Make coffee or tea at home• Find clubs and engage in activities that are

fun without cost (e.g. organize a walk/run/hiking group and simply enjoy the outdoors)

CREDIT CARDS ???…BEWARE!

CREDIT CARDS REPRESENT ADDITIONAL DEBT

...NOT AN EXTRA INCOME SOURCE.

• DON’T use CREDIT (this includes OSAP) for things you ‘WANT’

• CREDIT should only be used for necessary ‘NEEDS’

Know the difference between ‘WANTS’ &

‘NEEDS’!

IF YOU USE YOUR OSAP TO BUY….

With the accumulated interest over the standard 10 year amortization…

YOU ARE ACTUALLY PAYING (approximately)…

…a $2 coffee $ 3.07

…a $20 CD $ 30.75

…a $10 PIZZA $ 15.37

…a $50 DINNER $ 76.87

…a $100 MP3 player $153.74

…a $500 gym membership $ 768.70

…a $1000 trip for spring break $1537.40

The Cost of Paying with CREDIT

Thanks For Your Participation!

Questions & Answers…

Contact UsMcMaster University

Office of Student Financial Aid & Scholarships1280 Main Street WestGilmour Hall, Room 120

Hamilton, Ontario L8S 4L8

(905) 525-9140 ext. 24319QUESTIONS…

Web: http://sfas.mcmaster.ca