Funding Your Post Secondary Education Financial Aid and OSAP
Agenda What is Financial Aid? How much does Post Secondary education cost? How can I afford that? Scholarships Bursaries OSAP Other sources and resources Questions? Funding Your Post Secondary Education
What is Financial Aid? Financial Aid is a resource to help you fund your education. Scholarships Bursaries Ontario Student Assistance Program (OSAP) Band Funding/Sponsored Students Work Study Programs Funding Your Post Secondary Education
How much does post secondary education cost? Expense University Costs College Costs Tuition $6,800 $3,000 Fees $1,400 $1,200 Books & Supplies $1,600 Living (housing, food, clothes, transportation, etc.) At home $2,500 Away from home $12,000 Total $12,300 – $21,800 $8,100 – $17,600 *Costs are based on the general, full-time program in 2018-19 school year Funding Your Post Secondary Education
How can I afford that? Try to fund as much of your education as possible with money that you DO NOT need to pay back. WHEN WHAT Nov. – Jun. OSAP profile and application Jan. – Apr. Prestigious Scholarship Application Mar. - Aug. Scholarship offers sent Jun. Entrance Bursary Applications Jul. / Aug. External awards, summer job, save money! Sep. / Jan. In-course Bursary Applications There are a number of resources available to students to help make post secondary education affordable. Funding Your Post Secondary Education
Scholarships Based on your grades Generally no application required at the entrance level Most entrance scholarships require minimum 80% admission average Some are renewable – many are not Some high value scholarships & awards require an application Read offer letters carefully, and check out Financial Aid websites for fine print Funding Your Post Secondary Education
Trent’s National Renewable Entrance Scholarships No application required Based on Admissions Average top six 4U/4M level courses Renewable for up to 4 years of undergraduate studies Achieve 80% average in 5.0 Trent credits to renew NEW 2019 – Durham Scholars Circle Trent Durham GTA Campus Only Admission average 90%+ Receive $1,500 – one time Admission Average Annual Scholarship Value Total Scholarship Value 80-84% $1,000 $4,000 85-89% $1,500 $6,000 90-94% $2,500 $10,000 95% + $3,000 $12,000 Funding Your Post Secondary Education
Trent’s Prestigious Scholarships Renewable scholarships that require an application Awarded based on merit, extra curricular and volunteer experience Application opens January via myTrent portal Closes – April 1, 2019 Scholarship Value Champlain Scholarship $5,000 Board of Governor’s Leadership Scholarship $4,500 Special Admission Scholarship $3,750 Canada Wide Science Fair Scholarship Funding Your Post Secondary Education
Bursaries Based on financial need Usually required to be in receipt of OSAP funding Often require an application Every school is different – check in with your Financial Aid Office for details and deadline Funding Your Post Secondary Education
Trent’s Bursary Program Entrance Bursaries General entrance Bursary Athletic entrance bursary Values range from $500 - $1,000 City of Peterborough Award $2,000 awarded to top two students with financial need from each Peterborough high school – apply by June 30, 2019 In-Course Bursaries One online application per semester We use OSAP information to determine unmet need Bursary amounts range from $100 - $1,500 per term Bursaries can help to pay your school fees First Generation Bursary Indigenous Student Bursary Funding Your Post Secondary Education
Other Sources and Resources RESP and personal savings Gifts & contributions from parents/relatives Private Loans or Student Line of Credit If OSAP isn’t an option Low interest rates and payments Summer Job Visit your school’s Career Centre website External Award Resources - High school guidance office - www.scholarshipscanada.com - https://yconic.com Funding Your Post Secondary Education
Funding Your Post Secondary Education
What is OSAP? https://ontario.ca/osap Government student assistance program for Ontario residents Amount of funding based on a number of variables: family income, family size, assets, etc. Combination of Federal and Provincial Loans and Grants Loans are interest free while registered full-time in a post-secondary institution Grants do not have to be paid back https://ontario.ca/osap Funding Your Post Secondary Education
New User Registration – OCAS/OUAC Link Funding Your Post Secondary Education
The OSAP Application Institution information Program information Required Information: Institution information Program information Personal information Your financial & asset information Parental information Funding Your Post Secondary Education
No Link User Registration Take your time Funding Your Post Secondary Education
OSAP Password Tips Warning! Too many incorrect password attempts will lock you out Write down your OAN, password and answers to security questions Keep in safe place A Financial Aid office at any College or University can help Take your SIN card and government issued photo ID Funding Your Post Secondary Education
Completing Your OSAP Profile Funding Your Post Secondary Education
How do you want OSAP to contact you? - Tell them to get things by email, it’s fastest Funding Your Post Secondary Education
Who do you want to have access to your OSAP information? Funding Your Post Secondary Education
Start a New Application Funding Your Post Secondary Education
Completing the Application Take your time Read questions carefully If you don’t know an answer save and come back later Funding Your Post Secondary Education
Starting an application Funding Your Post Secondary Education
School Information Funding Your Post Secondary Education
Program Information Do a general search Funding Your Post Secondary Education
About You Funding Your Post Secondary Education
Family Information Funding Your Post Secondary Education
OSAP - Last Steps Review before submitting your application Print, complete, and submit required documents Upload Consent/Signature pages online or bring to Financial Aid Office Complete MFSAA online – you will have a link to register with National Student Loans Funding Your Post Secondary Education
Your OSAP Estimated Funding Funds are released: Automatically to school to pay fees first You are responsible for ensuring school fees are paid in full 60% released in Fall and 40% for Winter Funding Your Post Secondary Education
Frequently Asked Questions Will OSAP cover all of my expenses? What if my parents are divorced? Do I need to submit my taxes? I have an RESP, does this mean I won’t get OSAP? What if my parents make too much money? What if my information changes during the year? I am worried that I’m not getting enough OSAP… Funding Your Post Secondary Education
External Opportunities How to Prepare Transit Student Aid Book Costs Work Expenses External Opportunities Scholarships Start Saving Budget Funding Your Post Secondary Education
Thank you for attending! Trent’s Financial Aid Office Phone: 705-748-1011 ext. 1524 Email: financialaid@trentu.ca Web: www.trentu.ca/studentfinances