OSAP

Remember: It is an ASSISTANCE program! What is OSAP? An “umbrella” term for ALL need-based provincial and federal student assistance funding in Ontario Remember: It is an ASSISTANCE program! Funding can be issued as: Integrated Canada/Ontario Student LOANS Up front GRANTS for high need families (and Crown Wards) The 30% off Ontario Tuition GRANT A GRANT at the end of the school year to “forgive” a portion of your loan (Ontario Student Opportunity Grant)

How does OSAP work? Apply for OSAP each year (usually early May) OSAP calculates what they think you need – you won’t be asked for any actual costs! Look into appeals/reviews to address exceptional circumstances Funding is paid out in 2 installments: 60% in Fall & 40% in Winter CHECK your funding status THROUGHOUT THE YEAR by logging onto the OSAP website

When does the cycle stop? The OSAP cycle Year 1: get OSAP funding At the end of first year: interest starts after you finish full-time studies: within 6 months, YOU need to let OSAP know you’re full time EVERY YEAR by:  Get new OSAP Apply early for OSAP & complete your application (even if your funding = $0!) – when Financial Aid confirms your enrolment at the start of the new school year, OSAP will reverse the interest  Complete a CIFS form If you don’t need OSAP or if your funding is delayed to stop the loan payments and to get the interest reversed. OR You go into repayment on ALL OSAP 6 months after you finish full-time studies (i.e. graduate!) When does the cycle stop?

Who is involved in my funding? OSAP (government) School Financial Aid Office National Student Loans Centre = “OSAP Bank”

Apply online by selecting here The Application Apply online by selecting here

The first time you log into OSAP, you need to select “new user registration”

Step 1: Agree to the terms & conditions

Must be your “legal” name You can find this # on your report cards! Step 2: Create your PROFILE Jane Must be your “legal” name Doe You can find this # on your report cards!

Remember this password Remember this password! You will need it every time you try to access your OSAP information online! Must be <12 characters, 1 capital letter & letters & #s only!

Quickest option!

If you want to add someone later, it can be updated online Say “yes” here if you want to allow someone other than yourself to get access to your OSAP information Heads up! This consent will stay on file for 5 YEARS! Keep this in mind if you share your OSAP login with anyone If you want to add someone later, it can be updated online …like parents!

You will be assigned an “OAN”… it’s for LIFE! 810199999

Step 3: Complete a funding application for the current year

You will be asked to review your “profile” information EVERY TIME you complete a new application Select “change” if you need to modify any of your basic personal identifiers

If you see “change required”, only your FAO can make the change but you will be given instructions

June 2014 If you took a break from full-time high school studies of at least 1 year, enter the date you FIRST finished full-time high school!

Pick your school

The student number is the one assigned to you by your university/college…NOT your high school ID! If you choose this option it will be YOUR responsibility to pay fee installments by the deadline! This question will only appear if you’re applying to a school that deducts fees from OSAP

Pick your program

Most of you will choose this option Determine your “status” Most of you will choose this option

Report your income You’re doing a “best guess” right now – OSAP will ask you to confirm your income online later in the term. At ANY time of year: you can make a change in writing through your Financial Aid Office TRUST THE DATES!

This section is asking about YOUR assets not your parents’ assets! Report your assets This section is asking about YOUR assets not your parents’ assets!

Provide parental info

DO NOT GUESS what your parents’ income might be – these numbers are verified with the Canada Revenue Agency! Watch out! “Other income” is income NOT already reported in the section above!!! If you pick this option, you will be asked to provide documentation to support a Family Breakdown!

Check the definition of “dependant children” to ensure that you accurately represent family information x x

You can submit your application for processing now or save it to come back and make changes at a later date –don’t forget to submit it when you’re done!

Step 4: Print required documentation Print your MSFAA and take it to a designated postal outlet for processing early in the summer

What is a Master Student Financial Assistance Agreement (MSFAA)? Your “contract” with the government and the National Student Loans Centre to repay your debt Tells the Loans Centre into which bank account to deposit your OSAP funding – must be an account in YOUR name MUST be processed with a designated postal outlet BEFORE you start school: Print and complete the document Take the first 2 pages of the MSFAA, your valid SIN proof, government- issued photo ID and bank account information (voided cheque, direct deposit info from bank, etc) to a clerk at the postal outlet…it has to be YOU! Only needs to be done once -the first time you apply for OSAP – it will cover you for the duration of your study as long as you don’t take a break of >1 year

More stuff to print Print both sets of signature pages : Use the UPLOAD option OR mail them to the Financial Aid office The option to print the signature pages won’t come up until you SUBMIT your application You will only have to submit signature pages the first year you apply, unless something changes in your family situation

If you “saved” your application… To work with an existing application, click the appropriate year

A complete application will show “SUBMITTED” Once you “submit” the only way to make changes is in writing to your Financial Aid Office

You should “check status” regularly throughout the year to stay informed of changes to your funding, what’s issuing when, etc.!!!

So, how much OSAP can I get? Single student Living at home for the summer Going away to university Worked part-time during last year of high school - saved $500 Will earn $2000 during the summer Awarded entrance scholarship of $1000 Not going to work while at university Parental income is $75 000 2 parent family with 2 kids (including you – you’re the only one going to university/college) Travel cost to visit home (one round trip) is $100

Actual cost will be closer to $19000! = “loan forgiveness” Actual cost will be closer to $19000!

OSAP recognizes…

OSAP Review/Appeal options “Real life” situations which may be considered include the following: Family breakdown Exceptional Parental expenses Lack of summer employment Additional local travel (living at home & commuting to campus) Home within 30km but do not live with parents

Your obligations: Report accurate information on your OSAP application Meet application deadlines Let your FAO know right away of any changes to your circumstances (or your parents’) Successfully complete each year of study! Let OSAP know every year you’re back in school full time: either by completing a new application each year or with a CIFS Budget your funding carefully for the whole year and make sure your fees are covered, even if you told the school to pay with your OSAP