OSAP and Professional Experience Year Information and Useful Tips Enrolment Services 172 St. George Street

OSAP Repayment Begins! PEY  Not Full-Time  OSAP loan repayment begins PEY  Not eligible for Loans/Grants + Not eligible for Interest Free Status Repayment = 6 months from the end of full-time studies

Repayment Example Study end date for is April 30, 2014 Non-Payment Period: May 1 to Oct 31, 2014 Interest is charged on the CSL in this period Consolidation date: Nov 1, 2014 First Payment Date: Nov 30, 2014

Interest Charges OSAP = Canada + Ontario student loans Interest Rate (floating) :  CSL is Prime + 2.5%  OSL is Prime % Loans are interest free when you’re full-time Not full-time = 6 month Non-Payment period Interest on the CSL in Non-Payment period OSAP is an open loan: pay early + lump sum

Repayment Assistance National Student Loans Service Centre   (Select NSLSC) NSLSC will contact you prior to Consolidation  Consolidation letter will be mailed to you Apply for Repayment Assistance  Reduced payments based on your monthly income Revision of Terms  Reduce payments by extending amortization period

Update your address NSLSC   (Select NSLSC) OSAP website  U of T Student Web Service 

Returning from PEY  Not applying for OSAP STOP Loan repayment process:  Notify the NSLSC that you’re full-time student  Continuation of Interest Free Status (CIFS) form  Complete CIFS in September at the Registrar Office Pay any Outstanding interest:  Contact the NSLSC:

Returning from PEY  Applying for OSAP Apply Early:  Apply & provide documents prior to end of May  Most Documents: submitted to Enrolment Services Assessments for early applications: early August OSAP appeals:  Appeals are possible in some cases  Consult with Enrolment Services in August

Factors that could change in new OSAP application Independent status:  4 years out of high school  Parental income not used in the assessment Residency:  If you work in another Province for 12 consecutive months then you’re no longer eligible for OSAP  If you’re a resident of another Province, and work in Ontario for 12 consecutive months, then you could be eligible for OSAP.

PEY income and OSAP OSAP is an income/asset sensitive program Assets have to be declared:  Vehicles, bank account balances, investments, etc.  16 weeks prior to the start of classes: mid-May Summer income: mid-May to start of classes Funding Estimators:  OSAP Website:  Enrolment Services:

Using PEY income wisely PEY income, and how you use it, impacts OSAP Assets have a significant impact:  Declared as of 16 weeks prior to Sept (mid-May)  Pay down high interest debts prior to May  Vehicles affect your OSAP significantly Summer income (mid-May to start of classes):  Reduce your expenses in the summer Rules consistent with Faculty Grants Committee

PEY income and UTAPS UTAPS is linked to OSAP assessment OSAP recipients: no separate application Out of Province Students:  Apply beginning in August  Enrolment Services: Qualifying for UTAPS :  Unmet financial need + FT in both terms Funding Estimator: loans and grants  Enrolment Services:

PEY and Aiming for the Top Request deferral if you meet the renewal terms Make deferral request starting in July 2014 Make request no later than Jan 2015 Send an to:  Beth Lebans  Include legal name, student # and SIN # Deferral confirmation after Jan 2015

Enrolment Services 172 St. George Street Tel: Hours:  Mon, Wed, Thurs, Fri: 9:30 am to 4:30 pm  Tues: 1 pm to 6 pm