OSAP

What will be covered today: Brief OSAP intro A look at the OSAP application – things to watch for! Common OSAP appeals An OSAP example OSAP vs bank Line of Credit Questions

What is OSAP? LOANS GRANTS Funding may be issued as: “Ontario Student Assistance Program” - ALL need-based provincial and federal student assistance funding in Ontario Funding may be issued as: from both the federal and provincial government as part of your total funding for the year: for high need families (and Crown Wards) 30% off Ontario Tuition Students with a Permanent Disability … and/or at the end of the school year to “forgive” a portion of your loan (= Ontario Student Opportunity Grant) LOANS GRANTS

How does OSAP work? Apply for OSAP each year (usually early May) – you’ll only need to provide signatures and the MSFAA the first year OSAP calculates what they think you need – you won’t be asked for any actual costs! Funding is paid out in 2 installments: 60% in Fall & 40% in Winter Your funding can change throughout the year – remember to REGULARLY CHECK your funding status by logging onto the OSAP website

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

Create your Student Profile by selecting here The Application Create your Student Profile by selecting here

The first time you log into OSAP, you need to select “register now”

Must be your “legal” name You can find this # on your report cards! Step 1: Create your PROFILE Rhoda Must be your “legal” name Bike 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!

Say “yes” here if you want to allow someone other than yourself to get access to your OSAP information

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

Email validation You must validate your email within 24 hours to proceed with the application Allows you to reset your own password in the future!

Step 2: Complete a funding application for the current year

When you pick your start date, OSAP will direct you to the correct application “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 on what to submit

Pick your specific 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 Jan 1/15 to Dec 31/15 total gross income Jan 1/15 to Jun 29/15 total gross income Jun 30/15 to Sep 7/15 total gross income Jun 30/15 to Sep 7/15 (Sep 8/15 to May 1/16) Only report EAP portion

New for 2015/16: you can have a vehicle in your name!

Provide parental info

2014 2014 2014 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!!! 2014 2014 2014 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

2015- 2016 You can submit your application for processing now or exit to come back and make changes at a later date –don’t forget to submit it when you’re done!

Step 3: 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 all of your studies 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 or want to check on its status… You should “check status” regularly throughout the year to stay informed of changes to your funding, what’s issuing when, etc.!!!

An application that hasn’t been submitted yet: Once you “submit” the only way to make changes is in writing to your Financial Aid Office

An application that has been submitted now has other options:

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! Away from home At home = “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 Lower Estimated Income (parents) Lack of summer employment Additional local travel (living at home & commuting to campus) Home within 30km but do not live with parents

MAY SEPT The OSAP cycle Apply for funding every year OSAP payments are put on hold Getting OSAP money Apply for funding every year Complete CIFS - put payments on hold NOT getting OSAP money MAY Don’t need OSAP one year? Complete a CIFS in early fall! SEPT

Register with the NSLSC Track your debt: Register with the NSLSC In September, create a login using the loan ID # you will receive in the mail – that way you can check your “account” throughout the year

Should I choose OSAP or a Bank Loan (“Line of Credit”)? Why not do both (if you have an eligible co-signor)? OSAP is interest-free but not guaranteed from year-to-year Builds your credit rating If you don’t touch the line of credit, you can compound your amount for future use