1. Funding Post Secondary
Hello, my name is Today’s presentation on OSAP is intended to outline the basic information on the program. The majority of the information is standard to any school you will be applying and attending.
Funding Post Secondary

2. Funding Post Secondary is a Partnership
Student
Parent(s)
Government
Institution

3. Student and Parental Contributions

4. Institution’s Contribution

5. The Government Piece - What is OSAP?
The Ontario Student Assistance Program is a needs based loan and grant program, funded by both the federal and provincial government, which provides financial assistance to students to help them attend college or university.
“Its purpose is to supplement, not to replace, the financial resources that you (and your family, if applicable) are expected to contribute.”
Through one application (per academic year), you will be considered for non-repayable grants, as well as loans that you eventually must repay.
OSAP
Loans =
Borrowed Money
Grants =
Free Money

6. Why should you apply for OSAP?
The OSAP Loan is an interest free loan as long as you are attending a post secondary institution full time (60% courseload or greater)
Federal Interest Rate = Prime / Provincial Interest Rate = Prime + 1.0
OSAP offers a grace period. OSAP loans are payment free for the first six months after you complete full time studies. (Provincial Interest accrues during this period)
The Loans Center has Repayment Assistance Programs (RAP). When your loans go into repayment and you are unable to make the payments-you can apply for RAP to have the payment reduced or put on hold for an additional 6 months. Students that earn less than $25,000 in annual income will not be required to make payments
There are many advantages to OSAP. We encourage you to apply to take advantage and do not self-eliminate. Compared to a loan or a line of credit, OSAP loans are interest-free as long as you are attending post-secondary in a 60% course of a full course load taken at that particular school. Also there are the advantages of the grace period and the interest-free on the Ontario portion of your loan funding.

7. How much OSAP can I get?

8. When do I apply?
The application will be available on or around April 24th, 2019
Check with your College or University about deadlines-they will request you to apply by a certain date in order to have your application ready to process for September
The OSAP deadline to apply is 60 days prior to the end of the study period; however if you are looking to have an OSAP deferral for your tuition, you need to adhere to the institution’s deadline
Not every school offers an OSAP deferral for tuition and/or residence; it is important to visit the schools website to determine when your fees are due

9. What do I need before I apply?
Your Social Insurance Number
Info about your school and program
Your parent’s SIN’s and information
Your parents tax information form 2018
Your banking information

10. www.ontario.ca/osap Register
New Users must register first-
Keep your OAN and password safe

11. Lost your OAN or Password
#1- Try the challenge questions
#2- Visit a financial aid office in Ontario with your SIN card and gov’t photo ID

12. Create your Profile

13. Create your Profile

14. My Applications

15. Start a New Application

16. Select Your School

17. Select Your Program

18. Program Information

19. Your Current Situation - Student

20. Student Income You will be asked questions about:
- Income you expect to earn during your study period (exemption is $5600 per term)
- Scholarships and bursaries you expect during your study period (exemption is $1850)
Your RRSP’s - Retirement Savings (exemption is $ per year for every year out of high school)
Your Assets (exemption is $3600 as part of student’s contribution)

21. Student Assets
Blue words are links to definitions

22. Parental Status
Be aware of who needs to complete your parental information – for parents and children – based on who you live with and who lives with you!

23. Parental Information Cont’d

24. Parental Information Cont’d

25. Dependent Children
Dependent Children: Any Children below 16 in and in school. Children 16 years of age or older must be full-time (taking 60% or more of a full course load) high school or postsecondary students to be considered. Children beyond 4 years out of high school are no longer considered dependent children.

26. Review and Submit
It is not a race to complete your application.. Always review the information and when you are confident “Submit” but don’t forget to submit!

27. You receive an Estimate after you apply

28. In Late April or May – Print Documents 1. Signature Sheets for Student 2. Signature Sheets for Parents

29. 2. Process your MSFAA online (Setting yourself up on the Loans Centre site-banking is req’d)

30. Documents should appear as Approved in 6 Weeks

31. OSAP Appeals Parent’s Estimated Income Review
Exceptional Family Situations
Exceptional Expense Review (i.e. legal costs)
Living Away from Home Allowance
Additional Travel Allowance
If your OSAP is not enough, there are options to allow for exceptional situations to be considered. You need to bring your special situation to the attention of the OSAP office; setting up an appointment with a Financial Aid Advisor who handles OSAP at the college or university. You can discuss the situation and they can review the options available to you.

32. Student Line of Credit
Student line of credit vs. parent’s line of credit
Differences in amounts and interest rates when out of school
Can still apply for most needs based awards
Most banks offer Student Lines of Credit where interest only payments allowed until graduation
Back up plan

33. Create a Budget

34. OSAP video on YouTube

35. Questions?