1. OSAP and Professional Experience Year Information and Useful Tips Enrolment Services 172 St. George Street 416-978-2190 osap.staff@utoronto.ca

2. 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

3. Repayment Example Study end date for 2013-2014 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

4. Interest Charges OSAP = Canada + Ontario student loans Interest Rate (floating) :  CSL is Prime + 2.5%  OSL is Prime + 1.0 % 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

5. Repayment Assistance National Student Loans Service Centre  1-888-815-4514  http://canlearn.ca (Select NSLSC) http://canlearn.ca 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

6. Update your address NSLSC  1-888-815-4514  http://canlearn.ca (Select NSLSC) http://canlearn.ca OSAP website  http://osap.gov.on.ca http://osap.gov.on.ca U of T Student Web Service  http://www.rosi.utoronto.ca http://www.rosi.utoronto.ca

7. 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:1-888-815-4514

8. 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

9. 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.

10. 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: http://osap.gov.on.cahttp://osap.gov.on.ca  Enrolment Services: www.adm.utoronoto.ca/fawww.adm.utoronoto.ca/fa

11. 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

12. 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: www.adm.utoronto.ca/fa Qualifying for UTAPS :  Unmet financial need + FT in both terms Funding Estimator: loans and grants  Enrolment Services: www.adm.utoronto.ca/fa

13. 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 e-mail to:  Beth Lebans (beth.lebans@utoronto.ca)beth.lebans@utoronto.ca  Include legal name, student # and SIN # Deferral confirmation after Jan 2015

14. Enrolment Services 172 St. George Street Tel: 416-978-2190 Hours:  Mon, Wed, Thurs, Fri: 9:30 am to 4:30 pm  Tues: 1 pm to 6 pm