2 Remember: It is an ASSISTANCE program! What is OSAP?An “umbrella” term for ALL need-based provincial and federal student assistance funding in OntarioRemember: It is an ASSISTANCE program!Funding can be issued as:Integrated Canada/Ontario Student LOANSUp front GRANTS for high need families (and Crown Wards)The 30% off Ontario Tuition GRANTA GRANT at the end of the school year to “forgive” a portion of your loan (Ontario Student Opportunity Grant)
3 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 circumstancesFunding is paid out in 2 installments: 60% in Fall & 40% in WinterCHECK your funding status THROUGHOUT THE YEAR by logging onto the OSAP website
4 When does the cycle stop? The OSAP cycleYear 1:get OSAP fundingAt 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 OSAPApply 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 interestCompletea CIFS formIf you don’t need OSAP or if your funding is delayed to stop the loan payments and to get the interest reversed.ORYou go into repayment on ALL OSAP 6 months after you finish full-time studies (i.e. graduate!)When does the cycle stop?
5 Who is involved in my funding? OSAP (government)School Financial Aid OfficeNational Student Loans Centre= “OSAP Bank”
6 Apply online by selecting here The ApplicationApply online by selecting here
7 The first time you log into OSAP, you need to select “new user registration”
12 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 informationHeads up! This consent will stay on file for 5 YEARS! Keep this in mind if you share your OSAP login with anyoneIf you want to add someone later, it can be updated online…like parents!
19 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
21 Most of you will choose this option Determine your “status”Most of you will choose this option
22 Report your incomeYou’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 OfficeTRUST THE DATES!
23 This section is asking about YOUR assets not your parents’ assets! Report your assetsThis section is asking about YOUR assetsnot your parents’ assets!
25 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!
26 Check the definition of “dependant children” to ensure that you accurately represent family informationxx
27 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!
28 Step 4: Print required documentation Print your MSFAA and take it to a designated postal outlet for processing early in the summer
29 What is a Master Student Financial Assistance Agreement (MSFAA)? Your “contract” with the government and the National Student Loans Centre to repay your debtTells the Loans Centre into which bank account to deposit your OSAP funding – must be an account in YOUR nameMUST be processed with a designated postal outlet BEFORE you start school:Print and complete the documentTake 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
30 More stuff to printPrint both sets of signature pages :Use the UPLOAD optionORmail them to the Financial Aid officeThe option to print the signature pages won’t come up until you SUBMIT your applicationYou will only have to submit signature pages the first year you apply, unless something changes in your family situation
31 If you “saved” your application… To work with an existing application, click the appropriate year
32 A complete application will show “SUBMITTED” Once you “submit” the only way to make changes is in writing to your Financial Aid Office
33 You should “check status” regularly throughout the year to stay informed of changes to your funding, what’s issuing when, etc.!!!
34 So, how much OSAP can I get? Single studentLiving at home for the summerGoing away to universityWorked part-time during last year of high school - saved $500Will earn $2000 during the summerAwarded entrance scholarship of $1000Not going to work while at universityParental income is $75 0002 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
35 Actual cost will be closer to $19000! = “loan forgiveness”Actual cost will be closer to $19000!
37 OSAP Review/Appeal options “Real life” situations which may be considered include the following:Family breakdownExceptional Parental expensesLack of summer employmentAdditional local travel (living at home & commuting to campus)Home within 30km but do not live with parents
38 Your obligations: Report accurate information on your OSAP application Meet application deadlinesLet 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 CIFSBudget 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