1. OSAP

2. 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

3. 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

4. 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

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

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

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

8. 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!

9. 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!

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

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

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

13. Step 2: Complete a funding application for the current year

14. When you pick your start date, OSAP will direct you to the correct application “year”

15. 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

16. If you see “change required”, only your FAO can make the change but you will be given instructions on what to submit

17. 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

18. Pick your program

19. Most of you will choose this option
Determine your “status”
Most of you will choose this option

20. 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

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

22. Provide parental info

23. 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!

24. Check the definition of “dependant children” to ensure that you accurately represent family information x x

25.
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!

26. Step 3: Print required documentation
Print your MSFAA and take it to a designated postal outlet for processing early in the summer

27. 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

28. 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

29. 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.!!!

30. 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

31. An application that has been submitted now
has other options:

32. 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

33. Actual cost will be closer to $19000!
Away from home
At home
= “loan forgiveness”
Actual cost will be closer to $19000!

34. OSAP recognizes…

35. 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

36. 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

37. 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

38. 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