Financing Your University Education Maureen Jones Student Awards & Financial Aid

Agenda Expected Costs Sources of Funding – Family Contributions – Student Contributions – Bursaries and Scholarships – OSAP (Ontario Student Assistance Program) – Private loans – Student lines of credit University of Waterloo Guarantee of Undergraduate Student Financial Support

Sources Of Funding Family Contributions Student Contributions Bursaries (based on need) Scholarships (based on merit) OSAP (Ontario Student Assistance Program) – Personal loans and Student Lines of Credit

Family Contribution OSAP expects a Family Contribution – Savings & RESP – Free room and board Planning – Recalculate/reprioritize monthly family budget – Refinance current loans – Personal loans or Student Line of Credit

Student’s Contribution Students are also expected to contribute Summer or co-op work-term savings Part-time employment during study periods – Ontario Work-Study for OSAP students – Other on-campus and off-campus jobs Upper year bursaries, scholarships & awards – Budget – sample in our Financing E-Brochure

President & Merit Scholarships Admission AverageScholarshipAmount 95% or above President’s Scholarship of Distinction $2,000 Entrance Scholarship, PLUS a $1,500 International Experience Award, or a $1,500 Research Award, or both. 90%-94.9%President’s Scholarship$2,000 Entrance Scholarship 85%-89.9%UW Merit Scholarship$1,000 Entrance Scholarship

President’s Distinction Awards Available in upper years 2A and above if the student chooses to claim them Students must complete their first year with at least an 80% average The International Experience Award is available only to Canadian citizens or permanent residents.

Other Scholarships Approximately 600 Entrance Scholarships Value from $500 to $6,250 per academic year Most do not require an application

External Scholarships Students are encouraged to seek out other scholarship opportunities beyond the ones offered by the university. For example: High school guidance offices Local service organizations: e.g. Lion’s Club, Kiwanis, etc. Employee dependent scholarship programs through parents’ workplace Queen Elizabeth II – Aiming for the Top Scholarship Program offered by the Ontario Provincial government (apply at Association of Universities and Colleges Canada ( Miller Thomson Foundation: On-line scholarship catalogue/website:

Entrance Bursaries Value - $500 to $4,000 Eligibility – Ontario Resident – Demonstrate financial need – MUST apply for OSAP – Attending a university/college for the first time in September – Deadline to apply

Upper Year Scholarships – The SAFA Office administers numerous upper year undergraduate scholarships and awards. – We invite applications from eligible students at the beginning of each study term. – The majority of merit-based awards processed by our office do not require an application because they are “automatically” awarded to the top students in their program.

Upper Year Bursaries Two Processes for Bursaries 1) System-Assigned Bursaries – Value depends on level of unmet financial need – Must be enrolled full-time – In acceptable academic standing – Must have applied for OSAP

Upper Year Bursaries Two Processes for Bursaries 2) Application Process – Student provides detailed information including documentation for exceptional circumstances/information regarding other provincial student aid etc. – Must be enrolled full-time – Must be in acceptable academic standing – Must apply for OSAP (or other provincial funding)

OSAP Ontario Student Assistance Program Funded by Prov. & Fed. Governments Ontario Ministry of Training, Colleges & Universities Financial Aid Office Ontario Post- Secondary Institution National Student Loans Service Centre (NSLSC)

OSAP Canada Student Loan Program Ontario Student Loan Program Queen Elizabeth II – Aiming for the Top Canada & Ontario Grants Ontario Work study program

Comparison Of UW Costs To OSAP Maximums UW CostsOSAP Max One term$7,939 - $10,548$5,400 Two terms$15,878-$21,461$11,880

Estimate your OSAP Funding

Estimated OSAP Funding Arts & Science student – Fall & Winter 8 months Family has 2 children, one in post secondary, away from home Family Income LoanGrantTotal Funds $60,000$10,244$2,074$12,318 $80,000$8,794$1,251$10,045 $100,000$6,939$0$6,939

When To Apply For OSAP 2012/13 application on the OSAP website in February; apply no later than June 15 th Deadlines may differ among schools OSAP program assesses a penalty for late applications – apply by full-funding date

OSAP – osap.gov.on.ca Apply on line - it’s free! Secure site – SIN # and PIN No obligation estimate All paperwork to UW Financial Aid office Pick up funding in September

Third Party Checks 100% verification of all income fields using Canada Revenue Agency tax information plus: – Credit Check – SIN Registry Check – MTO Check

Appealing Your OSAP Assessment Yes - you can appeal OSAP Common Appeals: – Student Contribution Appeals – Parents Lower Estimated Income for Current Taxation Year – Parents Exceptional Expense Make an appointment to discuss your financial situation – We are happy to help and to answer your questions

Student’s Responsibilities Keep the National Student Loan Service Centre informed – Address changes – Continuation of Interest Free Status forms when not in receipt of OSAP – Repayment information & assistance: canlearn.cacanlearn.ca Keep the Financial Aid Office informed – Address changes, changes in course load, withdrawal from studies, program/plan changes – Changes in income and assets during study periods – Changes in marital status – Check your ! Repay your student loans after you finish school

UW’s Guarantee At UW, we’re committed to making sure that lack of money doesn’t get in the way of our students’ success Our commitment: – The University guarantees to fund unmet need as defined by OSAP (or a student assistance plan from another Canadian province) – The University aspires to identify students in need and ensure that all eligible students admitted to full-time studies have the financial assistance necessary to complete their studies Follow the link to “Supporting Your Academic Success”

Important Web-sites findoutmore.uwaterloo.ca osap.gov.on.ca safa.uwaterloo.ca canlearn.ca

Student Awards & Financial Aid safa.uwaterloo.ca safa.uwaterloo.ca