2 What will be covered today: Brief OSAP introA look at the OSAP application – things to watch for!Common OSAP appealsAn OSAP exampleOSAP vs bank Line of CreditQuestions
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 OntarioFunding may be issued as:from both the federal and provincial governmentas part of your total funding for the year:for high need families (and Crown Wards)30% off Ontario TuitionStudents with a Permanent Disability… and/or at the end of the school yearto “forgive” a portion of your loan(= Ontario Student Opportunity Grant)LOANSGRANTS
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 yearOSAP 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 WinterYour 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 ApplicationCreate 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 PROFILERhodaMust be your “legal” nameBikeYou 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
12 validationYou must validate your within 24 hours to proceed with the applicationAllows 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
19 Most of you will choose this option Determine your “status”Most of you will choose this option
20 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 OfficeJan 1/15 to Dec 31/15 total gross incomeJan 1/15 to Jun 29/15 total gross incomeJun 30/15 to Sep 7/15 total gross incomeJun 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!
23 201420142014DO 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!!!201420142014If 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 informationxx
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 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 all of your studies as long as you don’t take a break of >1 year
28 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
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 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
33 Actual cost will be closer to $19000! Away from homeAt home= “loan forgiveness”Actual cost will be closer to $19000!
35 OSAP Review/Appeal options “Real life” situations which may be considered include the following:Family breakdownExceptional Parental expensesLower Estimated Income (parents)Lack of summer employmentAdditional 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 holdGetting OSAP moneyApply for funding every yearComplete CIFS - put payments on holdNOT getting OSAP moneyMAYDon’t need OSAP one year? Complete a CIFS in early fall!SEPT
37 Register with the NSLSC Track your debt:Register with the NSLSCIn 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-yearBuilds your credit ratingIf you don’t touch the line of credit, you can compound your amount for future use