Funding Your Post Secondary Education Student Financial Services
Funding Your Post Secondary Education Student Financial Services 2017 Student Financial Aid Resources Government Programs OSAP Commercial Banks Student Lines of Credit Employment Earnings Awards, Scholarships & Bursaries Ontario Student Assistance Program
3 What is OSAP? 4 What is OSAP? The Ontario Student Assistance Program (OSAP), which is offered by the Government of Ontario, provides financial assistance to students to help them attend college or university. OSAP is based on your financial need, not your grades. With one application, you will be considered for non-repayable
grants, as well as an OSAP loan. 5 What is OSAP? OSAP includes: Grants, bursaries and scholarships = non-repayable aid (you keep) Loans = repayable aid (you pay back) Grants Loans 6
Am I eligible for OSAP? 7 Am I eligible for OSAP? To be eligible for OSAP, you must be: A Canadian citizen, permanent resident or protected person An Ontario resident Currently attending or entering an OSAP-approved program and school
Currently enrolled in or entering a certificate, degree or diploma program You must meet all of these four criteria. 8 Can I get OSAP if I want to study outside of Ontario? 9 Can I get OSAP if I want to study
outside of Ontario? Yes, you can still receive OSAP if you enroll in a public college or university program outside of Ontario. If you want to study outside of Canada, you can still be eligible to receive partial OSAP funding. 10 How is OSAP aid determined? 11
How is OSAP aid determined? Allowable Educational Costs minus Tuition & compulsory fees Books & supplies Equipment Computer costs Personal living expenses Child care
Travel Expected Financial Contribution equals Calculated Financial Need Student contribution
Student, parental & spousal income Student & spousal assets 12 Example of how OSAP aid is determined Educational Costs $15,000 Financial Contribution $3,000
Financial Need $12,000 13 How much money can I get from OSAP? 14 How much money can I get from OSAP? The amount of OSAP aid you qualify for is based on your calculated financial need. Maximum OSAP Assistance Levels for 2017-18 Single dependent and
independent students Married students and sole support parents Students studying outside of Canada Weekly 34-week program (2 school terms) Up to $390 Up to $13,260
Up to $660 Up to $22,440 Up to $210 Up to $7,140 *Amounts are based on both federal and provincial aid. **The Government of Canada provides $210/week in loans for all student types. (This is already included in the funding above.) 15
How much money can I get from OSAP? Go to ontario.ca/osap to find out how much you can get in OSAP loans and grants. 16 Example 4 pieces of information were entered in this example How much
grant money you could get How much loan money you could get Other information 17 Who can get free tuition?
Starting in September 2017, the changes to OSAP will result in free average tuition and no provincial debt for: Dependent students whose annual family income is less than $50,000. Independent students whose annual income is less than $30,000. Grants Loans 18 Who can get free tuition? Free tuition means OSAP grants would equal or exceed:
Actual tuition for a regular college diploma program across the province; or Actual tuition for an undergraduate Arts and Science program at an Ontario university; or Average tuition for a regular college or undergraduate Arts and Science program for a student in a high cost program, such as engineering. 19 Other important information 20
Am I a dependent student? You are a dependent student if all of the following are true: Youre not married or living in a common-law relationship; Youre not separated, divorced or widowed; Youre not a sole-support parent; Youve been out of high school for less than four years before you start postsecondary school; and You havent taken two or more breaks from being a full-time high school or postsecondary student that were both at least 12 consecutive months in length.
Speak to your guidance counsellor if any of these are not true. Note: This definition applies only to full-time students. 21 Can I get a grant if my family income is over $50,000? Yes, students with family incomes above these amounts can receive a mix of grants and loans, which are based on their family size and income. Availability of grant funding based on family size and income $195,000 For a family of 4, grant funding is available if the familys income is up to $175,000 per year
$190,000 $185,000 Maximum family income per year $180,000 $175,000 $170,000 $165,000 $160,000 $155,000
$150,000 $145,000 1 2 3 4 5 6
7 Family size (total parents + kids) 22 When do I need to repay my OSAP loan? In the first six months after you graduate, or stop attending college or university: You dont need to make any loan payments; No interest is charged on the Ontario portion of your student loan; and Interest begins to be charged on the federal portion of your student loan.
You need to start paying off your student loan six months after you leave school. If youre having trouble making your required payments, you could be eligible to lower them. 23 How do I apply for OSAP? 24 How do I apply for OSAP? When you apply for college or university through the college or university application
centre (OCAS/OUAC), youll be directed to OSAPs website, where you can register and set up your profile. You can register for OSAP now to receive an email when the application becomes available in spring 2017. Registration is free! Register and apply online at: ontario.ca/osap Apply early! Students typically apply right after being accepted to college or university.
25 Steps to apply for OSAP 1 2 Go to ontario.ca/osap. Click Register to create your profile. Well let you know when its time to apply. Once you create an OSAP profile, you will be assigned an OSAP Access Number (OAN).
3 Log in and click start new app to fill out the application. 4 Gather all required documents. (Youll get a list at the end of your application.) 5
Upload your documents online, or mail/deliver them to your financial aid office. 6 Print, sign and submit your MSFAA to a designated Canada Post office. The Master Student Financial Assistance Agreement (MSFAA) is your lifetime loan agreement. 7 Track the status of your application
online, and learn how much money youll get and when. You can even do this from your phone! 26 Student Line of Credit Student Line of Credit Competitive Interest Rates
Pay interest while in school Need a co-signature No Grant Eligibility Will you be working during school? 1. Approximately 50% of students work while studying 2. 15 hours a week
3. Related to your program? 4. Work-Study Program on-campus opportunities 5. Look early for Summer Job! Awards and Bursaries Student Assistance Bursary Urgent Need Bursary Entrance Award (Degree & Diploma)
BSWD / CSG-PDSE First Generation Bursary Aboriginal Post-Secondary Education & Training Bursary (APSET) Student Access Guarantee (SAG) Donor funded Awards, Scholarships and Bursaries Questions? 31 Contact us on social media Facebook.com/ONAdvancedEd
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