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O.S.A.P. for 2012/2013

O.S.A.P. for 2012/2013. Presented by King’s University College. Our Mission. To convince everyone that it is possible to obtain a post-secondary education no matter what your financial situation. The Whole Picture. Scholarships Bursaries Awards. Student’s Savings. Parent’s Contribution

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O.S.A.P. for 2012/2013

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  1. O.S.A.P. for 2012/2013 Presented by King’s University College

  2. Our Mission To convince everyone that it is possible to obtain a post-secondary education no matter what your financial situation.

  3. The Whole Picture Scholarships Bursaries Awards Student’s Savings Parent’s Contribution & RESP Student’s Employment OSAP & Other Gov’t Programs

  4. Budgeting

  5. www.osap.gov.on.ca “Its purpose is to supplement, not to replace, the financial resources that you (and your family, if applicable) are expected to contribute.” https://osap.gov.on.ca/OSAPPortal/en/OSAPBasics/WhatIsOSAP/index.htm

  6. OSAP is more than “Just a loan” 14 different programs are determined through one OSAP application

  7. Ontario Student Opportunity Grant “The purpose of OSOG is to limit a student’s repayable Canada-Ontario Integrated Student Loan debt to $7,300.00 for a two-term academic year” • Students and parents if applicable, must file taxes to be considered • Grant sent directly to NSLSC as payment to prior years loans https://osap.gov.on.ca/OSAPPortal/en/A-ZListofAid/PRD9211491.html

  8. Why should you apply for OSAP? • The OSAP Loan is an interest free loan as long as you are attending a post secondary institution full time (60% or greater) • Federal Interest Rate = Prime + 2.5 / Provincial Interest Rate = Prime + 1.0 • OSAP offers a grace period. OSAP loans are payment free for the first six months after you graduate. The Ontario portion of OSAP loans are interest free for six months after you graduate.

  9. How do I apply? Online at http://osap.gov.on.ca

  10. New Student vs. Renewal New Student? Click Here Important to remember your OAN and Password

  11. My OSAP Ontario Tuition Grant (OTG)

  12. OSAP Loan Counselling • Each student will be required to complete the OSAP Loan Counselling Session before reaching the OSAP application • Done every year when creating a new application

  13. Starting a new Application

  14. Post Secondary Institution Information Make sue that you are applying to the proper campus.

  15. Program Information Be sure to select the right program

  16. Review Course Details Thoroughly Note the tabs – if you needs to exit the application, it is easy to return where you left off

  17. What is your status?

  18. Student Income Section Note the dates for which you are estimating income Amount represents what you will claim on Line 150 of your 2012 income tax.

  19. Asset Information This day is known as asset validation day. You must record all of your assets by this day. Validation day is 16 weeks prior to the study period date. The Ministry allows you to have $2000 in RRSP for every year out of high school.

  20. Parental Status Dependent Children: For OSAP purposes, dependent children are disabled children, pre-school children, children attending elementary school who are under 16 years of age. Children 16 years of age or older must be full-time (taking 60% or more of a full course load) high school or postsecondary student to be considered. Children who are not disabled and who have been out of high school for 4 or more years are not considered dependent.

  21. Parental Income Section Taxable Income: Enter the annual income for each parent, as reported on his or her 2011 individual income tax return. Enter amounts in dollars only; do not indicate cents. If no income or if the amount is negative (i.e. a loss) enter zero (0). Other Income/Non-Taxable Income: Any other funds that your parents receive, but do not claim as taxable income on their taxes (i.e. overseas income or child support).

  22. Sample Notice of Assessment 150 These figures are used to consider your eligibility for Canada Access Grants. 236

  23. Print Signature Pages

  24. Print Signature Pages

  25. OSAP Appeals • Parent’s Estimated Income Review • Exceptional Family Situations • Exceptional Expense Review (i.e. legal costs) • Vehicle Exemption Review • Living Away from Home Allowance • Additional Travel Allowance

  26. Not eligible for OSAP? • Schedule an appointment with your Financial Aid Advisor • Eligible for OSAP? • Check your status online and view your assessment • Errors/Documentation Missing? • Follow instructions or contact your FAA

  27. Strict Identification Restrictions.Must present Social Insurance Card and Government Issued Photo ID. • NO ID • NO OSAP • NO KIDDING

  28. How’s your credit rating? Check with Equifax at: 1-800-465-7166 www.equifax.ca

  29. Important Things to Remember • Don’t Self-Eliminate • Apply to OSAP before June 30th, 2012 • Print off and mail in your signature sheets by July 15th, 2012 • Check your OSAP status online for any “holds” • Find the Financial Aid Office at the institution you will be attending • Get the appropriate ID ready for September Questions?? Email us at kingsfinances@uwo.ca

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