Financial Aid Presentation

1. Financial Aid Presentation OSAP Information 2012

2. What is OSAP?Ontario Student Assistance Program • An umbrella term used to refer to provincially and federally funded needs-based student financial assistance in Ontario • NOT JUST LOANS: OSAP includes loans, grants, bursaries and scholarship programs.

3. FEDERAL Canada Student Loans www.canlearn.ca PROVINCIAL Ontario Student Loans http://osap.gov.on.ca Types of OSAP Assistance

4. GRANTS • 1. FEDERAL GRANTS • 2. PROVINCIAL GRANTS

5. Federal Grants • CANADA STUDENT GRANT – PERMANENT DISABILITY: For high-need OSAP recipients who have a disability • CANADA STUDENT GRANT - DEPENDENTS: • For high-need OSAP recipients who have dependents with family income less than or equal to the Ontario Low Income table

6. Federal Grants continued CANADA STUDENT GRANT – LOW INCOME: Students who have been in an undergraduate program for 2 or more years Income must be less than or equal to the Ontario Low Income table

7. Federal Grants Cont’d CANADA STUDENT GRANT – MIDDLE INCOME: Students who have been in an undergraduate program for 2 or more years Family income must be more than or equal to the Ontario Low Income table and less than or equal to the Middle Income table

8. Provincial Grants ONTARIO ACCESS GRANT YEAR 1: First year, first time students from low income families attending postsecondary ONTARIO ACCESS GRANT YEAR 2: For students from low income families attending postsecondary in year two of their program.

9. Queen Elizabeth II Aiming for the Top Scholarship For: • High school graduates who have achieved academic excellence (80% and up). • Between $100 - $3,500 per academic year – depending on your financial need and academic merit as determined by the Ministry. Renewable.

10. Who can apply for OSAP? • Canadian citizen, Permanent Resident or Protected Person • Lived in Ontario for the past 12 consecutive months before starting full-time post-secondary school • Lived in Canada for less than 12 months • Enrolling in OSAP-approved program and taking 60% course load (40% for students with a permanent disability) • You MUST pass the OSAP credit check

11. When to apply? AS SOON AS POSSIBLE! At LEAST 10 weeks before classes begin

12. Application • To apply for OSAP you must fill out and submit an OSAP Application for Full-Time Students • There are two different methods you can use to apply for OSAP: 1. Online application available at http://osap.gov.on.ca 2. Paper application available to print out from the OSAP website.

13. Online Application • Almost 99% of students apply through the web. • The online application is available on the OSAP website 24 hours a day, 7 days a week • You can get on-the-spot estimate of the amount of funding you may be eligible to receive • You can check the status of your application online THERE IS NO APPLICATION FEE!

14. Online Loan Counseling • An online counseling session has been added to the OSAP application. The loan counseling session: • Is a mandatory part of the OSAP online application • Provides brief high-level introduction to topics like the Ontario Student Opportunity Grant, loan repayment, and Interest Relief. • Is interactive – you must correctly answer four multiple choice questions to complete the session. • The questions take about 10 minutes to complete.

15. Multiple Applications If you decide to apply for OSAP before you receive notification of your acceptance, you have to fill out a separate OSAP application for each institution.

16. Submitting OSAP Application • When you submit your web application electronically, print off the SIGNATURE PAPERS and submit them to the Financial Aid office of the institution you plan to attend. YOUR APPLICATION WILL NOT BE PROCESSED UNTIL THESE FORMS ARE SUBMITTED!

17. ONLINE signature papers Any supporting documentation requested PAPER completed OSAP application $10 application fee Any supporting documentation requested Studying in Ontario Submit the following forms to the financial aid office of the institution which you plan to attend:

18. ONLINE Signature papers Any supporting documentation requested PAPER completed OSAP application $10 application fee Any supporting documentation requested Studying Outside Ontario or Canada Submit the following forms directly to the Ministry of Training, Colleges, and Universities in Thunder Bay (Except McGill and Concordia Universities –send to their direct address instead).

19. How OSAP Funding is Determined Allowable Educational Expenses (tuition, books, supplies, living allowance) MINUS Expected Financial Contributions (from student and/or parent) = OSAP Funding

20. Maximum Assistance Available

21. Checking the Status of your OSAP Application WHEN TO CHECK? You should wait at least 2-4 weeks after you submit your signature pages & supporting documents. HOW TO CHECK? • You can visit the OSAP website at http://osap.gov.on.caClick on Check Status and enter your Social Insurance Number and your password

22. Getting your OSAP Funds Your approved OSAP funding cannot be issued to you by the Financial Aid Officeuntil you are registered AND attending classes.

23. Getting your OSAP Funds Once OSAP funds are issued, they are administered through a lending institution: You will receive 60% initially and the other 40% half-way through your study period.

24. Getting Your OSAP Funds • One piece of valid photo I.D. issued in Canada by the federal or provincial government (For example: valid driver’s license, passport, provincial health card with photo, permanent residency or citizenship card). • Your government-issued Social Insurance Number (S.I.N) CARD Take your OSAP documents to a NSLSC representative on campus, or to a designated Post Office, where they will help you complete the final requirements

25. Getting Your OSAP Funds Student Banking information is required • Name and Address of financial institution • YOUR Bank Account Number (CANNOT use your parent’s bank account) • Bank transit (branch) number Bring a void cheque

26. Paying your tuition with OSAP Funds If you have been accepted to your program, most institutions require early tuition fee payment. If you have OSAP you may qualify for a fee deferment. Ask the financial aid office at your chosen institution for more information.

27. Your Responsibilities • Provide complete and accurate information • Supply all necessary supporting documentation • Promptly notify the financial aid office, in writing, of any changes to your academic, financial, family or study period status

28. Your Responsibilities • Maintain satisfactory academic progress • Begin repayment of your loans 6 months after you cease to be a full-time student • Notify NSLSC of any change of address • Details are available on both the OSAP and Canada Student Loans websites

29. Example of Average Annual College Expenses for 2008-2009

30. Common Financial Pitfalls • Understanding what all the various set-up costs are going to be • Credit Card Debt • Cell Phones • Problems with the people students are sharing accommodation with. Make sure all names are on the lease agreement • Unexpected medical/dental expenses

31. Common Financial Pitfalls • The cost of utilities in the deep of an Ottawa winter • Leasing or buying expensive vehicles while in receipt of OSAP funding • Maintaining a vehicle – can cost $300/month on average • An inability to cook basic meals. Fast food or take out meals are very costly options • No insurance coverage on possessions i.e. Computer.

32. Loan Repayment Calculator

33. Clicking on to Financial Advice • www.canlearn.ca • www.cibc.com • www.bmo.com • www.scotiabank.com • www.tdbank.ca/student • www.debtfreegrad.com • www.yourmoney.cba.ca • www.youthpath.ca