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Financing Your Education

Financing Your Education

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Financing Your Education

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  1. Financing Your Education

  2. The Plan

  3. It’s going to cost HOW much???

  4. Costs: Tuition Any guesses??

  5. Costs: Tuition Around $6,000

  6. Costs: Books & Supplies Any guesses??

  7. Costs: Books & Supplies Around $1,000

  8. PSYC 1F90 • Campus Bookstore: $183.99 • Amazon $145.16 + shipping • Loose Leaf $91.95 • USED $29.10

  9. Costs: Living Expenses Any Guesses??

  10. Costs: Living Expenses IT DEPENDS!

  11. Estimated Costs Everyone is different.

  12. Estimated Costs That’s why you need to make a budget.

  13. Estimated Costs

  14. Financing Your Education How are you going to pay for school?

  15. Financing Your Education OSAP RESPs Bank Loans Scholarships Bursaries Savings Experience Works Part-time Work

  16. Resources OSAP

  17. Resources Ontario Student Assistance Program

  18. OSAP Close to 50% of Ontario undergraduate students get help through OSAP. OSAP internal statistics as presented in 2009-2010 OSAP High School Presentation (English) Ontario Ministry of Training, Colleges and Universities

  19. OSAP Maximum funding ≈ $13,000

  20. OSAP Grants + Loans + Bursaries

  21. Including: • 30% off Ontario Tuition Grant • $1600 – degree program • $730 – diploma or certificate program

  22. OSAP Interest-free during full time study

  23. OSAP Grants = Free $!

  24. OSAP Things you need to know about OSAP:

  25. To be eligible you must be: A Canadian Citizen, Permanent Resident or Protected Person A resident of Ontario Registered in a full time course load at college or university

  26. OSAP Calculation: The Coles Notes version - Estimated Costs Expected Contributions

  27. OSAP Aid Estimator

  28. How you get OSAP Apply online Send documents to your school Process your funding

  29. How you get OSAP Apply online Send documents to your school Process your funding

  30. 1. Apply online • Application online by the end of April. • Apply by the end of June.

  31. OSAP Save your login information in a safe place.

  32. OSAP Once you apply, you will get an estimate of funding. This may change. Keep your school informed.

  33. Confirming Income

  34. OSAP (Even if you don’t think you need OSAP, we think it’s a good idea to apply.)

  35. OSAP • Apply online • Send documents • to your school • 3. Process your • funding

  36. OSAP Check your status.

  37. How you get OSAP Apply online Send documents to your school Process your funding

  38. Process @ Canada Post Office

  39. Processing OSAP You’ll need your ID. Government Issued Photo ID

  40. Processing OSAP AND Proof of your Social Insurance Number (SIN)

  41. OSAP - Current 2 Installments … maybe more

  42. A few important details… OSAP Checks!

  43. OSAP You may not have to pay it all back! Ontario Student Opportunity Grant ($7,300 in 2011-2012)

  44. Expected Contributions Savings

  45. Family Contribution First 4 years.

  46. Savings Bad news:

  47. Savings About half of students 18-24 work during the school year. Students in the labour market Jeannine Usalcas and Geoff Bowlby Labour Force Survey Statistics Canada