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Funding Your Post Secondary Education

Funding Your Post Secondary Education. Patrick Bennett Financial Aid & Awards October 1 st 2012. Student Financial Aid Resources. Government Programs – OSAP Commercial Banks – Student Lines of Credit Employment Earnings Awards, Scholarships & Bursaries. Ontario Student Assistance Program.

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Funding Your Post Secondary Education

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  1. Funding Your Post Secondary Education Patrick Bennett Financial Aid & Awards October 1st 2012

  2. Student Financial Aid Resources • Government Programs – OSAP • Commercial Banks – Student Lines of Credit • Employment Earnings • Awards, Scholarships & Bursaries

  3. Ontario Student Assistance Program

  4. OSAP To assist eligible students who do not have the resources to meet the costs of post-secondary education To supplement (not to replace) the financial resources that you and your family are expected to contribute OSAP is a combination of loans and grants.

  5. Who is Eligible? Canadian Citizen, Permanent Resident or Protected Person Ontario Resident Taking an OSAP approved program (course load requirements. Have financial need

  6. Who is Not Eligible • Previously defaulted on an OSAP loan • Have not repaid an OSAP overpayment • Previously provided false information on an OSAP application • Have not met the academic progress requirements • Convicted of fraud or theft in relation to OSAP loans • Have previously reported a significant variance of income on an OSAP application • Have previously filed for bankruptcy or a consolidation agreement AND have OSAP as a creditor OR if OSAP funds would be seized to repay debts. • If you are a resident of another province • You are in receipt of government assistance that covers your post-secondary costs • You are in Stage 2 of the Repayment Assistance Program. • You have adequate resources to cover your costs.

  7. Expected Costs of Education (tuition, books, living expenses) Minus Expected Family Contribution Equals Your OSAP Assessment (up to program maximums)

  8. OSAP Apply on-line at https://osap.gov.on.ca

  9. OSAP OSAP Access Number: a unique identifier to allow you to access your OSAP profile. To re-set your password, or if you have forgotten your OAN, bring your government-issued photo ID (Driver’s License, Passport, Health Card) & Social Insurance Card to the Financial Aid Office.

  10. OSAP Application Section A: Personal Information (Name, Address, Contact Information, Student ID, SIN, OEN, Disability etc.) Section B: Your status (Dependent vs. Independent) Section C: Residency Information Section D: Information on School & Program Section E: Assets (Car, Savings,) Section F: Income (2011 income, pre-study period, study period estimates) Section G: Information on your children, if applicable Section H: Information on you parents (2011 income, Social Insurance Numbers, Section I: Information on spouse, if applicable Section J – L: Consideration for specialized grants Section N – Q: Signature pages

  11. Family Breakdowns • Exceptional Expenses • Estimated Income • Lack of Employment in Pre-Study Period • Value of your vehicle Etc.

  12. How will I get my OSAP?

  13. If you don’t think you will have enough money to pay for school, Ask your Financial Aid Office!

  14. Repayment • Repayment starts six months after the end of your studies. • Interest starts to accumulate immediately on Federal portion of the loans. • Repayment Assistance Program

  15. Student Line of Credit

  16. Student Line of Credit Competitive Interest Rates Pay interest while in school Need a co-signature Grant Eligibility

  17. Employment Income 1. Approximately 50% of students work while studying 2. 15 hours a week 3. Related to your program 4. Work-Study Program

  18. Scholarships, Awards, and Bursaries

  19. Why are scholarships, awards, and bursaries the very best way to fund your education???

  20. Because you don’t have to pay them back!

  21. Garfield Weston Merit Scholarship • Based on Academics, Contribution to Community and Passion for Field of Study • Tuition Waiver (up to $8,000.00) • $4,000 / semester to cover living expenses • $4,000 / semester to cover debt incurred in first year. • Renewable • Total value: Up to $40,000 for a three year diploma • http://www.garfieldwestonawards.ca/

  22. Time to Fill Out the Application Well 2 Hours Hourly Rate: $20,000 / Hour

  23. Equivalent to: 4,000 hours of working at $10 / hr 5.1 years of working part-time (15 hours / week) 1.9 years of working full-time (40 hours / week)

  24. Awards, Scholarships & Bursaries Financial Assistance Web Pages (http://www.conestogac.on.ca/financialaid/) Your Guidance Office Studentawards.com Scholarshipscanada.com

  25. Common Financial Aid Programs Student Assistance Bursary Urgent Need Bursary Entrance Award (Degree & Diploma) In-Course Scholarship

  26. BSWD / CSG-PDSE First Generation Bursary Aboriginal Post-Secondary Education & Training Bursary Ontario Student Opportunity Grant Ontario Tuition Grant (ontario.ca/30off) Student Access Guarantee

  27. Patrick Bennett Manager, Financial Aid & Awards Conestoga College pbennett@conestogac.on.ca

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