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Funding your Post Secondary Education

Funding your Post Secondary Education. Financial Aid Office. Today’s Presentation. How much does post secondary cost? Sources of funding Scholarships and Bursaries - difference OSAP Review the OSAP on-line application Canlearn web site Student Responsibilities, repayment.

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Funding your Post Secondary Education

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  1. Funding your Post Secondary Education Financial Aid Office

  2. Today’s Presentation • How much does post secondary cost? • Sources of funding • Scholarships and Bursaries - difference • OSAP • Review the OSAP on-line application • Canlearn web site • Student Responsibilities, repayment

  3. Some points that we will stress: • Apply for OSAP (early) even if you think you do not qualify • Not applying may make you ineligible for other programs and funding • Apply for external awards & scholarships • Visit important web sites • the OSAP web site • your institution’s Financial Aid or Student Awards web site • the Canlearn web site • This is your money & your future – you should know as much as you can

  4. How much does post secondary cost? • Depends on your institution & program • 8 months, living away from home • $17,000 – $20,000 • About $8,000 – $9,000 living costs • Check residence & meal plan options

  5. Sources of Funding • Parents • Summer jobs • On-campus Jobs • Institutional Bursaries & Scholarships • External scholarships & awards • OSAP • Queen Elizabeth II Aiming for the Top Scholarship – June 15, 2009 • Ontario Work Study Plan • Student Lines of Credit – Check interest rate

  6. Scholarships and Bursaries What is the difference? Scholarships • Merit based • Generally no application at the entrance level • Many offer entrance scholarships at 80% and above • Some are renewable Bursaries • Based on need • Fill out application Your institution’s web site search ‘Scholarships or Financial Aid’

  7. What is OSAP? Integrated Repayable Loans: • Canada Student Loan • Ontario Student Loan Non Repayable: • Canada & Ontario Grants • Students with disabilities • Low income students • Middle income grant – new this year • Students with dependants • Travel/commuting grant • Textbook grant – now only for OSAP with $1 need • Queen Elizabeth II Aiming for the Top Scholarship • Ontario Student Opportunity Grant – (loan forgiveness)

  8. When Should I Apply for OSAP High School students: No later than June 15th for Aiming for the Top Scholarship eligibility Future: At least 4-6 weeks before the start of each new school year At http://osap.gov.on.ca Search engine type in ‘OSAP’

  9. How Much OSAP Will I Get? • Estimator on OSAP web • Recent changes to OSAP: • Federal & Provincial grants • Reduced parental contributions (no income cap) • Increased Loan Amounts • OSAP maximum • $350/week; $11,550 for 8 months • OSAP will not cover all costs • Keep expenses low & budget carefully!

  10. How to lose your OSAP • Academic progression • Fail a term - OSAP academic probation • Fail 2 terms – OSAP restriction • Dropping courses & program switches • Taking too long to finish your degree • Loan payment defaults • Taking time off from school & not keeping your loans in good standing

  11. Who is Lending you the Money? National Student Loan Service Centre (NSLSC) (Also called Resolve Corp.) • Your banker for OSAP loans • Cash OSAP loans • Interest free status while in school • Repayment starts 6 months after you leave school • How does OSAP know you are in school

  12. On-Line Application • Terms & Conditions • Collection and Use of Personal Information • OSAP Checks • Credit Check • Ministry of Transportation Check • Social Insurance Number (S.I.N.) Registry Check • Student and Parental income; verified with Canada Revenue Agency

  13. Institution information Program information Personal Information Your Financial & Asset Information Parental Information Queen Elizabeth II Aiming for the Top Scholarship June 15th Review & Submit Get an estimate Send signature pages to your school The OSAP Application

  14. OSAP Web Site – http://osap.gov.on.ca

  15. OSAP Info

  16. The Access Window

  17. Estimated OSAP Funding 2008/09Arts & Science student – 8 months Family has 2 children, one in post secondary, living away from home Grants are increasing in 2009-10, but new estimator is not available yet

  18. Login Page Click on the new student link. Input your S.I.N. number and a password. An access number will be assigned.

  19. Click the OSAP button

  20. Start Here for 2009-10 Read these links

  21. Institution you plan on attending

  22. Program of study Save at any point to come back and finish later

  23. Eligibility Page • Citizenship • Canadian Citizen • Permanent Resident • Protected Person • Personal status of student • Married, sole support parent • Independent – out of high school for 4 years • Single dependent (last choice, none of the above) • Provincial Residency – Read carefully • I have always lived in Ontario • Ontario is the last province resided in without being a full time post secondary student for 12 months

  24. Release of information

  25. Financial Information Enter only the RESP that you will cash this year Enter all known income Awards & part time jobs

  26. Vehicles and Other Assets Vehicles worth over $5,000 count as assets Fill in other assets, such as savings accounts as of May 12.

  27. Parental Information Use 2008 tax year info for custodial parent

  28. QEII Aiming for the Top Click here for More info Provide name of your high school & OUAC or OCAS number

  29. Last Step! Correct any incorrect information Save your application, then SUBMIT

  30. So, what happens now? • Once you submit application, you can not make changes • Print out your OSAP signature (consent) pages • Attach any required changes or corrections • Send them, with any required documents, to your university or college • Get a summer job & open a bank account! • Prepare a budget! • Late August/early Sept: pick up Loan Documents in the Financial Aid Office of your institution (at Trent you will book an appointment on line for loan pick up) • Cash your loan with NSLSC • January 2010: Pick up 2nd OSAP instalment • Remember that OSAP is your loan

  31. Student’s Responsibilities • Keep your lender (NSLSC) informed • address changes • Continuation of Interest-Free Status forms • Keep the Financial Aid Office informed • address changes • changes in course load or program changes • changes in income • Repayment Responsibilities • understand the terms and conditions of your loan. • Apply for repayment assistance if you have trouble repaying

  32. Canlearn web sitewww.canlearn.ca

  33. Repayment Assistance

  34. FAQs • My parents lost their job this year- can I appeal? • Yes, Lower Estimated Income appeal, on OSAP web site, contact FA office • I need a vehicle to get to school, can I have one worth more than $5,000? • Yes, up to $10,000; contact FA office • I live within 40kms, but there is no bus, can I have the away from home living rate? • Yes, contact FA office • I(the student) had a baby last year, do I get more OSAP? • Yes, single parents get more funding, about $18,500

  35. Q & A Questions?

  36. Have a great summer! Good luck!

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