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OSAP and Professional Experience Year Information and Useful Tips

OSAP and Professional Experience Year Information and Useful Tips. Enrolment Services 172 St. George Street 416-978-2190 osap.staff@utoronto.ca. OSAP Repayment Begins!. PEY  Not Full-Time  OSAP loan repayment begins

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OSAP and Professional Experience Year Information and Useful Tips

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  1. OSAP and Professional Experience YearInformation and Useful Tips Enrolment Services 172 St. George Street 416-978-2190 osap.staff@utoronto.ca

  2. OSAP Repayment Begins! • PEY  Not Full-Time  OSAP loan repayment begins • PEY  Not eligible for Loans/Grants + Not eligible for Interest Free Status • Repayment = 6 months from the end of full-time studies

  3. Repayment Example • Study end date for 2013-2014 is April 30, 2014 • Non-Payment Period: May 1 to Oct 31, 2014 • Interest is charged on the CSL in this period • Consolidation date: Nov 1, 2014 • First Payment Date: Nov 30, 2014

  4. Interest Charges • OSAP = Canada + Ontario student loans • Interest Rate (floating) : • CSL is Prime + 2.5% • OSL is Prime + 1.0 % • Loans are interest free when you’re full-time • Not full-time = 6 month Non-Payment period • Interest on the CSL in Non-Payment period • OSAP is an open loan: pay early + lump sum

  5. Repayment Assistance • National Student Loans Service Centre • 1-888-815-4514 • http://canlearn.ca (Select NSLSC) • NSLSC will contact you prior to Consolidation • Consolidation letter will be mailed to you • Apply for Repayment Assistance • Reduced payments based on your monthly income • Revision of Terms • Reduce payments by extending amortization period

  6. Update your address • NSLSC • 1-888-815-4514 • http://canlearn.ca (Select NSLSC) • OSAP website • http://osap.gov.on.ca • U of T Student Web Service • http://www.rosi.utoronto.ca

  7. Returning from PEY  Not applying for OSAP • STOP Loan repayment process: • Notify the NSLSC that you’re full-time student • Continuation of Interest Free Status (CIFS) form • Complete CIFS in September at the Registrar Office • Pay any Outstanding interest: • Contact the NSLSC:1-888-815-4514

  8. Returning from PEY  Applying for OSAP • Apply Early: • Apply & provide documents prior to end of May • Most Documents: submitted to Enrolment Services • Assessments for early applications: early August • OSAP appeals: • Appeals are possible in some cases • Consult with Enrolment Services in August

  9. Factors that could change in new OSAP application • Independent status: • 4 years out of high school • Parental income not used in the assessment • Residency: • If you work in another Province for 12 consecutive months then you’re no longer eligible for OSAP • If you’re a resident of another Province, and work in Ontario for 12 consecutive months, then you could be eligible for OSAP.

  10. PEY income and OSAP • OSAP is an income/asset sensitive program • Assets have to be declared: • Vehicles, bank account balances, investments, etc. • 16 weeks prior to the start of classes: mid-May • Summer income: mid-May to start of classes • Funding Estimators: • OSAP Website: http://osap.gov.on.ca • Enrolment Services: www.adm.utoronoto.ca/fa

  11. Using PEY income wisely • PEY income, and how you use it, impacts OSAP • Assets have a significant impact: • Declared as of 16 weeks prior to Sept (mid-May) • Pay down high interest debts prior to May • Vehicles affect your OSAP significantly • Summer income (mid-May to start of classes): • Reduce your expenses in the summer • Rules consistent with Faculty Grants Committee

  12. PEY income and UTAPS • UTAPS is linked to OSAP assessment • OSAP recipients: no separate application • Out of Province Students: • Apply beginning in August • Enrolment Services: www.adm.utoronto.ca/fa • Qualifying for UTAPS: • Unmet financial need + FT in both terms • Funding Estimator: loans and grants • Enrolment Services: www.adm.utoronto.ca/fa

  13. PEY and Aiming for the Top • Request deferral if you meet the renewal terms • Make deferral request starting in July 2014 • Make request no later than Jan 2015 • Send an e-mail to: • Beth Lebans (beth.lebans@utoronto.ca) • Include legal name, student # and SIN # • Deferral confirmation after Jan 2015

  14. Enrolment Services • 172 St. George Street • Tel: 416-978-2190 • Hours: • Mon, Wed, Thurs, Fri: 9:30 am to 4:30 pm • Tues: 1 pm to 6 pm

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