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simple osap question? Options
flayz
Posted: November 25, 2009 8:27:06 PM

Rank: Président du conseil étudiant
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Joined: 11/15/2009
Posts: 1,174
Location: Brampton
can someone explain the basics of osap?

how does it work? do you loan money for each term? or what?

if i have 40k in RESP.... when do i need to borrow money?

University of Waterloo 2015
Computer Science
O. Tannenbaum
Posted: November 25, 2009 9:16:42 PM

Rank: Student Body President
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Joined: 10/4/2009
Posts: 6,190
Location: Robarts
You apply for OSAP before you begin a new academic year in university for every year that you plan to attend university. The application will ask you about your personal income and expenses, in addition to your parents' (or guardians') income. Based on those figures and how much they expect you will need to pay for your program, they will calculate how much money you need and give you that. However, if your parents' combined income is too high, or you have too much saved, OSAP reserves the right to refuse any assistance to you.

Note also that if you are from a low-income family, OSAP will also give you grants/bursaries, which are basically packets of money that you do not need to pay back. The good thing about this system is that you will never owe OSAP more than $7000 (I think) every year. If you need more money than that, it will come in the form of a grant or bursary.

University of Toronto '11
flayz
Posted: November 25, 2009 9:33:21 PM

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Joined: 11/15/2009
Posts: 1,174
Location: Brampton
should i apply for osap the coming year i enter university if i have 40k in RESP?

University of Waterloo 2015
Computer Science
O. Tannenbaum
Posted: November 25, 2009 9:35:11 PM

Rank: Student Body President
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Joined: 10/4/2009
Posts: 6,190
Location: Robarts
flayz wrote:
should i apply for osap the coming year i enter university if i have 40k in RESP?


Uh... I think you have more than enough for all four (or five) years of undergrad + residence, unless you plan on going to a super expensive university or something. Also, if your parents make sh!tloads of money, you probably don't even qualify for OSAP.

University of Toronto '11
flayz
Posted: November 25, 2009 9:37:37 PM

Rank: Président du conseil étudiant
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Joined: 11/15/2009
Posts: 1,174
Location: Brampton
i plan on attending waterloo with residence...

and parents combined income is like 60k?

University of Waterloo 2015
Computer Science
O. Tannenbaum
Posted: November 25, 2009 9:41:38 PM

Rank: Student Body President
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Joined: 10/4/2009
Posts: 6,190
Location: Robarts
flayz wrote:
i plan on attending waterloo with residence...

and parents combined income is like 60k?


I'm not sure if you qualify for OSAP. My advice is to go to the website. I think it has a calculator that will determine whether or not you qualify for OSAP.

University of Toronto '11
flayz
Posted: November 25, 2009 9:42:23 PM

Rank: Président du conseil étudiant
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Joined: 11/15/2009
Posts: 1,174
Location: Brampton
alright thanks

University of Waterloo 2015
Computer Science
saran09
Posted: December 24, 2009 9:15:45 PM
Rank: Frosh
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Joined: 12/21/2009
Posts: 13
Hi, i'm going to uni in sept 2010, how much time in advance do I even start applying for osap?
SamHad
Posted: December 24, 2009 9:18:00 PM
Rank: Senior Student
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Joined: 6/9/2009
Posts: 233
Location: Toronto
saran09 wrote:
Hi, i'm going to uni in sept 2010, how much time in advance do I even start applying for osap?


You have to get accepted first to apply to OSAP. So you have 5 Months. The application period opens in Mid May.

Ryerson Business Management 2012 - Finance Major
PceMan
Posted: December 29, 2009 4:56:31 PM
Rank: Vice-président du conseil étudiant
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Joined: 7/16/2009
Posts: 923
Location: Toronto,On
I just went to the osap aid estimator and it said that I qualified for 7000$. However, I calculated a while ago and it said that I qualified for 13000$. Is osap giving out less money this year? I double checked for any mistakes I made when I was filling out the form. I dont think I can afford school with only 7000$, I just want to make sure there is no computer glitch or something.

Queen's University
Bachelor of Commerce
Class of 2014
HopefulUniGirl
Posted: December 29, 2009 11:04:53 PM

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Posts: 2,334
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PceMan wrote:
I just went to the osap aid estimator and it said that I qualified for 7000$. However, I calculated a while ago and it said that I qualified for 13000$. Is osap giving out less money this year? I double checked for any mistakes I made when I was filling out the form. I dont think I can afford school with only 7000$, I just want to make sure there is no computer glitch or something.


nice to know. I did the same thing recently and got 7000 when i had gotten 12000 dollarsbefore. I was trying to figure out why. thought they were being cheap too . Then i figured that its for the 2009-2010 year and its late so they wont give out more than 7000

smile reply if you agree/disagree

McMaster- Electrical and Biomedical Engineering Class of 2015


..has sadly made the transition over to MacInsiders
Oracle
Posted: December 29, 2009 11:06:57 PM
Rank: Student Body President
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Joined: 8/30/2009
Posts: 3,126
HopefulUniGirl wrote:
PceMan wrote:
I just went to the osap aid estimator and it said that I qualified for 7000$. However, I calculated a while ago and it said that I qualified for 13000$. Is osap giving out less money this year? I double checked for any mistakes I made when I was filling out the form. I dont think I can afford school with only 7000$, I just want to make sure there is no computer glitch or something.


nice to know. I did the same thing recently and got 7000 when i had gotten 12000 dollarsbefore. I was trying to figure out why. thought they were being cheap too . Then i figured that its for the 2009-2010 year and its late so they wont give out more than 7000

smile reply if you agree/disagree


+1

My estimate is less that when I tried last year.

University of Western Ontario 2014
Social Sciences and Ivey AEO

PceMan
Posted: December 30, 2009 10:00:31 AM
Rank: Vice-président du conseil étudiant
Groups: Member

Joined: 7/16/2009
Posts: 923
Location: Toronto,On
HopefulUniGirl wrote:
PceMan wrote:
I just went to the osap aid estimator and it said that I qualified for 7000$. However, I calculated a while ago and it said that I qualified for 13000$. Is osap giving out less money this year? I double checked for any mistakes I made when I was filling out the form. I dont think I can afford school with only 7000$, I just want to make sure there is no computer glitch or something.


nice to know. I did the same thing recently and got 7000 when i had gotten 12000 dollarsbefore. I was trying to figure out why. thought they were being cheap too . Then i figured that its for the 2009-2010 year and its late so they wont give out more than 7000

smile reply if you agree/disagree


thanks so much. I was gonna start panicking.

Queen's University
Bachelor of Commerce
Class of 2014
HopefulUniGirl
Posted: December 30, 2009 2:30:12 PM

Rank: Président du conseil étudiant
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Joined: 11/8/2009
Posts: 2,334
Location: On This Forum
me too 7000 is not enough for engineering +res and i want max bursaries

McMaster- Electrical and Biomedical Engineering Class of 2015


..has sadly made the transition over to MacInsiders


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