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Rank: Frosh
Groups: Member
Joined: 5/13/2008
Posts: 11
Location: Mississauga
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Just curious if anyone knows a few things I'm wondering about. Firstly, I'm guessing OSAP only covers a maximum of 11k for a single student. So I'm wondering if I can get the 11k and also keep a entrance scholarship added on top of that without losing any of the 11k. If so I'll be able to cover my full first year which gives me peace of mind. Also, for the 525$ res deposit I'm wondering if it's possible to get OSAP money now to pay for it because that'll be the easiest thing to do right now. I still have to sort out so many financial things but if anyone can answer these questions I greatly appreciate it thanks.
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Rank: Frosh
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Joined: 5/13/2008
Posts: 11
Location: Mississauga
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Also, I'm going to Queen's for psych and OSAP does not list Psychology so I'm guessing it is under Arts and Science (General) so if anyone knows please tell me thanks
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Rank: Valedictorian
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Joined: 3/4/2008
Posts: 521
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OSAP will give you an amount based on what they determine you need. They will find out about your scholarship either through the school, company, or if you declare it, but I do believe it affects the amount OSAP will loan you.
The rez deposit you need to handle on your own since OSAP probably won't process your file until sometime in June, and most deposits to guarantee a spot in residence is due by the end of May.
UWO '12 Social Science
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Rank: Frosh
Groups: Member
Joined: 5/13/2008
Posts: 11
Location: Mississauga
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Ah thanks I'm going to need to find a way to do so then.
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Rank: Senior Student
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Joined: 3/6/2008
Posts: 247
Location: Toronto
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Try to apply to OSAP before June 20th, so you can qualify for that scholarship (Queen Elizabeth II Aiming For The Top). That might help. =D
McMaster '12!
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Rank: Frosh
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Joined: 5/13/2008
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Location: Mississauga
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Alrighty, now my main problem is getting the 500$ res deposit before the 28th.
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Rank: Valedictorian
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Joined: 3/4/2008
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Tinster wrote:Alrighty, now my main problem is getting the 500$ res deposit before the 28th. You don't have $500? You're even worse off than me, and that ain't good. Can you get parents to loan you the money for now? Do you have a part time job?
UWO '12 Social Science
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Rank: Student Council
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Joined: 3/5/2008
Posts: 389
Location: Paris, Ontario
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You can get more than $11,000 from OSAP
I was playing around with the aid estimator, if you have $5000 in savings, No RESP's, you are planning to live away from your parents, and your parents make a combined income of $28,000 you can get an estimated amount of $16,000 or around there atleast.
Success is not the key to happiness, happiness is the key to success. If you love what you do in life, you will be a success!!
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Rank: Valedictorian
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Joined: 3/4/2008
Posts: 521
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No matter how much loan you get, you only have to pay back $7000 for each year you take OSAP. They give you some grant that caps the loan at $7000 if you go over.
UWO '12 Social Science
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Rank: Senior Student
Groups: Member
Joined: 5/2/2008
Posts: 93
Location: Toronto
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bigbadsheep wrote:No matter how much loan you get, you only have to pay back $7000 for each year you take OSAP. They give you some grant that caps the loan at $7000 if you go over. Take it from somebody who is now having to pay back their osap loan... they only give you that "grant" (it's called the "Ontario Student Opportunity Grant") if you qualify... which means if you don't make too much money over the summer and meet other requirements. Also... OSAP seems like a great idea at the time, but if you don't really need it, don't take it! I didn't need mine and cashed it anyway like "free money" and man am I sorry now...
Lakehead University Alum '08
HBA French, minor in English
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Rank: Student Body Vice-President
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Location: Ottawa
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Depending on your financial situation you could still get the maximum loan amount and the scholarship. OSAP assesses your need based on a formula and doles out money based on that. This depends on how much your parents earn, what savings you have, etc. among other things. Student loan funds are not released until September so you will not be able to use it to pay for your rez deposit. If getting the money really is a problem, it would be worth a shot to contact the university and see if you can spread out the payment or something but I have no idea if they would or not.
 
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Rank: Frosh
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Joined: 5/13/2008
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Location: Mississauga
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Its looking good thanks alot for the answers and I'm finding ways to get money so I I'll be doing fine.
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Rank: Senior Student
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Joined: 3/4/2008
Posts: 57
Location: Toronto
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A quick question, do you mail the OSAP declarations+signatures pages to the financial aid office of the university you'll be going to? Because that's what it says on my "mail to:" section of the declarations and signatures page.
Waterloo AFM 2013
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Rank: Valedictorian
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Inspire08 wrote:A quick question, do you mail the OSAP declarations+signatures pages to the financial aid office of the university you'll be going to? Because that's what it says on my "mail to:" section of the declarations and signatures page. So follow the instructions?
UWO '12 Social Science
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Rank: Senior Student
Groups: Member
Joined: 4/9/2008
Posts: 120
Location: Ontario, Canada
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Inspire08 wrote:A quick question, do you mail the OSAP declarations+signatures pages to the financial aid office of the university you'll be going to? Because that's what it says on my "mail to:" section of the declarations and signatures page. According to the guy who came to our school to talk about OSAP today, yes. He made us repeat it out loud. 
Honours English Major/History Minor, York '12Stong Rez
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Rank: Student Body Vice-President
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Location: Ottawa
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Inspire08 wrote:A quick question, do you mail the OSAP declarations+signatures pages to the financial aid office of the university you'll be going to? Because that's what it says on my "mail to:" section of the declarations and signatures page. I believe so unless you are attending a school out of province or possibly some weird private institution within Ontario. But for a regular publicly funded college or university in Ontario it is the financial aid offices at the schools that deal with a lot of the funding. For that reason (and because of differences in tuition / fees) if you aren't sure which school you are going to and want to apply for OSAP you'd need to make a separate application for each school.
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Rank: Senior Student
Groups: Member
Joined: 3/4/2008
Posts: 57
Location: Toronto
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ok thanks a lot! 
Waterloo AFM 2013
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Rank: Frosh
Groups: Member
Joined: 4/6/2008
Posts: 9
Location: Hamilton
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Quick question:
When the app asks for the ending period of the school year, do you put when exams end, or when the term ends?
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Rank: Senior Student
Groups: Member
Joined: 3/4/2008
Posts: 188
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fleurdelacour wrote:bigbadsheep wrote:No matter how much loan you get, you only have to pay back $7000 for each year you take OSAP. They give you some grant that caps the loan at $7000 if you go over. Take it from somebody who is now having to pay back their osap loan... they only give you that "grant" (it's called the "Ontario Student Opportunity Grant") if you qualify... which means if you don't make too much money over the summer and meet other requirements. Also... OSAP seems like a great idea at the time, but if you don't really need it, don't take it! I didn't need mine and cashed it anyway like "free money" and man am I sorry now... dont treat the OSAP as money to spend if you dont need it. buy a 4 year bond or sumthing and when you are done uni u cash in the bond, pay back the OSAP and keep the 4-8% profit for urself. its free money
UWO Biomed/Ivey '12
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