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Rank: Senior Student
Groups: Member
Joined: 3/12/2008
Posts: 130
Location: Owen Sound
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(I'm assuming most universities require this) My university asks for the residence/tuition payment (around $14,000 total) at the end of August-ish, but what if.. -My summer job will only raise $2000 (-conservatively, $3000 moderately, $4000 optimistically) -My OSAP only covers me for $6200 (not totally confirmed yet, but it's around there), and I'm 90% sure you just get it throughout the year right? So...theres no way OSAP helps for the initial payment... -I only have $500 in the bank -No support from parents ??? How can I pay this off without either getting some sort of deferral, or asking to pay per term? This kind of relates to the 'Line of Credit' thread, since I'm very much considering getting one and using the summer job money to pay off the monthly interest. I am incredibly nervous and I'm angry at myself for not saving up the potential $5000-7000 I could have over the past few years. I've/I'm trying for scholarships, but my marks and extra-currics just don't fit the criteria to say the least (I'll be slightly surprised if I get $1000 from it - I'm still waiting for response for University bursary). Help?
~~~Accepted offer to Ba Honors English @ Carleton Univerity, Ottawa  ~~~
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Rank: Valedictorian
Groups: Member
Joined: 3/5/2008
Posts: 679
Location: Kingston and Toronto
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Why are you against deferral?
Uschi
Queen's '10
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Rank: Senior Student
Groups: Member
Joined: 3/12/2008
Posts: 130
Location: Owen Sound
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Ooosh wrote:Why are you against deferral? It's not for any important reason but.. -It's to get the supposed 'weight' off my shoulders, hope you can understand that  . I hate it when some kind of payment is at the front of my mind. -I don't want to deal with the payment once I start classes. If anything, I just want to pay attention to my debts FROM the payment, not the payment itself (AKA one less thing to deal with). But I don't know tons about deferrals, so if you know about those, what might the conditions be?
~~~Accepted offer to Ba Honors English @ Carleton Univerity, Ottawa ~~~
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Rank: Valedictorian
Groups: Member
Joined: 3/5/2008
Posts: 679
Location: Kingston and Toronto
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Well, just from what I went through:
First payment before school, $500
Then it was about $5000 for tuition but I was getting $6000 from OSAP from the first payment in September so my fee account online automatically deferred the whole payment.
No hassle, easy.
EDIT: No conditions, you just have a different date to pay by, the amount is deferred.
Uschi
Queen's '10
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Rank: Senior Student
Groups: Member
Joined: 3/12/2008
Posts: 130
Location: Owen Sound
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-OSAP comes in that large an amount in September? -And you don't get the 'late fee' until near the end, like December right? Sorry for so many questions  , I just focus on these things a lot... now if only I could responsibly act on it.. sigh.
~~~Accepted offer to Ba Honors English @ Carleton Univerity, Ottawa ~~~
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Rank: Senior Student
Groups: Member
Joined: 3/4/2008
Posts: 99
Location: Way East
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SwobyJ, you are going to Carleton right? How much exactly do they want for tuition (I have already paid the $700 res deposit) and do you know when? Because my parents are not paying either, and the NB student loans work differently and for some reason I am thinking that the first installment does not come in until October (at least that is what I gathered from the super confusing student loans guy I talked to). And I seem to have issues finding summer jobs even though I have started looking now, so yeah, lol, I am in the same situation as you!
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Rank: Valedictorian
Groups: Member
Joined: 3/5/2008
Posts: 679
Location: Kingston and Toronto
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I got 11 900 from OSAP so it is about half and half, for me I got the loan+some of the grant first term and the rest second term.
You can always talk to your school and see what else you might be able to do.
Uschi
Queen's '10
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Rank: Senior Student
Groups: Member
Joined: 3/12/2008
Posts: 130
Location: Owen Sound
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k. wrote:SwobyJ, you are going to Carleton right? How much exactly do they want for tuition (I have already paid the $700 res deposit) and do you know when? Because my parents are not paying either, and the NB student loans work differently and for some reason I am thinking that the first installment does not come in until October (at least that is what I gathered from the super confusing student loans guy I talked to). And I seem to have issues finding summer jobs even though I have started looking now, so yeah, lol, I am in the same situation as you! It ranges from $5500 to 6500 or about that for tuition depending on program. When you get the registration package in the mail it tells you. The $700 deposit killed my credit card  My parents/my aunt and uncle (since I live with them) are not paying a cent as far as I know. I'm really leaning toward a Scotia line of credit...  I applied for a Carleton bursary but haven't heard anything yet..sigh. I'm apparently going to be working at Bluenotes for the summer, but I'm concerned about the hours I'll get (and also how I'm going to travel across town to the mall every day without being tired from walking and without a drivers license).
~~~Accepted offer to Ba Honors English @ Carleton Univerity, Ottawa ~~~
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Rank: Senior Student
Groups: Member
Joined: 3/12/2008
Posts: 130
Location: Owen Sound
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Ooosh wrote:I got 11 900 from OSAP so it is about half and half, for me I got the loan+some of the grant first term and the rest second term.
You can always talk to your school and see what else you might be able to do. Ok, I just checked my OSAP application and I'm scared. How accurate is the initial estimate? Because I did the pre-application estimation calculator and it said I may get $7000ish, then I did the actual application and it's now saying $6200. How accurate is this!  How did you get the max amount from OSAP?
~~~Accepted offer to Ba Honors English @ Carleton Univerity, Ottawa ~~~
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Rank: Senior Student
Groups: Member
Joined: 4/15/2008
Posts: 60
Location: Ottawa
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swobyJ.
i am in the EXACT SAME situation you are
I really wanted to move out, i'm the oldest of 4 kids, all of whom will be in highschool next year.
If i go to university while staying at home, they'll be a couple blocks away. its awful
but maannn
i just paid by 600 dollar residence deposit. so now i'm down to...like what. 700 in savings, and this might just have to go to prom???
working, like u said, optimistically 2000-3000, 4000 is just pushing my luck.
Osap too only gave me a little over 6000. Scholarships ergg..entrance one, one bursary,,MAYBE QEII?
still it doesn't pay for everything.
we'll probably both have to consider getting a student line of credit
though its the last resort, its a must in the end
I'm considering finding a part-time job. while i'm at school next year. though i'll be down if it comes to that
i'm sure there are plenty in this same situation. u know..parents not being able to contribute much, and financial insecurities and all
sigh..hope all goes well for u
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Rank: Valedictorian
Groups: Member
Joined: 3/5/2008
Posts: 679
Location: Kingston and Toronto
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SwobyJ wrote:Ooosh wrote:I got 11 900 from OSAP so it is about half and half, for me I got the loan+some of the grant first term and the rest second term.
You can always talk to your school and see what else you might be able to do. Ok, I just checked my OSAP application and I'm scared. How accurate is the initial estimate? Because I did the pre-application estimation calculator and it said I may get $7000ish, then I did the actual application and it's now saying $6200. How accurate is this! How did you get the max amount from OSAP? The actual application is 95% accurate unless you have to change your summer income (again, they assume you will make at least $1250) or your bursary amount when you start school in September. To get how much I get, my parents are separated (never married) so I only have to use one of their incomes (something like 45k, 38k net), and I have a younger brother (who is not in university), I also go away to university. I took a loan from my aunt in first year (4k), had savings (2k), got OSAP (12k), and a general bursary, need-based from Queen's (3.5k).
Uschi Queen's '10
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Rank: Student Council
Groups: Member
Joined: 3/5/2008
Posts: 393
Location: Paris, Ontario
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Okay, so I'm confused. Does OSAP give you all of the money they approve you for in one lump sum? Or no? How do we use OSAP money to pay for tuition if it is not given in one lump sum?
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: Frosh
Groups: Member
Joined: 5/25/2008
Posts: 10
Location: ontario
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You get 60% in september and the 40% in january. Usually a few weeks before school starts you come to the school and give your banking information, verify your income levels, and show your ID (sin card + photo id). You usually get your 1st instalment 1-2 weeks after school starts. If you do a deferment because of OSAP, you don't pay your tuition until you get your OSAP. Most likely you'll pay 1/2 of the years tuition in September, and the 2nd half in January unless your OSAP payment you're getting in September covers the full amount, or the money fairy comes to your house or something. I would suggest that you have a couple hundred to $1000 on you in the beginning of September so you can cover your textbooks, transportation, and supplies until you get your OSAP since you don't get it on the 1st day of school.
U of T
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Rank: Frosh
Groups: Member
Joined: 5/25/2008
Posts: 10
Location: ontario
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Oh yeah, the estimation is just an estimation. I actually ended up getting 1400 more than the initial estimation. It was cool in the short run, but it's just more to pay back when I graduate.
U of T
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Rank: Senior Student
Groups: Member
Joined: 4/8/2008
Posts: 197
Location: Oakville
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gaah, how are all you people getting $5000+ from OSAP?? What exactly did you put into the online calculator? I realise some people might not want to post personal information, but bear in mind this forum is pretty anonymous. Still, anyone care to share? (you don't have to be specific) It's just that OSAP is giving me next to nothing. Literally. The most I get is a tax credit.
Pourquoi?http://www.youtube.com/watch?v=jf94uiIbItg
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Rank: Senior Student
Groups: Member
Joined: 4/15/2008
Posts: 60
Location: Ottawa
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sure i don't mind
umm. combined my parents made like 80 000
but we have 4 kids
i'm the oldest. so i'm the only one going to university next year
umm. i assumed they wouldn't be helping me pay any of the expenses so thats 0 money there
i got entrance bursary and entrance scholarship at around 4000
and i work, so i allotted about 1500 dollars. for money gained between now and june.
another 1500 for the summer
and 3000 during the year. because..i PLANN on working next year
all of that considered..i got an estimation of about 6900
hope that helps!
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Rank: Valedictorian
Groups: Member
Joined: 3/5/2008
Posts: 679
Location: Kingston and Toronto
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**Lil_Absinthey_Amarinthe** wrote:gaah, how are all you people getting $5000+ from OSAP??
What exactly did you put into the online calculator?
I realise some people might not want to post personal information, but bear
in mind this forum is pretty anonymous. Still, anyone care to share? (you don't have to be specific)
It's just that OSAP is giving me next to nothing. Literally. The most I get is a tax credit. That is because your parents make moola (guessing over 70k?). They don't really take into account whether they are funding your education which is a shame for some.
Uschi Queen's '10
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Rank: Senior Student
Groups: Member
Joined: 3/4/2008
Posts: 255
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ally wrote:Oh yeah, the estimation is just an estimation. I actually ended up getting 1400 more than the initial estimation. It was cool in the short run, but it's just more to pay back when I graduate. sitck the 1400 into a bond or sumthing...u will make money off it and u keep your profit and pay back the principal. a bond is good because its a fixed term so u wont be tempted to take the money and buy sumthing with it. this is assuming that you dont need the money for the next couple years
UWO Biomed/Ivey '12
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Rank: Frosh
Groups: Member
Joined: 5/25/2008
Posts: 10
Location: ontario
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**Lil_Absinthey_Amarinthe** wrote:gaah, how are all you people getting $5000+ from OSAP??
What exactly did you put into the online calculator?
I realise some people might not want to post personal information, but bear
in mind this forum is pretty anonymous. Still, anyone care to share? (you don't have to be specific)
It's just that OSAP is giving me next to nothing. Literally. The most I get is a tax credit. I live on my own, have for many years, and have not had financial support from my parents since I was 16. Under osap guidlines I'm considered an indepedent student living away from home.
U of T
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Rank: Frosh
Groups: Member
Joined: 5/25/2008
Posts: 10
Location: ontario
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Josh wrote:ally wrote:Oh yeah, the estimation is just an estimation. I actually ended up getting 1400 more than the initial estimation. It was cool in the short run, but it's just more to pay back when I graduate. sitck the 1400 into a bond or sumthing...u will make money off it and u keep your profit and pay back the principal. a bond is good because its a fixed term so u wont be tempted to take the money and buy sumthing with it. this is assuming that you dont need the money for the next couple years That is good for something short term, maybe 6 mo or 12 mo. If you get audited by OSAP and they see that you have bonds or any other type of savings/investments, they expect you to cash it out and use it to fund you education.
U of T
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