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O.S.A.P. For 2010/2011

O.S.A.P. For 2010/2011. Presented by King’s University College. Resources. Bursaries, Scholarships & Awards Work Study Working during school Parental Contribution Student Lines of Credit/Loans/Credit Cards OSAP. Budget – Resources vs. Expenses. http://osap.gov.on.ca. “The purpose of a

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O.S.A.P. For 2010/2011

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  1. O.S.A.P. For 2010/2011 Presented by King’s University College

  2. Resources Bursaries, Scholarships & Awards Work Study Working during school Parental Contribution Student Lines of Credit/Loans/Credit Cards OSAP

  3. Budget – Resources vs. Expenses

  4. http://osap.gov.on.ca “The purpose of a Canada Student Loan is to supplement, not replace, the financial resources that you (and your family, where applicable) are expected to contribute.” *(Investing in Your Future 2005-2006, Government of Canada)

  5. Why should you apply for OSAP? • The OSAP Loan is an interest free loan as long as you are attending a post secondary institution full time (60% or greater) • Federal Interest Rate = Prime + 2.5 / Provincial Interest Rate = Prime + 1.0 • OSAP offers a grace period. No payments for 6 months after the last day of your last study period – NOTE – new legislation March 30, 2010 should be interest free too.

  6. OSAP is more than “Just a loan” 22 different programs are determined through one OSAP application

  7. Can I get funding for the school I wish to attend?

  8. How do I apply? Online at http://osap.gov.on.ca

  9. New Student vs. Renewal New Student? Click here. Remember: Starting May 2010, you will use your OSAP Access Number (OAN), along with your password to log into this site.

  10. Starting a new Application

  11. Post Secondary Institution Information Make sure to indicate that you are applying to the proper campus.

  12. Program Information Be sure to indicate Year 1 and check the start and end date.

  13. Review Course Details Thoroughly Note the tabs-if you need exit the application, it’s easy to return to where you left off.

  14. What is your status?

  15. Residency Status

  16. Income Section-Pre Study Period Income Received Before Your Study Period Begins and For the Year 2010 Jan 01 to June 26 June 27 to Sep 7 Jan 01 to Dec 31 This amount represents what you will claim on Line 150 of your 2010 income tax. This could include: work income, bursaries, RESP withdrawals, any other income that you might receive during the year. Note the dates for which you are estimating income.

  17. Income Section – Study Period Sep 13, 2010 to Apr 30, 2011

  18. Asset Information This day is known as asset validation day. You must record all of your assets of this day. May 16th. May 16, 2010 May 16, 2010. The Ministry allows you to have $2000 in RRSP for every year out of high school.

  19. Parental Status Dependent Children For OSAP purposes, dependent children are disabled children, pre-school children, children attending elementary school, and children in high school who are under 16 years of age. Children 16 years of age or older must be full-time (taking 60 per cent or more of a full course load) high school or postsecondary students to be considered dependent. Children who are not disabled and who have been out of high school for 4 or more years are not considered dependent.

  20. Parental Income Section Taxable Income Enter the annual income for each parent, as reported on his or her 2009 individual income tax return. Enter amounts in dollars only; do not indicate cents. If no income or if the amount is negative (i.e., a loss) enter zero (0). What is father’s (parent 1) TOTAL income as indicated on line 150 of his 2009 income tax return? What is mother’s (parent 2) TOTAL income as indicated on line 150 of his 2009 income tax return? What is father’s (parent 1) NET income as indicated on line 236 of his 2009 income tax return? What is mother’s (parent 2) NET income as indicated on line 236 of his 2009 income tax return? Other Income/ Non- Taxable Income Any other funds that your parents receive, but do not claim as taxable income on their taxes. ie) overseas income or child support.

  21. Sample Notice of Assessment 150 These figures are used to consider your eligibility for Canada Access Grants. 236

  22. QEII Scholarship June 18, 2010 2010? 2009 09

  23. Print Signature Pages

  24. Print Signature Pages Before you print the pages you will be required to enter your password again. Make sure you have your pop up block off as the password insert is an electronic pop up. If you are able to…Print your signature pages.

  25. Sample Assessment Your Expenses for the study period. Your Resources for the study period.

  26. Strict Identification Restrictions.Must present Social Insurance Card and Government Issued Photo ID. NO ID NO OSAP NO KIDDING

  27. How’s your credit rating? Check with Equifax at: 1-800-465-7166 www.equifax.ca

  28. Important Things to Remember Don’t Self-Eliminate Apply to OSAP before June 18th, 2010 Print off and mail in your signature sheets by July 15th, 2010 Find the Financial Aid Office at the institution you will be attending Get the appropriate ID ready for September Questions?? Email us at kingsfinances@uwo.ca

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