1 / 14

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

treva
Download Presentation

OSAP and Professional Experience Year Information and Useful Tips

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related