Bur Oak Secondary School OSAP Ontario Student Assistance Program
Bur Oak Secondary School
OSAPOntario Student Assistance
Program
Education Financing OptionsSavingsFamily ContributionScholarships and BursariesEmployment (on or off campus)OSAPStudent Lines of Credit
OSAP Introduction Video
OSAPBased on financial needSupplements the cost of education and
basic living expensesNot a replacement for the financial resources
you and your family are expected to contributeThe money you receive is for YOU. It is
YOUR debt and for YOU to repay.
Who is Eligible to Apply?To be considered for OSAP you must meet
the following requirements:1. Be a Canadian citizen, Permanent Resident or
Protected Person 2. Meet Ontario residency requirements3. Be enrolled in an approved postsecondary
institution and program4. Be taking at least 60% of a full course load or
40% if you have a permanent disability
How Much Can I Get?The maximum amount of money you can receive
for a two-term academic postsecondary year is: $12 410 if single with no dependents$19 210 if married, common-law, or single parent
OSAP MONEY MUST BE REPAID!The annual debt is capped at $7300 no matter how
much loan you receive! The amount you owe is interest-free during
school; you begin paying interest 6 months after graduating
How Much Can I Get?The amount of OSAP you actually receive
depends on:Education expenses
tuition, books, personal living expenses, suppliesPersonal financial situation
how much you and your family are expected to contribute based on your collective income and assets
Course load full or part time
How is OSAP Calculated?
ALLOWABLE COSTS – EXPECTED RESOURCES =
OSAP AMOUNT (may be a mix of loans, grants, bursaries,
and scholarships)
ALLOWABLE
COSTSTuition Compulsory FeesBooks and EquipmentComputer ExpensePersonal LivingReturn Travel (if living away)
EXPECTEDRESOURCESExpected Student
Contribution Your income 16 weeks or less
before program beginsStudent Income
Your expected income during school (can earn $110/week without affecting OSAP)
Expected Parental/ Spousal Contribution Based on income
Student AssetsOther factors
Number of siblings, number of siblings in postsecondary studies, etc.
How Much Can I Get?Special circumstances may give you access to
more aid:First in your family to go to college or universityAboriginal studentStudent with a permanent disability
These are not considered automatically when you apply to OSAPMost of these most be applied to separatelyDetails and processes are coordinated by the
Financial Aid Office of your postsecondary school
What if I Don’t Get Enough?Ontario Student Access Guarantee
If OSAP doesn’t cover expenses directly related to your program (tuition, books, mandatory fees) the school must provide financial help through Bursaries Scholarships Work study programs Summer employment opportunities
You are all automatically considered for this guarantee in your application.Speak to your postsecondary Financial Aid Office.
Who is my Support?The Financial Aid Office at your postsecondary schoolThey collect any necessary supporting
documentsThey are the people to contact if:
you have questions about your OSAP application you need to make changes to your OSAP application
after you submitted an application you want advice on other sources of financial aid
available
When do I Apply?NOW – the earlier the betterEnd of June is the recommended “deadline”
takes 6 – 8 weeks to process your application
Technically you have until 60 days before the end of your program to apply for OSAP
How do I Apply?Online at osap.gov.on.ca
FREE AND EASYRegister for an OSAP Access Number and
password to beginPaper applications are also available for a
$10 charge
Once you have registered, log in to start your application
How Do I Apply?Complete the application online honestly, carefully,
and completely.Print and sign any supporting documents (e.g.
declaration pages with signatures) Submit these to the Financial Aid Office of your
postsecondary school in person or by mail.All first-time applicants must also print and sign
the lifetime student loan agreement (Master Student Financial Assistance Agreement, or MSFAA)Submit this to your nearest designated Canada Post
outlet
What Happens After I Apply?1. OSAP reviews and confirms your personal and
financial information. Social Insurance Number Credit check Vehicle check Income check [you and your parent(s)/guardian(s)]
2. OSAP contacts your postsecondary school to verify your enrollment and program information/costs.
3. OSAP gets back to you. Calculates how much money you are entitled to and
updates your status online.
How do I Get my OSAP Money?You need your own bank account to receive
your OSAP funds60% of funds available in 1st term40% of funds available in 2nd term
Must pick up and sign OSAP document each semester at your Financial Aid Officerequired to show your Social Insurance Card
and government-issued photo ID
OSAP REPAYMENT
Monthly repayment must begin within six months after graduation, withdrawal, or part-time status
Interest on loans begins to accumulate
NATIONAL STUDENT LOANSSERVICE CENTREAgency acts on behalf of the Canadian and
Ontario governments - “The lender”Issues the funds to students and collects
repaymentOfficial record keeper of loansRepresentatives available on campuses
during peak periods