matched by the Ontario government to increase the value of the endowment for our awards arrangements whereby our donors funds are

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Lewis Nelson
5 years ago
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2 Demonstrate financial need as determined by Ryerson University what does this mean??? This is a criterion for almost all of our awards due to requirements of the matched funding arrangements whereby our donors funds are matched by the Ontario government to increase the value of the endowment for our awards i.e. we are accountable to the government for the distribution of these funds, as well as to our donors

3 How is financial need determined? Students are eligible whether or not they are already receiving OSAP or other financial aid (but those who are receiving assistance must claim it as income) It is not determined by reviewing your assets (unlike OSAP) It is strictly determined by a review of the budget form that you submit as part of your application package Once need is demonstrated, the degree of need is not a factor

4 The budget form is a tool used by the MEP and the Ryerson Student Financial Assistance Dept. to determine financial need, as required by the funding body to meet our obligations for accountability. It is an income and expense statement that will be used to show that your allowable expenses are greater than your expected income for the academic year in which you are applying for the award; i.e. that you have a demonstrated financial need. Your expenses must be > your income.

7 You must report some income budget forms with no income at all will not be approved You are only required to report your net income (after any deductions at source) You are only expected to report that portion of your income that will be directed toward your educational costs. Hint: since not all of your living costs are allowed as expenses, reduce your available income accordingly to allow for those costs. e.g. if you have child care costs of $5000 for the year, reduce your income proportionately.

8 If you have a partner, you are not required to report your partner s full income, only that portion which you and your partner have allocated to help you with your educational costs (this is up to you and your partner to determine). You must report all OSAP funding for the educational period covered by the budget and any other financial assistance such as grants or scholarships received in that time. You must also report Travel Expense reimbursement provided by the program through our MOHLTC grant

9 If you have a line of credit (LOC), or other funding (personal loans or credit cards)that you are using to cover your educational costs, you are obliged to claim whatever amount you have used (or expect to use) for the educational period as income for that period. Do not include the full line of credit; i.e. if your LOC maximum amount is $25,000 but you only used (or expect to use) $5,000, then only claim $5,000 as income in this category. Same rules apply for credit cards as LOCs.

Tuition remember to include all tuition including summer courses where appropriate; the budget form is designed to be used for either a two or three semester year so use it accordingly Remember that

11 Tuition remember to include all tuition including summer courses where appropriate; the budget form is designed to be used for either a two or three semester year so use it accordingly Remember that tuition costs may be verified by Ryerson Books/Supplies claim the maximum allowable (up to $1000 per year for some years of the program). (even if you haven t purchased all your books for the year) Equipment same as above

12 Rent even if you own or co-own your home you can still claim a portion of the monthly mortgage payments. Utilities includes Cell/landline, internet connection, hydro, gas; some amounts are capped

13 You can only claim a reasonable amount to cover your own food costs, while in school. You can include special dietary requirements. Do not include family food budget.

14 We have been able to negotiate a new automobile allowance of $1000 per semester for students in the clinical portion of the program. You may claim this full amount, but cannot claim any additional auto expenses such as car loan payments, car repairs or maintenance costs, insurance, gas, parking, etc. Remember - you still have to claim your travel expense reimbursement received from the MEP (MOHLTC) as income.

15 Payments against a line of credit, previous student loan, or any other debts are NOT considered allowable expenses; you are expected to have made a plan to cover these costs before education.

YMCA of Greenwich Scholarship Application

YMCA of Greenwich Scholarship Application The YMCA of Greenwich enriches the community by promoting positive values through programs that build healthy kids and strong families. Please take your time completing