OSAP Rules & Regulations Financial Aid University of Toronto Mississauga
What is OSAP? Federally and provincially funded student loan and grant program To SUPPLEMENT cost of post-secondary study Student, parental/spousal (if applicable) contributions are EXPECTED Parental expected for first 4 years of postsecondary Spousal duration of marriage and study Pre-study working full-time when not in school
Identification Requirements You need to present three pieces of ID: Student T-Card To confirm your registration Your Social Insurance Card or an official Government of Canada document indicating your Social Insurance Number Examples: Canada Revenue Agency Notice of Assessment, Canada Pension Plan Statement of Contributions or a Confirmation of Social Insurance Number from Service Canada One piece of valid photo ID issued in Canada by the federal or provincial government Examples: valid driver s license, passport, provincial health card with photo, permanent resident or citizenship card with photo
Why are there so many rules? It s just a loan why all of the rules? Governments use tax payers funding to give loans and grants Governments pays the interest on ALL loans while student is FULL-TIME Grants and bursaries are non-repayable Need to confirm ID
Third Party Verification Checks MTO Ministry of Transportation ($5000+ combined vehicle value) SIN Registry Social Insurance Number Credit Check (3 or more credit accounts with a combined valued of $1000 or more 90+ days in arrears)
Life-time Limits to Assistance Canada and Ontario Student Loans Maximum assistance/interest-free status is 340 weeks of study Approximately 10 years of study (34 weeks) Extended to 400 weeks for doctoral studies Each program number of years + one
Calculation of Need Educational costs Tuition + Books and Computer + Living cost living AT HOME if within 40kms MINUS (-) Resources Pre-study period (expected/actual summer earnings) Study Period Earnings (over $3000) Parental/Spousal Contribution Vehicles/Assets, RRSP/RESP, savings, etc
Vehicles & Assets Combined valued of $5000 for vehicles in STUDENT S name (applies also to spouse if married) Includes LEASED/FINANCED vehicles Bank balances and other assets are included in assessment RESP and high RRSP values are included Government expects you to USE your resources prior to receiving assistance
FULL-TIME status Enrolled in 60% of a full course load AT ALL TIMES (40% with permanent disability) 100% = 5.0 credits (2.5 credits per term) 60% = 3.0 credits (1.5 credits per term) NOTE 0.5 credit that is a Y course = 0.25 credit in each term or 10% in each term Assessed by each week a student is full-time NOT the same as the UofT calculation for FEES purposes
Academic Progress Check Must be registered in 60% of a FULL course load at all times (40% with documented PD) and pass these courses (averaging over semesters is not allowed). Failures, course drops, etc. can impact eligibility OSAP Academic Probation warning Student must write a letter of explanation every year OSAP Academic Restriction one year Appeal available under specific circumstances Students must write a letter of explanation every year
IVS Income Verification ACCURATELY report income personal, parental, spousal to OSAP OSAP will verify your income with CRA If discrepancies occur overpayments are generated Second overpayment must be repaid Severe discrepancies permanent OSAP restriction
Overpayments Changing course load especially below 60% Misreported income personal, parental, spousal Underestimated income that changes through the academic year Misreported or change in assets Second overpayments MUST be repaid in full before receiving further assistance Receipt must be handed in to financial aid office for proof Not deducted from future loans/grants
CIFS Continuation of Interest-Free Status OSAP and NSLSC do not know when you are a FULL- TIME student UofT does not report status to OSAP/NSLSC If not taking/not eligible for OSAP loans you must report if/when you are a full-time student CIFS form available from Office of the Registrar Loans WILL go into repayment 6 months after last fulltime term of study Loans WILL go into default 3 months after non-payment Credit history and future loan/grant eligibility will be compromised
Reviews (Appeals) See a Financial Aid Advisor to discuss: Parental/Spousal income (job loss, medical expenses, essential house repairs, elderly care, etc.) Summer earnings (school, couldn t find work, etc.) Living away from home (distance, crowded home, etc.) Family Breakdown (abuse, abandonment, safety, etc.) Credit check failure Academic Progress issues (Probation and Restriction) Other potential reviews available
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