1. 1 Financing Your Education and the Ontario Student Assistance Program
2. 2 HOW ARE WE GOING TO PAY FOR THIS? OSAP – Ontario Student Assistance Program Scholarships and Awards Bursaries and Grants Part-Time Employment Student Lines of Credit Discounts and Savings
3. 3 WHAT IS OSAP? ONTARIO STUDENT ASSISTANCE PROGRAM Provincially and federally funded needs-based loans and grants to help subsidize cost of post-secondary education 310,000+ of college and university students per year.
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6. 6 Allowable Educational Costs Expected Financial Contribution Calculated Financial Need minus equals Tuition & Compulsory Fees Books & Supplies Equipment Computer Costs Personal Living Expenses Child Care Travel Student Income Student Assets Parental Income Spousal Income Spousal Assets Federal Assistance Provincial Assistance CALCULATION OF FINANCIAL NEED
13. ALL income is verified with the Canada Revenue Agency (CRA)Discrepancies can result in reassessments and potential restrictions from further funding.
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15. 15 STUDENT RESPONSIBILITIES You are responsible for: Reporting information accurately on your OSAP application; Meeting application deadlines; Promptly reporting changes to your Financial Aid Office (income, address, etc); Informing the National Student Loan Service Centre of your enrolment status (COE/CIFS) each year; and Maintaining satisfactory academic progress.
21. 18 OTHER RESOURCES Institutional Assistance in the forms of: Entrance Awards/Scholarships In-course Awards/Scholarships Bursaries/Grants Work Study programs
22. 19 OTHER RESOURCES External Scholarships & Bursaries www.studentawards.com www.scholarshipscanada.com www.myschool101.com www.gwmsc.ca www.electronicinfo.ca Community Groups/Companies Rotary Club, Lions Club, other associations Charitable Organizations Parent’s/student’s place of employment
23. 20 PART-TIME EMPLOYMENT Work Study On-Campus Off-Campus Internships Co-op programs Tutoring/Teaching Assistant (TA) Volunteer Opportunities
24. 21 OTHER THINGS TO CONSIDER… Create a reasonable budget Maximize Resources Understand Credit Student Discounts and Savings Have a contingency plan – what is PLAN B? Be aware of your Financial Aid Office – what can they do for you?
