funding your post secondary education patrick bennett financial aid & awards april 29 th, 2013
TRANSCRIPT
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Funding Your Post Secondary Funding Your Post Secondary EducationEducation
Patrick BennettFinancial Aid & Awards
April 29th, 2013
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Student Financial Aid Resources• Government Programs – OSAP
• Commercial Banks – Student Lines of Credit
• Employment Earnings
• Awards, Scholarships & Bursaries
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Ontario Student Assistance Program
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OSAPOSAP• To assist eligible students who do not have the
resources to meet the costs of post-secondary education
• To supplement (not to replace) the financial resources that you and your family are expected to contribute
• OSAP is a combination of loans and grants.
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Who is Eligible?• Canadian Citizen, Permanent Resident or Protected
Person
• Ontario Resident
• Taking an OSAP approved program (course load requirements.
• Have financial need
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Eligibility Issues• Overpayments and Income Variance
• Academic Progress requirements
• Previous default and loan rehabilitation
• Have previously filed for bankruptcy or a consolidation agreement AND have OSAP as a creditor OR if OSAP funds would be seized to repay debts.
• If you are a resident of another province
• You are in receipt of government assistance that covers your post-secondary costs
• You are in Stage 2 of the Repayment Assistance Program.
• You have adequate resources to cover your costs.
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Expected Costs of Education(tuition, books, living expenses)
Minus
Expected Family Contribution
Equals
Your OSAP Assessment (up to program maximums)
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OSAPOSAP• OSAP Access Number: a unique identifier to
allow you to access your OSAP profile.
• To re-set your password, or if you have forgotten your OAN, bring your government-issued photo ID (Driver’s License, Passport, Health Card) & Social Insurance Card to the Financial Aid Office.
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OSAP Application• Section A: Personal Information (Name, Address, Contact Information, Student ID,
SIN, OEN, Disability etc.)• Section B: Your status (Dependent vs. Independent)• Section C: Residency Information • Section D: Information on School & Program• Section E: Assets (Car, Savings,)• Section F: Income (2012 income, pre-study period, study period estimates)• Section G: Information on your children, if applicable• Section H: Information on you parents (2012 income, Social Insurance Numbers) • Section I: Information on spouse, if applicable• Section J – L: Consideration for specialized grants• Section N – Q: Signature pages
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• Family Breakdowns
• Exceptional Expenses
• Estimated Income
• Lack of Employment in Pre-Study Period
• Value of your vehicle
Etc.
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How will I get my OSAP?
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If you don’t think you will have enough money to pay for school, Ask your Ask your Financial Aid Office!Financial Aid Office!
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RepaymentRepayment• Repayment starts six months after the end
of your studies.
• Interest starts to accumulate immediately on Federal portion of the loans.
• Repayment Assistance Program
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Student Line of CreditStudent Line of Credit
• Competitive Interest Rates
• Pay interest while in school
• Need a co-signature
• Grant Eligibility
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Employment IncomeEmployment Income
1. Approximately 50% of students work while studying
2. 15 hours a week
3. Related to your program
4. Work-Study Program
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Scholarships, Awards, and BursariesScholarships, Awards, and Bursaries
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Awards, Scholarships & BursariesAwards, Scholarships & Bursaries
• Financial Assistance Web Pages (http://www.conestogac.on.ca/financialaid/)
• Your Guidance Office• Studentawards.com• Scholarshipscanada.com
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Common Financial Aid ProgramsCommon Financial Aid Programs
• Student Assistance Bursary
• Urgent Need Bursary
• Entrance Award (Degree & Diploma)
• In-Course Scholarship
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• BSWD / CSG-PDSE• First Generation Bursary• Aboriginal Post-Secondary Education & Training
Bursary (APSET)• Ontario Student Opportunity Grant (OSOG)• Ontario Tuition Grant (ontario.ca/30off)• Student Access Guarantee (SAG)