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Discussion

OSAP

I'll be startin nursing in a university this coming winter term. I have decided to apply for OSAP but there are few questions that I want to be enlightened with.

First, I will have to pay for my tuition fee this first term. What will happen if I'll be approved?

Second, is the application just a one time deal? The fulltime program I'll be attending is a 2Year program. Is there a need for me to apply for each term or the forms I filled out now will cover until I finish my studies?

Third, I will be employed eventually. How will I update the ministry? Will that affect the loan?

Fourth, If in the middle of my studies I decide to stop OSAP because I might be able to cover my studies because I will be working, how should I go about it?

Thank you very much. I know that's a lot of questions. I hope you can enlighten me.

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    You will have to apply every year. If you pay for your first term then any money they give you can be used for subsequent terms. You don't have to update them on employment status. OSAP loan payments start six months after graduation, employed or not. You cannot decide to "stop" OSAP. They will give you a certain amount and then you pay it back after graduating. The application process is quite detailed and they require all your financial information as well as that of your parents. My daughter had some savings so for her first year of university they only gave her $1500.

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    You will have to apply every year. If you pay for your first term then any money they give you can be used for subsequent terms. You don't have to update them on employment status. OSAP loan payments start six months after graduation, employed or not. You cannot decide to "stop" OSAP. They will give you a certain amount and then you pay it back after graduating. The application process is quite detailed and they require all your financial information as well as that of your parents. My daughter had some savings so for her first year of university they only gave her $1500.

    thankyou lorieangel Im quite enlightened now. Thankyou for giving me straightforward answers. You've been much of help.

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    I went through the process a number of years ago and if it makes you feel any better, its a pretty smooth deal. Tens of thousands of students get OSAP every year, the universities are set up to make the ordeal as seamless and painless as possible.

    My best advice is to pay it off as soon as possible. Assuming you get a full time job once you graduate and make $50'000/year your repayment rate can be as high as $830/month...when I was in school the interest rate was pretty high and it made it worth while to get a line of credit, pay off OSAP and then pay down the line of credit. Just my experience.

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    I have used OSAP but if you are approved for a 2 year course - you fill out an extensive application the first year, and then the 2nd year of your program you basically fill out the financial aspect of it reporting your income and then the rest of it is not anywhere near as long as the first application.

    Even if you get a full time job and feel you dont need osap, take it and use the money you make to start making payments towards it. That extra security money while in school comes in handy for unexpected expenses.

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