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Rank: Frosh  Joined: 12/8/2011 Posts: 8
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U of T requires that I pay half of my residence fees before Aug 21. OSAP will be given out in September, so I can't use it for that right now. If I borrow money from my parents, and then pay them back with the OSAP money once I get it, is this allowed? Or will it somehow look suspicious if I just deposit $6000 of my loan into my parents' account?
I guess what I'm asking is, do they monitor where your money goes once you get it, either for the loan or the grants?
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Rank: Frosh  Joined: 8/3/2012 Posts: 1
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Hey,
I had a few questions about OSAP while I was filling out the application. Is there someone who has filled the application before and is practically an expert with OSAP that can help me out?
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Rank: Student Council  Joined: 3/22/2012 Posts: 465
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lanamaleva wrote:U of T requires that I pay half of my residence fees before Aug 21. OSAP will be given out in September, so I can't use it for that right now. If I borrow money from my parents, and then pay them back with the OSAP money once I get it, is this allowed? Or will it somehow look suspicious if I just deposit $6000 of my loan into my parents' account?
I guess what I'm asking is, do they monitor where your money goes once you get it, either for the loan or the grants? A completely not-suspicious way at all would be to request to defer your payment until OSAP funding is released. University of Guelph
Software Engineering, 2016
Applications (for Fall 2012):
University of Waterloo - Computer Science (Alternate offer to Geomatics, May)
University of Guelph - Software Engineering (Accepted, March)
Carleton University - Computer Science: Game Development (Accepted, February)
Carleton University - Interactive Multimedia and Design (Accepted, March)
The University of Western Ontario - B.Sc. Computer Science (Cancelled application)
First semester (mixed w/ grade 11 marks) average: low-mid 80s
Second semester midterm average: 81.33%
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Rank: Senior Student
Joined: 7/17/2012
Posts: 125
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If OSAP gives more than you need, can you re pay the loan partially now OR is it better to put it aside pay them back after 4 years ?
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Rank: Student Body President  Joined: 12/20/2010 Posts: 1,572
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bgood wrote:I read that a few of you have received confirmation of your OSAP funding.
My web application was received May 2 and my MSFAA received May 28 and my application "is still being processed" . The reason given is "verification of student income".
It says to check back at end of July. We are now heading into the 2nd week of August and still no confirmation.
Anyone else still waiting?
Any advice from those of you who have been through this as to whether I should continue to be patient or maybe call?
Thanks Read this thread. It's been discussed several times.
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Rank: Student Body President Joined: 12/20/2010 Posts: 1,572
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hogsmeade wrote:I just have a question...
Today, I just got my "Assessment Results" from OSAP,
and it says that:
"Your OSAP application has been assessed and you are eligible to receive the following amount of funding:"
and then next to it is the list of amounts.
If, say, I will not be changing any detail on my online OSAP application,
does it mean that the total amount they've indicated is the exact and final amount that I will be receiving, and there's no changing that anymore?
Or will I only know about the exact and final total amount ON THE DAY that I will be getting my funding?
Thanks in advance.
You'll only know for sure on the day you negotiate your funding.
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Rank: Student Body President Joined: 12/20/2010 Posts: 1,572
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lanamaleva wrote:U of T requires that I pay half of my residence fees before Aug 21. OSAP will be given out in September, so I can't use it for that right now. If I borrow money from my parents, and then pay them back with the OSAP money once I get it, is this allowed? Or will it somehow look suspicious if I just deposit $6000 of my loan into my parents' account?
I guess what I'm asking is, do they monitor where your money goes once you get it, either for the loan or the grants? No. You can spend your loan on a trip to Vegas or deposit it in your parents' account; they don't care as it's your money.
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Rank: Student Body President Joined: 12/20/2010 Posts: 1,572
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MAstar wrote:Hey,
I had a few questions about OSAP while I was filling out the application. Is there someone who has filled the application before and is practically an expert with OSAP that can help me out? Yes. That's why I created this thread - to spread my wealth of knowledge.
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Rank: Student Body President Joined: 12/20/2010 Posts: 1,572
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durian wrote:If OSAP gives more than you need, can you re pay the loan partially now OR is it better to put it aside pay them back after 4 years ? They're giving you free money without interest, so you're best to take that money and invest it. Then, when you're done school, you can pay back the entire amount in a lump sum and you'll have made interest on the government's money!
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Rank: Frosh
Joined: 4/15/2011
Posts: 47
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is it too late to apply for osap and if i am 2nd year and i got osap 1st year, am i signing up for osap as a full time or returning student on osap site?
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Rank: Frosh
Joined: 8/10/2012
Posts: 3
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I'm going into first year social sciences at uwo, and my parents aren't contributing to my education. they want me to a: learn financial independence and b: understand how much effort is needed to do post-secondary education. However, my mom recently got a settlement from a wrongful dismissal suit that took three years to finish which left us in alot of debt, but all the money she won went to my parents separation. but the way the taxes play out makes it sound like we're ridiculously wealthy. which now we have nothing left over from the settlement, and are now relying on a single income. I used the estimate after applying and told me $0. I am working ridiculous amounts of hours trying to scrape enough for my first installment along with my rent. what can I do to show OSAP that I need assistance??
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Rank: Senior Student
Joined: 10/26/2011
Posts: 95
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Hi everyone.
I need some opinions on what I did for OSAP. I believe I did the right thing but, my friends keep telling me I should of done it differently.
So, on my OSAP application, I wrote down that I am getting $10 000 from my RESP, and therefore, I will still get some OSAP money but not as much. They are saying that I should have used my RESP in second year not first year, and that I won't get the max possible OSAP loans.
My cousins told me not to do that because OSAP could easily find out if you've been hiding things.
Should I have done it differently?
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Rank: Senior Student
Joined: 7/17/2012
Posts: 125
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sascer520 wrote:Hi everyone.
I need some opinions on what I did for OSAP. I believe I did the right thing but, my friends keep telling me I should of done it differently.
So, on my OSAP application, I wrote down that I am getting $10 000 from my RESP, and therefore, I will still get some OSAP money but not as much. They are saying that I should have used my RESP in second year not first year, and that I won't get the max possible OSAP loans.
My cousins told me not to do that because OSAP could easily find out if you've been hiding things.
Should I have done it differently? You are not neither hiding or lying on the OSAP application. OSAP asks you if you have RESP, you can say yes and tick NO if you are not planning to withdraw it. It will ask you on the form how much you are withdrawing and put zero that way you get the max OSAP but if you put zero and then withdraw it then you are in trouble. You do not have to use your RESP money for any of your undergrad years; you can use it for Masters or even for Phd as long as the plan hasn't matured yet. So check the maturity date on your plan. Basically RESP money can be withdrawn for education purpose only before the maturity date. If it's not withdrawn, it reverts back to to the contributor of the plan.
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Rank: Senior Student
Joined: 7/17/2012
Posts: 125
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herfstco wrote:I'm going into first year social sciences at uwo, and my parents aren't contributing to my education. they want me to a: learn financial independence and b: understand how much effort is needed to do post-secondary education. However, my mom recently got a settlement from a wrongful dismissal suit that took three years to finish which left us in alot of debt, but all the money she won went to my parents separation. but the way the taxes play out makes it sound like we're ridiculously wealthy. which now we have nothing left over from the settlement, and are now relying on a single income. I used the estimate after applying and told me $0. I am working ridiculous amounts of hours trying to scrape enough for my first installment along with my rent. what can I do to show OSAP that I need assistance?? I'm sure there is an appeal process that you can go through.
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Rank: Frosh
Joined: 4/15/2011
Posts: 47
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is it too late to apply for osap and if i am 2nd year and i got osap 1st year, am i signing up for osap as a full time or returning student on osap site?
Is the process to apply the same as last year?
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Rank: Student Body President Joined: 12/20/2010 Posts: 1,572
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jack3d wrote:is it too late to apply for osap and if i am 2nd year and i got osap 1st year, am i signing up for osap as a full time or returning student on osap site? If you wanted OSAP in September then yes, you're too late. However you have until January to apply so you have plenty of time.
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Rank: Student Body President Joined: 12/20/2010 Posts: 1,572
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herfstco wrote:I'm going into first year social sciences at uwo, and my parents aren't contributing to my education. they want me to a: learn financial independence and b: understand how much effort is needed to do post-secondary education. However, my mom recently got a settlement from a wrongful dismissal suit that took three years to finish which left us in alot of debt, but all the money she won went to my parents separation. but the way the taxes play out makes it sound like we're ridiculously wealthy. which now we have nothing left over from the settlement, and are now relying on a single income. I used the estimate after applying and told me $0. I am working ridiculous amounts of hours trying to scrape enough for my first installment along with my rent. what can I do to show OSAP that I need assistance?? You mean your family was irresponsible with a financial windfall and now the government won't reward such disregard? Yeah. Sucks for you.
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Rank: Student Body President Joined: 12/20/2010 Posts: 1,572
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sascer520 wrote:Hi everyone.
I need some opinions on what I did for OSAP. I believe I did the right thing but, my friends keep telling me I should of done it differently.
So, on my OSAP application, I wrote down that I am getting $10 000 from my RESP, and therefore, I will still get some OSAP money but not as much. They are saying that I should have used my RESP in second year not first year, and that I won't get the max possible OSAP loans.
My cousins told me not to do that because OSAP could easily find out if you've been hiding things.
Should I have done it differently? If you're using $10,000 of your RESP in your first year then yes, you need to claim it. When you use it doesn't matter - if you'd have used it in second year you'd still be getting less money.
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Rank: Frosh
Joined: 4/15/2011
Posts: 47
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ARMY101 wrote:jack3d wrote:is it too late to apply for osap and if i am 2nd year and i got osap 1st year, am i signing up for osap as a full time or returning student on osap site? If you wanted OSAP in September then yes, you're too late. However you have until January to apply so you have plenty of time. When was the deadline? I can only apply for the january - april term now? I wanted OSAP from sept 2012 - april 2013 Also am I considered a full time student or a returning student if I am going into 2nd year and I had OSAP 1st year?
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Rank: Senior Student
Joined: 7/17/2012
Posts: 125
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jack3d wrote:ARMY101 wrote:jack3d wrote:is it too late to apply for osap and if i am 2nd year and i got osap 1st year, am i signing up for osap as a full time or returning student on osap site? If you wanted OSAP in September then yes, you're too late. However you have until January to apply so you have plenty of time. When was the deadline? I can only apply for the january - april term now? I wanted OSAP from sept 2012 - april 2013 Also am I considered a full time student or a returning student if I am going into 2nd year and I had OSAP 1st year? I read somewhere returning student has a shorter application and I think that's where you may fall since they have all your infos on file. I believe you have 45days from school start date to send your OSAP application in order to be guaranteed funding for the year. Read somewhere too.
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