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How much OSAP are you getting?


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Hello! I'm still counted as a dependent right now, so the amount I am currently able to get from OSAP is very low. However, just thinking ahead about my financial situation for next year where I will be counted as independent - how much OSAP have you been able to get? I looked in the past forums but the only solid figure that I got was $12000 for U of T Dental School, but that program has different tuition + expense allotment compared to Queen's Medical School so I don't know whether I can depend on that figure.

 

Thanks so much for sharing!!

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The maximum OSAP you can get is $350 per week of study, which totals a max. $14350 for the 41 weeks of study in 1st year of med. This is the estimate I got when I filled in my application, and the estimate is usually what you end up getting if you fill in all the information properly and nothing about your financial situation changes.

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What is the deal with OSAP and loans vs bursaries. In your example, eesanr, is all of that $14,350 a loan or is part of that a bursary as well? I remember reading something about money beyond a certain amount ($7k or something) is essentially a bursary.

Thanks

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Thanks, eesanr! Did you put down anything in the assets box?

 

I'm really worried about that lowering my loan amount because I have about $5000 in savings (from jobs in high school and undergrad) for rainy days and emergencies. I don't want to get rid of it because it's like a safety blanket for me. Maybe I should just suck it up and use that up for school first, sigh.

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To Mr. Canauck,

 

With respect to OSAP, the max. amount that they make you repay is $3500 per term of study or 7K for 2 terms or 10.5K for 3 terms per year of study. Most ppl do only 2 terms a year in undergrad, so that's where the 7K you pay back comes from. Med School is considered 3 terms on the application, but I'm not sure if it's going to be 10.5K max repayment since it's not a full 3 terms. If you have loans above the the max. repayment, you'll get debt forgiveness. To give u an example, for 2005-06, I got $11,900 from OSAP. I got 3K of that as a millenium bursary, and a further 2400 in debt forgiveness, so when I have to repay them, i only have $6500 in debt from that year. OSAP for med. school will be essentially them same, except with more money cuz of more weeks in the year.

 

To bayer, if you have assets, you're supposed to report them, and you'll get less OSAP b/c they expect you to use that towards school (since it's a resource). I know many ppl that have gotton around this by parking their money/assets with parents and/or siblings.

 

Just one last thing about money at Queen's. Every1 should apply for the general bursary in the fall. I know ppl that have never been able to get student loans, yet they've gotton a lil bit of money from the general bursary in the fall. The bursary has been good to me during undergrad, and I expect it'll be good to me the next 4 years. Remember, any bit of money you get is that much less money you need from a LOC, and if you compound that over the term it takes you to pay it back (from now til whenever), it adds up.

 

Hope that helps. See you all in Sept.

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What is the deal with OSAP and loans vs bursaries. In your example, eesanr, is all of that $14,350 a loan or is part of that a bursary as well? I remember reading something about money beyond a certain amount ($7k or something) is essentially a bursary.

Thanks

Hi there,

 

Another bursary of sorts is that, in Ontario at least, there is a loan forgiveness program. OSAP has a look at your outstanding loan amount relative to your reported income and then calculates a refund for you, i.e., they reduce your OSAP loan by a certain amount. This is calculated yearly. The past few years I've received ~$3500 per year in this type of bursary from the OSAP folks, the notification letter for which has been quite lovely to receive.

 

Cheers,

Kirsteen

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