bordeaux Posted June 9, 2013 Report Share Posted June 9, 2013 Also, you take the higher limit right from the start because you certainly don't want to have to go through the whole application process every single year. This way a simple letter of good standing/ proof of enrolment gets you your next advance each yr without even having to see your banker. Link to comment Share on other sites More sharing options...
Padawan Posted July 3, 2013 Report Share Posted July 3, 2013 Hey..Can someone tell me, when filling the OSAP application, if people state their estimated income from a student LOC by first factoring in the maximum loan value that osap will provide? Link to comment Share on other sites More sharing options...
schmitty Posted July 3, 2013 Report Share Posted July 3, 2013 Hey..Can someone tell me, when filling the OSAP application, if people state their estimated income from a student LOC by first factoring in the maximum loan value that osap will provide? LOC isn't income Link to comment Share on other sites More sharing options...
rmorelan Posted July 4, 2013 Report Share Posted July 4, 2013 LOC isn't income yeah...you shouldn't be mentioning the LOC really at all in that. Ha - never confuse debt with income (that is actually the chapter title in one of the personal finance books I have). Link to comment Share on other sites More sharing options...
sds Posted July 4, 2013 Report Share Posted July 4, 2013 I received an Admission Bursary in the amount of $3500. What other bursaries can apply for? Is the schulich bursary that is due july 5 for really financially strapped people, because it sounds like you get 20k or 0$? Link to comment Share on other sites More sharing options...
Padawan Posted July 4, 2013 Report Share Posted July 4, 2013 On the financial section of my OSAP application it says, "Estimate your 2013 total gross income from all sources that you expect to receive for the following time periods: Jan 1/13 to Dec 31/13 annual income" When clicking on OSAP's definition of income it says, "Income To Be Reported:You must provide all taxable and non-taxable income world-wide; For example, you must include any other income (e.g., awards, scholarships, fellowships, bursaries, grants, interest, investments, and/or trust fund income)." Does an LOC not fall under this category of "other income"? Link to comment Share on other sites More sharing options...
schmitty Posted July 4, 2013 Report Share Posted July 4, 2013 On the financial section of my OSAP application it says, "Estimate your 2013 total gross income from all sources that you expect to receive for the following time periods: Jan 1/13 to Dec 31/13 annual income" When clicking on OSAP's definition of income it says, "Income To Be Reported:You must provide all taxable and non-taxable income world-wide; For example, you must include any other income (e.g., awards, scholarships, fellowships, bursaries, grants, interest, investments, and/or trust fund income)." Does an LOC not fall under this category of "other income"? Definitely not! Loans and lines of credit are just that, CREDIT, not income by any definition. EDIT: If it were considered income by OSAP, not a single student who gets a prof LOC would get any OSAP because we have plenty of LOC space to pay for med school! :-) Link to comment Share on other sites More sharing options...
dazzle Posted July 4, 2013 Author Report Share Posted July 4, 2013 I received an Admission Bursary in the amount of $3500. What other bursaries can apply for? Is the schulich bursary that is due july 5 for really financially strapped people, because it sounds like you get 20k or 0$? Beautiful, that can cover the costs of the interest on the line of credit for this year and more. Link to comment Share on other sites More sharing options...
ellorie Posted July 4, 2013 Report Share Posted July 4, 2013 Basically, it's not income if you have to give it back. Link to comment Share on other sites More sharing options...
Padawan Posted July 4, 2013 Report Share Posted July 4, 2013 thanks so much everyone...I really needed that advice..truly appreciate it! Link to comment Share on other sites More sharing options...
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