so maybe i wont get osap...

[Guest mdhopeful23]

well, im finding it difficult to transfer my assets before may 1st. the car is one problem, but there are other issues rising that are trickier.

 

i am now faced with the reality of no osap for my first year. i'm pretty sure i'll be eligable for the remaining years...even with my flashy car :smokin

 

anyhoo, it turns out the amount of interest i end up tacking on after my first year won't add up to much...i can justify the loss in the big scheme of things. but im a little concerned how much in terms of bursary $ i would be losing out on. i mean, do med schools really dish it out the first year? i'm most curious about ottawa (with the $3500 laptop expense, yikes!) and western (because i would luvvve to go there...well i would also love ottawa...oh heck, i would love any school that accepted me :lol )

 

i guess i'm still back to my original dilemma, do i bother hiding all this stuff, particularily when i don't even know if i'm in med yet, or just forget about osap and bursaries this year. then i could go back to my 'second job' idea for the summer :rolleyes

 

any advice appreciated. i hope my constant concerns over money aren't annoying to other viewers :\

[Guest DonaldKaufman]

I would say forget about hiding your assets, apply to OSAP but don't count on getting anything, and pay for your school with either a LOC or from the money gained by selling off your assets in the first year. Oh, and I'd forget the second summer job if you get accepted into med school. Unless you have something really lucrative lined up that would put a serious dent into your med school tuition, the extra stress and time isn't going to be work it - you won't enjoy your summer at all.

 

I'm quitting my job mid-July and heading for Mexico and the southwest US, and arriving back here the night before classes start (I have to hit a wedding on the way back). You only live once, and you might as well enjoy the summer before you start med school.

 

Mdhopeful23, your constant concerns over money certainly aren't annoying - I tend to be the type of person who stresses about money a lot, but I think that this time I am going to try to ignore my impending debt and hit the beach. Keep in my that this is not so much 'advice' as it is an 'opinion', since I have no actual experience with this matter. However, I just thought you might like to know what someone else in the same boat as yourself is going to do.

[Guest fox]

It really is stressful thinking about money and med school, but in the end most people end up with a LOC for at least $100 000. Prime rates are really low right now, so the interest isn't too bad and you will be able to pay it off when you finally become a physician. Keep in mind that while OSAP is interest-free during school, when you're a resident it isn't and my understanding is that the interest is a lot higher than a LOC.

 

I wouldn't worry about hiding your assets as you aren't in yet (but hopefully).... what if you decided you want to buy a house and then don't have assets because you've hidden them? I am totally getting by without OSAP and I have never had any debt before this year (and I have been in university for 8 years before this). At first I was choked to use my LOC, but now I don't even think about it.

[Guest UofT Student]

Hi everyone,

 

If I am a secondary owner of a joint savings account with a parent but none of the money in the account is technically mine (and I am not taxed on interest earned in the account because I am not the primary owner), do I have to declare any of the money in the savings account as an asset to OSAP? If so, how is this factored into OSAP calculations?

 

Thanks.

[Guest Kirsteen]

Hi there mdhopeful2003,

 

I just returned from my Ottawa interview and during the tour, one of the current medical students mentioned that she received some substantial sums from bursaries there. I believe she said that she was OSAP-eligible, and she received a total of over $10,000. :eek

 

Cheers,

Kirsteen

[Guest aneliz]

I have no idea what the situation is at Ottawa... but at UWO, unless you qualify for OSAP (and have gotten OSAP...or the equivalent from your home province) you will get very little in bursary money. One person in my class was offered $200 (woohoo) and another got nothing.

 

Average bursary from UWO for those on OSAP

 

1st year - ~$2600

2nd year - ~$3600

3rd year - ~$4300

4th year - ??

 

One thing to keep in mind with OSAP....they will find any assets that you have (cars, investments, bank accounts, etc) even if you don't declare there existence. OSAP searches your driver's license, tax records, bank records, etc. And, if they 'reassess you' you may find that you OWE money to OSAP on really short notice (like pay us NOW or we are cutting you off forever....) This happened to a few people that I know.

[Guest UofT Student]

Hi aneliz,

 

The account I mentioned is a joint savings account and I am just the secondary owner. Basically, my name is on the account solely as a contingency in case anything happens to the primary owner (to avoid probating of the account on the death of the primary owner).

 

I have not nor do I currently:

-Contribute to the account

-Have access to the account

-Pay tax on interest earned in the account (I don't receive T5's because the interest income isn't mine)

 

Would this account or a percentage thereof have to be declared to OSAP? If so, how would it be factored in to OSAP calculations?

 

Thanks for any clarification you can offer.

[Guest aneliz]

No idea....call the financial aid office of your university to ask.

[Guest WesternGirl]

Hi There,

 

At Mac, in order to be eligible to apply for bursaries, you have to have applied to OSAP (that is, met the residency requirements, etc). Even if they assess you for very little, you might still get a bursary. I didn't receive full OSAP in my first year (b/c not out of high school for 5 years and some assets I forgot to transfer) but I still received a bursary (which was higher than my OSAP amount). But you must apply for OSAP (or your provincial loan). Even if you think you'll get zero from OSAP, apply anyways.

 

At Mac, bursaries tend to be really good. I think the many people tend to get $7000-$8000 per year, but this is probably for people with max. OSAP.

[Guest Ian Wong]

Floating back to the top.

 

Ian