Guest mdhopeful23 Posted April 20, 2004 Report Share Posted April 20, 2004 as i mentioned in a previous post, i wasn't able to get an estimate of how much moola osap will give me after filling in their form. i didn't want to submit it either because im still debating the car and other issues. getting to the point, after looking throug a maze of canlearn, osap and the nat'l student loans websites, i found a 'student loan estimator'. here's a link for anyone who hasn't stumbled accross it yet: www.canlearn.ca/nslsc/sle/sle.cfm well i filled the thing in and i got back a nice figure of $12000 (for 10 month program). sounds good, but then i put the $20,000 car in to see what number i got...it was still about $12,000! now i am unsure whether this calcular is very accurate. could someone do me a small favour: if you have already recieved osap, could you put in your figures (ie. income etc) and see if what the estimator quotes is close to what you actually got... if anyone could help, id appreciate it one other thing i learned is that about 60% of your loan is from the fed gov't, while the other 40% is from ontario. does anyone know the interest rates for either? do they differ alot? Link to comment Share on other sites More sharing options...
Guest aneliz Posted April 21, 2004 Report Share Posted April 21, 2004 I put in my numbers for this year and it spat back $11 000...which is exactly what I got for this year.... be warned though, it depends on your province of residency...and even though my 'assessed needs' were >$25 000....the max funding from OSAP is $11 000.... You may get a different estimate of funding with the same financial situation depending on the province you enter. Link to comment Share on other sites More sharing options...
Guest mdhopeful23 Posted April 21, 2004 Report Share Posted April 21, 2004 thanks aneliz, im from ontario and thats what i entered into the calculator...it did deduct the cars value from my assessed need, but i still came out getting the max amount. i don't think this is very accurate, however, judging from what ive read on the board and what my nearby financial aid office told me...oh well, i tried :rolleyes Link to comment Share on other sites More sharing options...
Guest Elaine I Posted April 25, 2004 Report Share Posted April 25, 2004 I've been following the threads on OSAP with a bit of interest, because I was always under that assumption that I would not receive any OSAP, and thus not qualify for any bursaries. By the time I could start med school, I will have been out of high school for 10 years, and working full time as a paramedic for 6 years. I have bought RRSPs each year, and bought a condo two years ago in order to stop paying rent. I figured that my assets would prevent me from any sort of loans or bursaries. So, I tried this calculator. Here is the information I used: - Single independent living away - 37 weeks in study period (used the number of weeks listed on the UWO year 1 schedule) - 16 weeks in pre-study period - 10 years since leaving secondary school - $15,000 tuition + compulsory fees - $2,000 books and supplies - $16,800 pre-study income (assuming quitting job 2 weeks prior to start of school) - $0 study period income / other expenses - $22,000 RRSPs - $10,000 car value - $0 other financial assets I received an assessed need of $9,115 and a total loan of the same. I'm rather surprised that I would be eligible for this amount of money. Also, the list of assets did not include the portion of my condo that I've paid off (nor was my mortgage recorded anywhere). Does OSAP include this money? If not, it almost seems as though buying a place to live is a way to 'get rid of' financial assets. Since I was so skeptical that I would receive this much (or any) money from OSAP, I went and filled in an OSAP application for 2004-05, assuming that I would be going to med school (which I won't be until at least the following year). I received an OSAP estimate of $5400. I'm rather pleasantly surprised! I also discovered that the value of your principle residence is not included. Elaine Link to comment Share on other sites More sharing options...
Guest mdhopeful23 Posted April 26, 2004 Report Share Posted April 26, 2004 thanks elaine, thats interesting news... well after micromanaging my dad the past few weeks (i guess im more of a bill than a kwame :lol ), which really means ive been a big pain in the a**, im getting rid of all my assets this week. hopefully it'll all be worth it. ha, wouldn't that be funny if i didn't get in, after all this worrying and rearranging. hahahaha :rollin ...[mdhopeful23 breaks into a helish bout of laughter...followed by utter silence :| ] sigh, im going to bed :smokin Link to comment Share on other sites More sharing options...
Guest lothya Posted April 27, 2004 Report Share Posted April 27, 2004 Each provincial program is likely different, but in quebec, my real estate assets do not count in any way towards my student loan assessment each year. I have consistently qualified for the maximum loan during my time in grad school (about 3500), as well as bursaries on top of that. My partner and I own the triplex we live in, and the $10,000 or so we receive in rental income (from the other two units) is specifically exempted from income calculations on the student loan form. If we sell this place however, any capital gains (on the two rental units) will need to be reported, and that income will likely reduce my eligibility. If however, we only owned our primary residence, even if we sold it, I don't think it would count at all.... Any other real estate investors here??? Am I way off on this? Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted August 7, 2005 Report Share Posted August 7, 2005 Floating back to the top. Ian Link to comment Share on other sites More sharing options...
ashlee Posted July 23, 2008 Report Share Posted July 23, 2008 Hi all, I have a small personal loan through the bank and it has been paid on time since Oct. But I contacted one mortgage company who said that it looked bad, and then another said it was fine. But I really want to pay it off so it is one less bill. They don't take a fee or any interest to pay it off early. Can paying off a personal loan early adversely affect your credit score? Link to comment Share on other sites More sharing options...
webshy Posted July 23, 2008 Report Share Posted July 23, 2008 Hi all, I have a small personal loan through the bank and it has been paid on time since Oct. But I contacted one mortgage company who said that it looked bad, and then another said it was fine. But I really want to pay it off so it is one less bill. They don't take a fee or any interest to pay it off early. Can paying off a personal loan early adversely affect your credit score? No. The only thing that can occur is an interest penalty. However, if there is no interest penalty / administrative fee, then you should be okay. Elaine Link to comment Share on other sites More sharing options...
ksg Posted October 18, 2009 Report Share Posted October 18, 2009 Here is one more loan calculator. Works not only with cars. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.