Ontario Student Opportunity Grant from OSAP

[tset]

Has anyone ever received an Ontario Student Opportunity Grant (OSOG) from OSAP and could possibly explain to me what you you actually received?

 

On the OSAP website it says it is to "help students reduce their annual Canada-Ontario Integrated Student Loan debt by limiting an eligible student's repayable debt to $7,000 for a two-term academic year and $10,500 for a three-term academic year.

 

Does this mean that no matter how much in loans OSAP gives you, you are only responsible for repaying $7000 of that? I am very confused because on my funding summary it says my OSOG estimate is $7700... so do I only have to pay back $7700 of my much bigger Canada-Ontario Integrated Student Loan?

 

Thanks for your help in advance!

[007]

Let's say your total Ontario/Canada integrated loan amount is $15000 for a 2 term year (2009/2010). You get your money and then the following December (end of 2010) (usually) you'll find out how much OSOG you get. If you are eligible, it should cap the amount you need to repay at the end of your training to $7000 for that 2 term year. So the government would have paid off $8000 of your original $15000 loan.

[ma_ta]

Thanks for the information...what determines the eligibility though?

[rmorelan]

Thanks for the information...what determines the eligibility though?

 

That's related to your eligiblity for OSAP -you have to qualified for more than 7000 in OSAP in the first place for any of it to be "forgiven". From the website:

 

Eligibility Requirements

 

You are eligible for a grant if you meet all of the following requirements:

 

* You negotiated a Canada-Ontario Integrated Student Loan in the 2008–2009 academic year.

* You are entitled to a student loan(s) that exceeds $7,000 for a two-term academic year or $10,500 for a three-term academic year. If you received a Millennium Bursary (MB) in the 2008–2009 academic year, you may still be eligible for an Ontario Student Opportunity Grant if your outstanding student loan(s), after the MB has been released, exceeds $6,500 for a two-term academic year or $10,000 for a three-term academic year.

* You are enrolled in a full-time program for two terms or three terms.

* You have completed your academic year.

 

How to Apply

 

You do not need to fill out a special application for this grant, because the information that you supply on your OSAP application is used to determine your eligibility.

 

Conditions

 

You are not eligible for a grant if you:

 

* reduce your course load to part-time (less than 60 per cent of a full course load or less than 40 per cent if you are a student with a permanent disability);

* you withdrew from your full-time program;

* are enrolled in a one-term program (less than 21 weeks) or have completed only one term of your program;

* have defaulted on a previous student loan(s); and/or

* have been reassessed and your loan entitlement has been reduced to less than $7,000 for a two-term academic year or $10,500 for a three-term academic year.

* you are not eligible to receive further assistance through the OSAP program.

 

They (if I recall) will reconfirm you income was low enough to get the OSAP loan you qualified for in the first place.

[tset]

Thanks! That explains a lot.

 

So on my summary, when its says OSOG estimate: $7700, that means the government MIGHT help me pay off $7700 and I pay the rest?

[rmorelan]

Thanks! That explains a lot.

 

So on my summary, when its says OSOG estimate: $7700, that means the government MIGHT help me pay off $7700 and I pay the rest?

 

That sounds about right!

 

this is why OSAP if you can get it is such a HUGE benefit in my opinion. First you are likely going to have to pay only 1/2 of it back. Second you don't pay interest on it while you are at school (or if I recall correctly even during your residency IF you do that residency in Ontario). Free mony, no interest - not a bad combination

[anewor16]

I took PSW program in March 2012 which is 6 months long . OSAP granted me 15k. The tuition fee as 6k. Now OSAP sent me a letter that I have to start paying my loans which is $178/month for 114 months. It stated in the letter that I owe 15k and not $7000. How can I know if I can be eligible to this maximum payment of $7000?

 

I want to upgrade to NURSING but my OSAP loan is keeping me from enrolling to college or university. I cannot afford the tuition fee.