car ownership

[Guest choti]

I've been told by more than one med student that owning a car by the time I start clerkship is pretty necessary. I am considering buying a car this year, seeing as I will have to have one in a couple of years anyway. But how will owning a car affect by OSAP entitlement, especially if the car I buy is less than two years old? For the sake of people who got it, how would owning a car affect their Schulich entitlement?

[Guest aneliz]

Car ownership can substantially impact your OSAP.

 

OSAP will allow you to have a car valued up to $5000. UWO will write you a letter saying that a car is a requirement of your program which will increase the allowable value to $10 000. If you have a car worth MORE than $10 000, OSAP will deduct the difference, dollar for dollar off your OSAP.

 

For example:

 

If your car was worth $11 500 (based on standard price guides for make and year), OSAP would deduct $1500 from your OSAP entitlement.

 

As for Schulich money, it is tied to financial need. To be considered as financially needy by the university, you pretty much need to be getting maximum OSAP. If OSAP is deducting money from your OSAP because of an 'asset' (car) you can bet that UWO is not going to see you as one of the neediest members of your class (ie Schulich scholarship winner).

[Guest UWOMED2005]

That's why you should get a 'beater.'

 

If you must drive a beemer in med school, try looking at a rusty 1975 model. . .

 

Keep your car under $5000.

[Guest CalicoKal]

Or have it be a car your parents "own", "pay for" and you just be an occasional driver on it.

[Guest UWOMED2005]

CalicoKal is correct - that is definitely an approach you can use. Many of my classmates used a similar approach.

 

Two caveats:

 

a) you have to be able to trust your parents and have the sort of relationship where such a move can work.

 

there is a theoretical risk of being audited and investigated and running into trouble. . . VERY theoretical, I've never heard of anybody having any problems.

[Guest squishymichy]

You should call and speak to a financial aid officer like Michelle Foster at Western with these questions. She will give you the whole story.

[Guest UWOMED2005]

Correct. ALL of this advice should be viewed with a grain of salt. None of us are truly "official" sources.

 

(That being said, even "official sources" sometimes need being looked at with a grain of salt. . . I have seen university admin and financial services make mistakes on advice before!)