Line of Credit Options NEW INFO

[dr_horrible]

I think ~$40,000/year is a pretty realistic budget. If you take away tuition, which is like $18,000, you still have over $20,000 left.

 

I worked the past year, and I made about $25,000 doing so, while living like a king. I had a really nice apartment, went on multiple trips, and made a lot of new purchases (TV, phone, etc). I also saved a bit of money along the way! Mind you I didn't have a car, and don't have any dependents. But for a single person, I think that projected budget could be more than enough for essentials and then some.

[Dr Crusher]

Okay, I found the budget you were referring to. It is missing the following items:

 

- car insurance, car maintenance, gas, parking (they allot you only $80 a month for transportation). I estimate the cost of operating a car (that is already paid off) to be $330 a month

- hair cuts/styling

- cell phone plan

- gifts

- hobbies/extracurricular classes

- replacing cell phone or laptop/any other electronics

- disability insurance

- travel (vacation or international electives)

- school supplies

- cost of moving

- cost of furnishing new apartment (big items and small items like an iron, or cutlery, or linens)

- toiletries

 

Can you share a link to this sample budget? Thanks!

[rmorelan]

Okay, I found the budget you were referring to. It is missing the following items:

 

- car insurance, car maintenance, gas, parking (they allot you only $80 a month for transportation). I estimate the cost of operating a car (that is already paid off) to be $330 a month

- hair cuts/styling

- cell phone plan

- gifts

- hobbies/extracurricular classes

- replacing cell phone or laptop/any other electronics

- disability insurance

- travel (vacation or international electives)

- school supplies

- cost of moving

- cost of furnishing new apartment (big items and small items like an iron, or cutlery, or linens)

- toiletries

 

You are right it doesn't include some of those one offs (like setting up the apartment, the cost of a car, and replacing electronics). Disability insurance is 20 a month. Personally I think it also overly generous with many of the costs though as well which might balance some of it off.

 

Still with the base cap etc you have 50,000 to play with. That should be tons. I completed first year with all of the things you mention minus the car and my total cost was only $33,000 (per month cost about 1600). Now I am renting a basement apartment with all included for 650 and the budget they are talking about assume you have an apartment with separate phone/cable etc, but you get the idea I am certainly not starving to death and bough a new laptop within that amount.

 

And to be clear you really don't need a car at all during preclerkship (although it is a nice to have). The majority of the class in fact does not have one

[discworldheavylight]

Yes, I'm applying for OSAP. I should hopefully get a fair amount.

If the car is in your name, you're in trouble. If you can put it in someone else's name, do that.

 

What if you don't plan on getting a car until later in the summer (after OSAP apps are due)? Doesn't this get you out of the legality?

 

Also, do personal savings (i.e. money in your savings account) count as "assets"? I have about $10,000 in there my parents think I should transfer under their name so that I qualify for OSAP, but my friend told me they don't count this.

[hugahaiger]

What if you don't plan on getting a car until later in the summer (after OSAP apps are due)? Doesn't this get you out of the legality?

 

Also, do personal savings (i.e. money in your savings account) count as "assets"? I have about $10,000 in there my parents think I should transfer under their name so that I qualify for OSAP, but my friend told me they don't count this.

 

your savings account counts as assets. the thing is, they ask for how much assets you had on may 10, 2010. does anyone know if this date is strict? if you do move assets after this date but before application submission, would they know or care?

[discworldheavylight]

your savings account counts as assets. the thing is, they ask for how much assets you had on may 10, 2010. does anyone know if this date is strict? if you do move assets after this date but before application submission, would they know or care?

 

crap. is this the date? my mother is going to KILL me. she's been asking me to move it for a while and i never bothered until now.

 

according to my mother, they check your records so they can tell how much you had in your bank account on that date. but i know for a fact my friend never reported her savings for the last two years and didnt get into any trouble.

[spiderpig]

your savings account counts as assets. the thing is, they ask for how much assets you had on may 10, 2010. does anyone know if this date is strict? if you do move assets after this date but before application submission, would they know or care?

 

I would love to know about this too. Anyone do this from last year, and have everything end up working out fine (i.e., no angry phonecalls from OSAP followed by dire consequences)??

 

The worst part is, a lot of that money is money my parents just gave me, which I'd like to repay to them.

[Guest viscous]

What if you don't plan on getting a car until later in the summer (after OSAP apps are due)? Doesn't this get you out of the legality?

 

Also, do personal savings (i.e. money in your savings account) count as "assets"? I have about $10,000 in there my parents think I should transfer under their name so that I qualify for OSAP, but my friend told me they don't count this.

 

no. Any changes to your status must be sent to OSAP. OSAP must know that you have bought a car under your name AFTER getting approved for xyz funding with no car on application. They will make adjustments then. You can play through the system by buying a car under your parents' name though.

[shannn]

OSAP estimator gives me a $5K bursary, nice.

 

But, anyway...who has gotten a lump sum LOC?

I really need to start visiting banks. Aiyyya, I hate banking hours

[Guest viscous]

OSAP estimator gives me a $5K bursary, nice.

 

But, anyway...who has gotten a lump sum LOC?

I really need to start visiting banks. Aiyyya, I hate banking hours

 

The estimator is telling me that I will get only $2000 in grants. Rest would be in loans (Federal and Provincial). Then OSOG will come in and reduce my debt to 7300 .... where is my bursary man .... I have 0 savings from last year, 0 assets, 0 income, 0 everything ....

[polarb]

do you only disclose your savings account? or chequing account as well?

[rmorelan]

do you only disclose your savings account? or chequing account as well?

 

all cash accounts would have to be reported.

[maxg]

Went to RBC last week and got my approval for 150K uncapped yesterday. They were great. They required the acceptance letter (which I printed off from my email account) and they had all my personal information as I have a bank account with them already (sin, contact info etc.).

Prime + 0%, and I was told I did not need to pay back any principal till 1 year after my education was complete. They explained that 'education' includes residency and a fellowship if i chose to complete one. They also mentioned that I would have the option of obtaining an extra 50K during residency if I needed the extra cash.

[john3900]

Went to RBC last week and got my approval for 150K uncapped yesterday. They were great. They required the acceptance letter (which I printed off from my email account) and they had all my personal information as I have a bank account with them already (sin, contact info etc.).

Prime + 0%, and I was told I did not need to pay back any principal till 1 year after my education was complete. They explained that 'education' includes residency and a fellowship if i chose to complete one. They also mentioned that I would have the option of obtaining an extra 50K during residency if I needed the extra cash.

 

When will your LOC be available for your use? I've been approved for a LOC through Scotiabank and they needed a "proof of enrollment" to release the LOC and now they've asked for course registration- which I don't think we will have until the end of July???

[dr_horrible]

Pretty sure Scotiabank does their check of proof of enrollment in mid-August. So usually their LOCs aren't available until then. But if you need some cash up front, you could try talking to your rep to see what kind of documentation you'd need to make this happen.

 

When will your LOC be available for your use? I've been approved for a LOC through Scotiabank and they needed a "proof of enrollment" to release the LOC and now they've asked for course registration- which I don't think we will have until the end of July???

[Rosie]

Pretty sure Scotiabank does their check of proof of enrollment in mid-August. So usually their LOCs aren't available until then. But if you need some cash up front, you could try talking to your rep to see what kind of documentation you'd need to make this happen.

 

Didn't you get to access it with a letter of confirmation?

[rmorelan]

Pretty sure Scotiabank does their check of proof of enrollment in mid-August. So usually their LOCs aren't available until then. But if you need some cash up front, you could try talking to your rep to see what kind of documentation you'd need to make this happen.

 

People in our class got it earlier than that this year for Scotia. I reminder some going on a trip in July to Europe on it

[john3900]

Didn't you get to access it with a letter of confirmation?

 

I asked admissions for a "proof of enrollment" and they gave me this letter stating that basically providing successful completion of program I will graduate in 2014. That seemed to be all the bank was asking for and then they asked me if I could give them my course registration. So, that kind of threw me for a loop b/c I saw on this forum earlier that someone had access to their LOC once they gave in their letter from admissions. So, I hope that he doesn't really know what he's talking about b/c I'm in a financial bind. He said that he has to wait for the package to come back from Toronto to know for sure when the funds can be released. That's why I was wondering if other ppl that had been approved for a LOC had their funds available to them yet.

[maxg]

When will your LOC be available for your use? I've been approved for a LOC through Scotiabank and they needed a "proof of enrollment" to release the LOC and now they've asked for course registration- which I don't think we will have until the end of July???

 

I have access to it all starting today!

[hmmmm]

I am going through scotiabank and I think they are pretty much done setting it up. For enrollment confirmation they just emailed admissions .

[john3900]

I have access to it all starting today!

 

which bank are you dealing with?

[john3900]

I am going through scotiabank and I think they are pretty much done setting it up. For enrollment confirmation they just emailed admissions .

 

I started the process with scotia on May 19th (before the long weekend). Found out about a week later that I was approved. And then got a "proof of enrollment" letter from admissions last week and gave it to them. And, now they've told me that they're waiting on the package(?) to come back from Toronto and said that they (head office?) inquired about course registration.

[hmmmm]

hmmmm ----

[Guest viscous]

i havent even started the process ...

[dr_horrible]

Sigh, they are now asking for a confirmation of deposit too before they can give me any moneyy. Got that though (the admin office is so helpful and prompt!) so hopefully I don't need anything else!

 

Didn't you get to access it with a letter of confirmation?