The OSAP 2010-2011 Loan Help Thread

[spiderpig]

Maybe we can pool all our questions here, as we go through and fill out the OSAP loan application?

I've started mine, and I do have some points of confusion:

 

1) There's a Q that asks if I've received my degree yet. What do we put if we're going to get it during June convocation?

 

2) How do we determine the gross market value of our vehicle?

 

3) In the assets section, should we deduct our previous loan balance?

 

4) There's a section where we have to input our previous study periods, and what OSAP aid we received. I guess this is just the amount of money we received for that year alone?

 

5) Is there anything special to do (any extra forms to fill out) for the Textbook & Technology Grant?

 

Thanks in advance to anyone that helps, and I'd be happy to help with anything that I can for others with Q's about this.

[I Heart Rural Med]

I'm afraid I can't answer your questions, but I can pose my own.

 

Under "other assets", many of us are going to have lines of credit (although not right now). Technically those are account balances, I guess... Do those count as assets? I would think not, but I'm just checking.

[runningdoc]

Vehicle value:

 

Go to the Kelly Blue Book http://www.kbb.com/

Use the US zip code 48202 (Michigan) which will give you a pretty good approximation of the vehicle value. It doesn't have to be completely accurate.

[spiderpig]

I'm afraid I can't answer your questions, but I can pose my own.

 

Under "other assets", many of us are going to have lines of credit (although not right now). Technically those are account balances, I guess... Do those count as assets? I would think not, but I'm just checking.

 

I would definitely say a LOC is not an asset.

[nemesis]

They are not assets.

 

I would definitely say a LOC is not an asset.

 

...more like a liability!

[I Heart Rural Med]

Yeah, that's what I figured too... it's just nice to hear someone else say it. Thx!

[rmorelan]

you don't deduct your loans from your assets on the OSAP form.

[AdamP]

does a car work against you for osap funding in all cases?

 

even if its required for your program. i.e. you are at one of the mac regional campuses.

[rmorelan]

does a car work against you for osap funding in all cases?

 

even if its required for your program. i.e. you are at one of the mac regional campuses.

 

Yeah it does, but they give up to 5000 dollars without having problems, and really with med student level tutition after that the effect is really minimal.

[deeman101]

Man, in my time of need and utter laziness the members on this forum always pull through for me.

[BigM]

Yeah it does, but they give up to 5000 dollars without having problems, and really with med student level tutition after that the effect is really minimal.

 

I was reading some old posts about this so i was hoping to probe some more info on it. From what I read it was my understanding that for non-med students with a vehicle, only the value above $5,000 is treated as an asset. I also read that as a med student you can get a note from the school saying that a vehicle is necessary and that will allow you have have up to $10,000 value before it is treated as an asset. Is this true?

 

Also, would an MS1 or MS2 at London qualify as "needing a vehicle for their studies"? I would like to do a lot of rural shadowing back home that would mean I need a vehicle.

 

Thanks!

[rmorelan]

My turn to ask a question What is an MS1 or MS2?

 

I have heard rumors similar to what you are saying about the increase. I suppose though it would hard to say "need" a car in the first 2 years for most schools - observerships are not actually required parts of the program (although of course people do them quite a bit).

 

before you have to worry about jumping through all the loops etc I would wait until after the osap estimater is updated for next year - I strongly suspect you will have no reduction in your osap for typical car etc. Our tutition is just so high.

 

I was reading some old posts about this so i was hoping to probe some more info on it. From what I read it was my understanding that for non-med students with a vehicle, only the value abov me $5,000 is treated as an asset. I also read that as a med student you can get a note from the school saying that a vehicle is necessary and that will allow you have have up to $10,000 value before it is treated as an asset. Is this true?

 

Also, would an MS1 or MS2 at London qualify as "needing a vehicle for their studies"? I would like to do a lot of rural shadowing back home that would mean I need a vehicle.

 

Thanks!

[BigM]

My turn to ask a question What is an MS1 or MS2?

 

 

Is MS1 (Medical Student year 1) and MS2 (Medical Student year 2) not what you guys use to sign off on the clinical work that you do? e.g. histories during Discovery Week, etc.

[rmorelan]

Is MS1 (Medical Student year 1) and MS2 (Medical Student year 2) not what you guys use to sign off on the clinical work that you do? e.g. histories during Discovery Week, etc.

 

Wouldn't know yet - discovery week is 10 days away In first year there is no fixed requirement for clinical work outside of standardized patients.

[Opiedog]

Its true, BigM. You are allowed 10,000 for a car that is deemed necessary. That can because you live in an area where there is no bus services, taxi costs would be inappropriate, etc. I had to fight to get that paper, even though I live 15 km rurally and there is no city buses in the area. It can be done, just have your info handy for your financial aide officer at the school to use, as they have to supply the form.

[rmorelan]

Its true, BigM. You are allowed 10,000 for a car that is deemed necessary. That can because you live in an area where there is no bus services, taxi costs would be inappropriate, etc. I had to fight to get that paper, even though I live 15 km rurally and there is no city buses in the area. It can be done, just have your info handy for your financial aide officer at the school to use, as they have to supply the form.

 

I wonder if that would apply to the OP(?) Assuming he/she lives in london no of those reasons would.

[rollester]

okie doke

 

10 charrrr

[Guest viscous]

Last time I applied to OSAP couple of years, there were boxes where I had to fill in my parents' income from the tax returns filed for previous year. I dont see any such boxes for reporting parents' income on the app as of now. The only place where I have to enter income is my personal income from 2009 corresponding to line 150 of my tax return. Any ideas on this? Am I missing the sections for reporting parents' income?

[spiderpig]

I noticed that too. I thought it might have had something to do with the fact that I'm not currently living with my parents (nor was I last year). But I guess not? Maybe they just decided to change things.

[nemesis]

Last time I applied to OSAP couple of years, there were boxes where I had to fill in my parents' income from the tax returns filed for previous year. I dont see any such boxes for reporting parents' income on the app as of now. The only place where I have to enter income is my personal income from 2009 corresponding to line 150 of my tax return. Any ideas on this? Am I missing the sections for reporting parents' income?

 

I noticed that too. I thought it might have had something to do with the fact that I'm not currently living with my parents (nor was I last year). But I guess not? Maybe they just decided to change things.

 

You've both been out of high school for over four years, right? There should be a section on the application where you would indicate this, if applicable.

 

This results in you know being considered an 'independent', and no longer relying on parental income to calculate your potential OSAP loans.

 

This is why the section on parental income is now omitted!

[Guest viscous]

You've both been out of high school for over four years, right? There should be a section on the application where you would indicate this, if applicable.

 

This results in you know being considered an 'independent', and no longer relying on parental income to calculate your potential OSAP loans.

 

This is why the section on parental income is now omitted!

 

yup, I saw that. Since I am no longer a dependent child due to the fact that I've been out of high school for more than four years, my parents' income wont be used to determine my OSAP.

 

Expected Financial Contributions

OSAP expects that you and your family have planned for your postsecondary education and put aside money to pay for the costs, associated with it. The purpose of OSAP is to supplement, not replace your resources.

 

Your expected financial contribution is the amount of money that OSAP determines that you should have available to pay for your education and living costs. It determines this amount by assessing the following information and factors:

 

your marital status

number of dependent children you have (if applicable)

educational history

availability for employment

your income and assets

your parents’ income, assets and number of dependent children (if you are a dependent student) your spouse’s or partner’s income and assets (if you are married or in a common-law relationship)

 

Dependent Student

Note: This definition is specific to the OSAP Application for Full-Time Students.

 

You are considered a dependent student if none of the following applies to you:

 

You are married.

You are in a common-law relationship.

You are a sole-support parent.

You are separated, divorced, or widowed, AND have NO dependent children living with you.

You have not been a full-time student at a high school or postsecondary institution for at least 12 consecutive months on 2 or more occasions.

You have been out of high school for at least 4 years before the start of your study period.

[Ocho]

Quick question regarding the OSAP application for first year med students.

 

Going through the OSAP application, there's a spot to put in your student number. I have yet to receive a student number from the University I am attending this fall. Are people just leaving this field blank? Can any upper year students comment on this?

 

Thanks

[BigM]

Quick question regarding the OSAP application for first year med students.

 

Going through the OSAP application, there's a spot to put in your student number. I have yet to receive a student number from the University I am attending this fall. Are people just leaving this field blank? Can any upper year students comment on this?

 

Thanks

 

Try leaving it blank and seeing if it will let you proceed. I doubt it is going to require the student number as a good portion of applicants will not have one. The student number is probably only used by the financial aid office at the university to tie your OSAP application to your student record - if you do not have one they will create one.

[rmorelan]

Quick question regarding the OSAP application for first year med students.

 

Going through the OSAP application, there's a spot to put in your student number. I have yet to receive a student number from the University I am attending this fall. Are people just leaving this field blank? Can any upper year students comment on this?

 

Thanks

 

yup, leave it blank and it will be dealt with in the fall

[polarb]

Hi all,

 

I'm filling out an application of OSAP at the moment. I'm an Ontario resident going to attend school in Alberta.

 

I've got all my information filled out but I noticed something that I haven't seen before in my previous OSAP applications. There is nothing to fill in and it was just on the side bar but it is titled "Program Cost".

 

"Information about your program and study period costs (e.g., tuition, books and equipment) is required from your school before your OSAP aid can be calculated. Your school must complete a Program Information form."

 

Now, I had to manually type in University of Alberta but it was able to pull up the school's registrar address by itself.

 

My question is, I don't have to ask U of A to fill in a program information form right? Can OSAP get the program information by themselves?

 

Also, I'm thinking of purchasing a car but probably not doing so until I move to Alberta. Will getting a car after I've submitted my application affect me getting OSAP?

 

Thanks!