The OSAP 2010-2011 Loan Help Thread

[itimebomb2]

so you actually got 15k purely from osap? isn't the limit 360/week, which is around 13k of osap? i know people are getting estimates of 15-16k, but maybe the actual money you get is limited to 13k?

 

if you did get 15k, time to use the whole 'pay rent to my parents' dealio! haha

 

also, whoever says the max is 18-19k, your school must have ridiculous tuition fees. my max is 16k =(

 

I just finished my OSAP application and they estimated my loan to be $20,200.

 

I'm going to Mac so my tuition is about 21k - but this clearly shows that the maximum for med students is not $360 per week. Unless, of course, it is lying to me.

[KennethToronto]

I just finished my OSAP application and they estimated my loan to be $20,200.

 

I'm going to Mac so my tuition is about 21k - but this clearly shows that the maximum for med students is not $360 per week. Unless, of course, it is lying to me.

 

I think the fact your year runs straight through (?) may have an effect.

[rmorelan]

I just finished my OSAP application and they estimated my loan to be $20,200.

 

I'm going to Mac so my tuition is about 21k - but this clearly shows that the maximum for med students is not $360 per week. Unless, of course, it is lying to me.

 

you probably are getting that same grant like think I am getting as well! How many weeks offiically is Macs first year - is it all year for 52 weeks? I guess that would be about 19000 alone at 360 a week.

[KennethToronto]

you probably are getting that same grant like think I am getting as well! How many weeks offiically is Macs first year - is it all year for 52 weeks? I guess that would be about 19000 alone at 360 a week.

 

What is this magical grant that you speak of?

[username11]

How can I appy for bursary in Western?

 

Hi, I logge onto the student service, but I could not find any links available for applying bursary under "My Present" except Osap. Please help:confused:

[dr_horrible]

Are you going into medicine at Western this fall? The bursary applications were online, and were due by April 5th. It's a little confusing, because they made you apply before you are even accepted, but if you didn't apply then, I think you may have to wait for next year.

 

How can I appy for bursary in Western?

 

Hi, I logge onto the student service, but I could not find any links available for applying bursary under "My Present" except Osap. Please help:confused:

[runningdoc]

Are you going into medicine at Western this fall? The bursary applications were online, and were due by April 5th. It's a little confusing, because they made you apply before you are even accepted, but if you didn't apply then, I think you may have to wait for next year.

 

I think you can still apply for a bursary, but it would come from Western itself and not the Schulich scholarship. I think that was the big deadline of April.

[dr_horrible]

I took a glance back at the e-mail from Schulich (subject line "Schulich Medicine Interview") from February, and under bursaries, it says:

 

BURSARIES AND THE SCHULICH SCHOLARSHIPS

Western guarantees that no qualified student will be unable to attend Western or be required to withdraw from an academic program for lack of access to adequate financial resources. If you would like to apply for a bursary, you must complete an admission bursary application form, which is available online through the Office of the Registrar web site http://www.registrar.uwo.ca/FinancialServices/AdmissionBursaries.cfm , by Monday, April 5th, 2010.

 

Buuuut, on a wim, I just tried going to the above link, and it looks like the application is still open, despite what the e-mail said. So I would just go to the above link and fill it out!

 

I think you can still apply for a bursary, but it would come from Western itself and not the Schulich scholarship. I think that was the big deadline of April.

[amberlamps]

I just finished my OSAP application and they estimated my loan to be $20,200.

 

I'm going to Mac so my tuition is about 21k - but this clearly shows that the maximum for med students is not $360 per week. Unless, of course, it is lying to me.

 

Yes, I'm with KennethToronto - what is this magical bursary? I only got flippin $10500 and I'll be at mac too.

[Guest p0stman]

When I put Medicine in the program searchbox... it doesn't come up (as it does in the estimator). The only things that come up are things like Biomedical Engineering and Masters in Education and Masters in Family Medicine. What am I doing wrong?

[rmorelan]

When I put Medicine in the program searchbox... it doesn't come up (as it does in the estimator). The only things that come up are things like Biomedical Engineering and Masters in Education and Masters in Family Medicine. What am I doing wrong?

 

Actually I had the same problem - I have sent in a request for that to be fixed There is an alternative route but it is much slower and I would prefer to go the other way.

[Guest p0stman]

Actually I had the same problem - I have sent in a request for that to be fixed There is an alternative route but it is much slower and I would prefer to go the other way.

 

Thanks rmorelan! So for the second option to enter the program name myself, is it alright if I just put down "Medicine"? Should I put down September 1st 2010 as the start date and June 6th as the end date (end date was June 5th for 2013s I think)? As for percentage courseload, I put down 100% right? Just wanted to make sure.

[rollester]

Thanks rmorelan! So for the second option to enter the program name myself, is it alright if I just put down "Medicine"? Should I put down September 1st 2010 as the start date and June 6th as the end date (end date was June 5th for 2013s I think)? As for percentage courseload, I put down 100% right? Just wanted to make sure.

 

I think if you look at 'ALL' fields instead of doing a search, after about 15-20 minutes of going through page after page, you should be able to find 'MD Medicine Year 1'... at least that's how I did it.

 

It's very inefficient and super annoying, but at least it's something!

[TheEggman]

If you search "Medicine" the MD Medicine is further along on like page 20 or something (for UWO). It looks like there are only 10 pages that you can click at the bottom, but if you go to the last one and click "next page" it will keep going. So you have to jump to page ~10 and click "next" 10 or 12 times to get to medicine.

 

I was initially thrown off by it and I agree it really is a terrible layout.

[Guest p0stman]

Ohh ok thanks! It just appeared as though page 11 was the last page...

[Guest p0stman]

Just submitted my OSAP and got an estimate for $10,700. I guess I didn't get as much because of the assets in my bank account.

[TheEggman]

Just submitted my OSAP and got an estimate for $10,700. I guess I didn't get as much because of the assets in my bank account.

 

Gotta put those savings into RRSPs, doesn't count towards OSAP and you can wait until you're earning money to claim them and start getting taxes back.

 

Between federal and provincial income tax, if you earn over 130k you get almost 40% of the RRSP contribution back, so $1000 now means almost $400 in tax returns when you start earning.

 

And you can always take the money out of RRSPs if you need it, you just have to pay tax income on it... which when you have no income and $18000 of tuition means no tax.

[rmorelan]

Gotta put those savings into RRSPs, doesn't count towards OSAP and you can wait until you're earning money to claim them and start getting taxes back.

 

Between federal and provincial income tax, if you earn over 130k you get almost 40% of the RRSP contribution back, so $1000 now means almost $400 in tax returns when you start earning.

 

And you can always take the money out of RRSPs if you need it, you just have to pay tax income on it... which when you have no income and $18000 of tuition means no tax.

 

just to add a bit more - you are allowed to put up to 2000 for each year you are out of high school into the RRSP before they start claiming you should withdraw it for education (which is one of the things you can use an RRSP for - another is buying part of a house).

[UTPEOPLE]

Gotta put those savings into RRSPs, doesn't count towards OSAP and you can wait until you're earning money to claim them and start getting taxes back.

 

Between federal and provincial income tax, if you earn over 130k you get almost 40% of the RRSP contribution back, so $1000 now means almost $400 in tax returns when you start earning.

 

And you can always take the money out of RRSPs if you need it, you just have to pay tax income on it... which when you have no income and $18000 of tuition means no tax.

 

umm... for the purposes of osap... RRSP counts as assets... which is a 1 to 1 deduction in terms of entitlement (even worse than having equivalent regular income)

[shannn]

If you guys are having troubles finding the medicine program, search "M.D." and it'll be the first hit

[HBP]

umm... for the purposes of osap... RRSP counts as assets... which is a 1 to 1 deduction in terms of entitlement (even worse than having equivalent regular income)

 

You can contribute a certain amount yearly without affecting OSAP.

[spiderpig]

Wait!! So you're saying that if I have some money in an RRSP, I don't need to include that in my assets section of the OSAP?

 

What about Tax-Free Savings Accounts? I have a significant amount of money tied up in there. Can I leave that off of my OSAP app?

[rmorelan]

You can contribute a certain amount yearly without affecting OSAP.

 

That is right I know this for sure as I have quite significant RRSP assets that remain untouched last year when I applied but again it is limit to fixed amount per year post high school. After that you are in trouble.

[rmorelan]

Wait!! So you're saying that if I have some money in an RRSP, I don't need to include that in my assets section of the OSAP?

 

What about Tax-Free Savings Accounts? I have a significant amount of money tied up in there. Can I leave that off of my OSAP app?

 

 

No just they RRSP I am afraid (as far I know). The osap people haven't caught up to the new savings regulations.

 

Can you move them into an RRSP?

[HBP]

TFSA is kinda pointless for students... we don't pay tax. Unless you have a hefty income, or you're a savvy investor that's able to make a significant return on $10000 (max contribution possible up to now).