The OSAP 2010-2011 Loan Help Thread

[rmorelan]

Whoops, I double checked, my estimate was the same for the calculator and on the submission, I just added the bursary money in my head from the estimator (which said I would get $5K)

 

great, all is good then

[maelstrom]

I submitted on May 22 and received confirmation of my processed application, today.

 

when I click on 'check status' online, it just says:

 

Your application has been received.

 

OSAP and/or your school is currently reviewing your application.

 

Please check back in 2 to 3 business days.

 

Does that mean it'll just keep saying that for like a month..?

[lemonade]

Hi,

I know I'm late with the whole OSAP thing, but I have some questions. I was looking through the pages of this thread and I saw some people writing about bank accounts. Does the amount of money in bank accounts count as income? Or is it just the amount of interest that we get?

I'm confused because osap says to report:

You must provide all taxable and non-taxable income from all sources, world-wide. For example, you must include employment income, child-support and alimony payments, monetary gifts, lottery winnings, and government income, Extended Care and Maintenance Payments, cashed-in RRSPs, cashed-in RESPs, withdrawals from retirement accounts, withdrawals from trust accounts, income received as a result of a joint election to split pension income, the amount of non-economic loss and/or pain and suffering awards in excess of $100,000, and any other income (e.g., awards, scholarships, fellowships, bursaries, grants, interest, investments, and/or trust fund income).

 

but then I don't see anything about bank accounts, only interest.

[spiderpig]

Hi,

I know I'm late with the whole OSAP thing, but I have some questions. I was looking through the pages of this thread and I saw some people writing about bank accounts. Does the amount of money in bank accounts count as income? Or is it just the amount of interest that we get?

I'm confused because osap says to report:

You must provide all taxable and non-taxable income from all sources, world-wide. For example, you must include employment income, child-support and alimony payments, monetary gifts, lottery winnings, and government income, Extended Care and Maintenance Payments, cashed-in RRSPs, cashed-in RESPs, withdrawals from retirement accounts, withdrawals from trust accounts, income received as a result of a joint election to split pension income, the amount of non-economic loss and/or pain and suffering awards in excess of $100,000, and any other income (e.g., awards, scholarships, fellowships, bursaries, grants, interest, investments, and/or trust fund income).

 

but then I don't see anything about bank accounts, only interest.

 

There's a separate section to report your assets, where you're supposed to give your bank balances as of May 12th (or something).

[nemesis]

Not to worry, that simply means that your OSAP application is still undergoing the review process.

 

When you application has been processed completely, you'll receive an e-mail notification to that effect.

 

 

when I click on 'check status' online, it just says:

 

Your application has been received.

 

OSAP and/or your school is currently reviewing your application.

 

Please check back in 2 to 3 business days.

 

Does that mean it'll just keep saying that for like a month..?

[rmorelan]

There's a separate section to report your assets, where you're supposed to give your bank balances as of May 12th (or something).

 

yeah OSAP is run by accountants Assest are not income although at the end of the day with their calculations they almost count exactly the same. Still different sections at least.

[Guest viscous]

when I click on 'check status' online, it just says:

 

Your application has been received.

 

OSAP and/or your school is currently reviewing your application.

 

Please check back in 2 to 3 business days.

 

Does that mean it'll just keep saying that for like a month..?

thats interesting.

 

mine still says

"Your application is currently on hold and cannot be processed any further.

 

Your school is in the process of providing OSAP with information on their programs and tuition, fee and book costs. This information is needed before OSAP can calculate your funding. Please check back later."

[kinmed]

thats interesting.

 

mine still says

"Your application is currently on hold and cannot be processed any further.

 

Your school is in the process of providing OSAP with information on their programs and tuition, fee and book costs. This information is needed before OSAP can calculate your funding. Please check back later."

 

Same with mine and it has been over 4 weeks now since I applied and sent my papers

[resumedocket]

Interesting - It is a tiny bit shorter there than western Anyway I hope you do get the full amount!

 

Resume Writing Services

[itimebomb2]

I submitted my OSAP documents to my schools financial aid office over two weeks ago and on my OSAP app online it still is asking for my supporting documents - is it taking this long to show up online for anyone else?

[kinmed]

I submitted my OSAP documents to my schools financial aid office over two weeks ago and on my OSAP app online it still is asking for my supporting documents - is it taking this long to show up online for anyone else?

 

I submitted mine early June and it still shows the same thing. You are better off contacting financial aid at mac...you see I have no one to go to but Thunder Bay and their number is not working!!!!

[fistofwater]

The loan component of my OSAP is over $10,000...

Ive heard in the past that the most you need to pay back is about $7000.

 

So would I be paying just 7000$ back? Or do med students get a higher loan amount which I have to pay back in full?

 

(Of course I'm not talking about the grants/bursaries etc, just the loan component)

 

Thanks!

[rmorelan]

The loan component of my OSAP is over $10,000...

Ive heard in the past that the most you need to pay back is about $7000.

 

So would I be paying just 7000$ back? Or do med students get a higher loan amount which I have to pay back in full?

 

(Of course I'm not talking about the grants/bursaries etc, just the loan component)

 

Thanks!

 

No, we get the same amount per week as anyone else - but you right that we only pay back 7000ish. There is one term at western that goes all year - similar things happen at other schools. OSAP considers that to be 3 terms and thus you have to pay back 10500ish, but you do get 52 weeks of osap.

[fistofwater]

No, we get the same amount per week as anyone else - but you right that we only pay back 7000ish. There is one term at western that goes all year - similar things happen at other schools. OSAP considers that to be 3 terms and thus you have to pay back 10500ish, but you do get 52 weeks of osap.

 

Wait, that sort of confused me.

 

So if its September to May ish (I'll be at Queens), I'm guessing the OSAP is only for 2 terms instead of 3.

 

So I guess you're saying that I need to pay back only 7000, right? And I keep the excess, even though it's still under the "loan" component? Did I get that right?

[rmorelan]

Wait, that sort of confused me.

 

So if its September to May ish (I'll be at Queens), I'm guessing the OSAP is only for 2 terms instead of 3.

 

So I guess you're saying that I need to pay back only 7000, right? And I keep the excess, even though it's still under the "loan" component? Did I get that right?

 

yes that is right Osap is normally on a term system for the forgiveness part. You actually only pay back 3500 per term. The good thing is that often med schools year is a bit longer than a standard 2 terms but still counts as two - this is good because osap pays you a fixed max amount per week rather than per term. However if you have a year (and you will at queens I believe during clerkship) where you go the full 12 months you are up to 3 terms then and thus you have to pay back a max of 10500.

[fistofwater]

yes that is right Osap is normally on a term system for the forgiveness part. You actually only pay back 3500 per term. The good thing is that often med schools year is a bit longer than a standard 2 terms but still counts as two - this is good because osap pays you a fixed max amount per week rather than per term.

Awesome, that's a relief!

However if you have a year (and you will at queens I believe during clerkship) where you go the full 12 months you are up to 3 terms then and thus you have to pay back a max of 10500.

Ah well, I guess that's fair. Although, I'd hope I get more OSAP that year too then

 

Thanks for the help, rmorelan!

[kandr2005]

when I click on 'check status' online, it just says:

 

Your application has been received.

 

OSAP and/or your school is currently reviewing your application.

 

Please check back in 2 to 3 business days.

 

Does that mean it'll just keep saying that for like a month..?

 

Hi! I am in the same boat. It says please check back in 2 to 3 business days on my account. I was just wondering if you could tell me if your status has changed as of yet or if you've found any new updates with OSAP by calling them with regards to your process...

 

Thank you....

 

And hopefully we both get good news soon...

[maelstrom]

Hi! I am in the same boat. It says please check back in 2 to 3 business days on my account. I was just wondering if you could tell me if your status has changed as of yet or if you've found any new updates with OSAP by calling them with regards to your process...

 

Thank you....

 

And hopefully we both get good news soon...

 

hi there. not to worry, your status will show either the '2 to 3 business day' message or a 'we're waiting for your school to provide us with info' message throughout the whole waiting game. it just means they are still processing your application. it'll also say your sig pages are outstanding even if you've already submitted them. just make sure your status isn't on hold for any other reason e.g. like SIN mismatch or something.

 

my osap has now been processed. i got an email from osap July 21 to check my status. it now says :

 

Your application has processed.

 

See Funding Summary page for details on your current funding.

 

I submitted by app June 17 and sig pages a day after or so. Hope you hear from them soon! cheers

[BigM]

Wait, that sort of confused me.

 

So if its September to May ish (I'll be at Queens), I'm guessing the OSAP is only for 2 terms instead of 3.

 

So I guess you're saying that I need to pay back only 7000, right? And I keep the excess, even though it's still under the "loan" component? Did I get that right?

 

That is correct. Your first 2 years will be considered 2 terms/year and will have a max payback of 7700 I believe (it was 7000 in the past but I believe it has gone up slightly). You will get a letter next summer saying that the amount above 7700 has been forgiven. When you get to your clerkship year you will likely be going throughout the summer as well so it will be 3 terms by OSAP standards.

[tehsin123]

I have a question, if parents are non-resident and physically out of Canada.This means that I am not required to file a tax return.

My son who is studying in University in Toronto. Can he apply for OSAP? What do we fill in parents income tax section on OSAP form?

 

Thanks for your advice

[itimebomb2]

Isn't there a section on all other sources of income for parents in the OSAP form?

[shannn]

My OSAP is complete (from Ottawa), just need to go in and sign the documents

 

Got more than estimated, which is great, but can't get my fees deferred because I sent in my OSAP late

[thunderwolf]

I see that on the funding summary there is a portion that says 'aid to be released' and 'aid released to date' -- does 'aid released to date' that mean Ive already receievd that amount and wont be getting that? im worried because the amount 'aid to be released' is only about 5 000.

________

SIXTH-GENERATION TAURUS

[rollester]

I see that on the funding summary there is a portion that says 'aid to be released' and 'aid released to date' -- does 'aid released to date' that mean Ive already receievd that amount and wont be getting that? im worried because the amount 'aid to be released' is only about 5 000.

 

That's the first installment.

[polarb]

Hmmmm my osap application is still "on hold". Any other ontario students going to an OOP school? Perhaps that takes a lot longer to process?

 

I did my application early June and I couldn't even get through to make a phone call today. (busy tone)