paying for med school

[mattg]

What is OSAP "government assistance"? Is that referring to a loan from osap? or are some people eligible for money given by the government or something?... i am so lost with all of this stuff, because i didn't go through osap for undergrad (i took out a loan from a bank instead for some reason)... how do most med students pay for med school? I know that most take out a loan from a bank... but is there anything to do with osap anymore?

damn, sorry i'm so lost lol

any insight into loans/osap/bursaries/any info to do with paying for med school would really be appreciated (even though I know it's a really broad question)

[HBP]

OSAP + LOC

 

Most UofT students get 12-15k from OSAP (only 7300 is repayable) + 6k grant from UTAPS. The rest they cover with their LOC.

[ChicoMaki]

UTAPS??? what is that?

[HBP]

May not be called UTAPS actually. It's grant assistance from UofT.

[mattg]

OSAP + LOC

 

Most UofT students get 12-15k from OSAP (only 7300 is repayable) + 6k grant from UTAPS. The rest they cover with their LOC.

 

when you say repayable, do you mean the other (non-repayable) 5k+ is free? How do you go about getting money from OSAP? Can I still do it even though I didn't for undergrad?

 

also how do you get the UTAPS? Do you have to apply?

 

and when you say "the rest" via LOC... I assume you mean living expenses and such? because the OSAP + UTAPS that you mentioned should cover tuition, yea? is the 12-15k + 6k each year, or for all of med school?

 

again, sorry for the ignorance on the situation... where do you learn about this stuff?

 

appreciate the help

 

p.s. are the deadlines for any of these things you mention coming up soon?

[ChicoMaki]

i never got OSAP during my undergrad as well but my estimate is 9300. you can fill it out online now

 

https://osap.gov.on.ca/OSAPPortal/en/Home/index.htm

 

I finished it last week to get things started so I know how much I will need from my LOC this year.

Surprisingly, it is quite an efficient online system.

[HBP]

UTAPS is considered automatically as long as you qualify for OSAP.

 

Read the financial info on the md utoronto website. Also read the med 101 section in this forum.

[mattg]

Is parents' income considered at all at this age in osap/utaps funding? my mom and my dad don't really make anything, but my step-dad is very rich (I live with him and my mom, but he doesn't help me financially lol)... would this mean i would get no/much less funding? or is it not considered?

[HBP]

If you're 4 years out of high school you're considered an independent.

 

BTW, most of your questions are answered in the main OSAP threads. Just search.

[ChicoMaki]

you've been out of high school for 4 years?

 

then you don't report parent's income. it's pretty straight forward systems in terms of entering numbers. if in doubt, enter 0

 

HBP beat me to it.

[mattg]

is that the same deal with UTAPS, in terms of independence?

 

it says on the site that 70% of students get UTAPS funding, averaging approx. 6k... that is to say that 30% of students don't qualify for osap, independent of their parents? how can that be?

 

also, for both osap and utaps, are students usually able to get similar amount of money for each year throughout med school? or is it mainly just 1st year that you get a substantial amount?

 

thanks guys

[Adorkable]

Apply IMMEDIATELY for OSAP. As in today.

 

You can do so online Here

 

As others have said it requires filling out an online form where you list all your assets (including scholarships etc.) and information about your residence and status as a Canadian citizen and Ontario resident etc. You'll have to have your tax information from last year as well as accurate or estimated (depending on past or future) assessments of the income you've had/will have this year.

 

If you apply for OSAP before June 15th then you will be able to defer your initial tuition payment until November (info will be emailed later this summer about how to defer the payment). If you don't apply before June 15th then you'll have to pay your tuition in a single installment before classes start and might have to scramble to set up your line of credit and start paying interest on that early.

 

Anything you qualify for over than $7300 is considered a grant because of the OSOG or Ontario Student Opportunity Grant. This limits the amount of debt via government assistance to $7300 for a two-term year or $10950 for a three term year. So I think my estimate was in the $13000-$14000 range which is pretty typical for med students given what I've read in these threads.

 

The pros of OSAP is that any interest that accumulates during your education is paid by the government so it's essentially an interest-free loan until you've graduated. Once you graduate you get a grace-period of 6 months where no interest accrues if you choose to pursue residency outside of Ontario. If you do your residency in province then no interest accrues until after residency. So it's good to max out your OSAP loan because it treats you better than a LOC would.

[mattg]

when filling out the actual osap form, i don't see anywhere to enter income for last year / this year / car / assets, etc (as there was on the 'aid estimator')... am i missing something? or are these things just for the aid estimator, and for the real application they find out themselves?

thanks

[hugahaiger]

when filling out the actual osap form, i don't see anywhere to enter income for last year / this year / car / assets, etc (as there was on the 'aid estimator')... am i missing something? or are these things just for the aid estimator, and for the real application they find out themselves?

thanks

 

it's in the financial info section (step 5)

[mattg]

ok thanks, i got it... a few questions about the 'financial info' section:

 

1) where it says to enter your gross income for the 2009 year... i made 6k from an nserc scholarship, and i believe 2k in mcmaster scholarships... but it says "If you filed a 2009 Canadian Income Tax Return use the amount from line 150"... my line '150 total income' 2009 says $0.... so do i put my total income was 0, even though it wasn't? did anyone else come across this?

 

2) for income during 2010, i am again doing research this summer under another scholarship (sunnybrook)... assuming the reason total income for 2009 was 0 was because it was via schoalrship, do i put $0 expected for 2010, even though i will be getting 4k?

 

3) where they ask you to estimate your income for the 2010-11 study period, how are you supposed to know if you are going to receive any scholarships/bursaries/awards? do you just put $0 for now?

 

4) i assume a bank loan is not a source of income?

 

sorry for all of the questions, but i never thought i would qualify for osap (didn't know i was independent now lol)... and apparently today is the deadline... thanks!

[medicant]

It's kind of embarrassing that you, an admitted student with access to the entire acceptance package (which explains everything) as well as a financial aid officer from U of T, need to be given advice by at least one person who was wait-listed, and hypothetically had to search much harder for this information. Why don't you lift a finger and actually read the OSAP instructions and your acceptance package. People on this site have too much patience.

[mattg]

It's kind of embarrassing that you, an admitted student with access to the entire acceptance package (which explains everything) as well as a financial aid officer from U of T, need to be given advice by at least one person who was wait-listed, and hypothetically had to search much harder for this information. Why don't you lift a finger and actually read the OSAP instructions and your acceptance package. People on this site have too much patience.

 

I had never planned on applying to osap, until i found out i was eligible last night... and apparently the application is due today... i don't see a huge problem with asking other premeds/med students questions that i could get answered much faster on here than i would otherwise... if i had more time i would be looking into it more in depth myself... i don't have a problem with answering other people's questions on this forum that i know the answer to, regardless of whether or not they can find the answer elsewhere... that is the function of a forum... btw, i've been calling the financial aid officer and she is busy... thanks for your input though bud...

[shannn]

I had never planned on applying to osap, until i found out i was eligible last night... and apparently the application is due today... i don't see a huge problem with asking other premeds/med students questions that i could get answered much faster on here than i would otherwise... if i had more time i would be looking into it more in depth myself... i don't have a problem with answering other people's questions on this forum that i know the answer to, regardless of whether or not they can find the answer elsewhere... that is the function of a forum... btw, i've been calling the financial aid officer and she is busy... thanks for your input though bud...

 

It's due tonight?

 

Is that a U of T deadline?

 

Because OSAP recommends you apply 90 days before school starts, but you can still apply up to 1 month after courses have started I believe (unless UT requires you to apply beforehand for UTAPS)

 

It is kind of confusing after reading this too:

https://osap.gov.on.ca/OSAPPortal/en/OSAPStarttoFinish/FullTimeStudents/Step1FillOutanApplication/TCONT003429.html

 

So I'm not too sure

[mattg]

i don't think it's due tonight overall... i think that's just for tuition payment deferral... not sure if that's just UofT or not

[ChicoMaki]

 

1) where it says to enter your gross income for the 2009 year... i made 6k from an nserc scholarship, and i believe 2k in mcmaster scholarships... but it says "If you filed a 2009 Canadian Income Tax Return use the amount from line 150"... my line '150 total income' 2009 says $0.... so do i put my total income was 0, even though it wasn't? did anyone else come across this?

 

Use your tax-return. if it said zero, put 0

 

2) for income during 2010, i am again doing research this summer under another scholarship (sunnybrook)... assuming the reason total income for 2009 was 0 was because it was via schoalrship, do i put $0 expected for 2010, even though i will be getting 4k?

 

Is it reported income? ie its a scholarship, but sometimes, they are not if you're getting paid differently (ie employee of hospital).

if its not going to appear on your tax return for 2010, put 0

 

 

3) where they ask you to estimate your income for the 2010-11 study period, how are you supposed to know if you are going to receive any scholarships/bursaries/awards? do you just put $0 for now?

 

Put zero. because as of this moment, it is 0 and you can't assume money until you receive it

 

4) i assume a bank loan is not a source of income?

 

it is not income.

 

sorry for all of the questions, but i never thought i would qualify for osap (didn't know i was independent now lol)... and apparently today is the deadline... thanks!

[HBP]

You must have messed up your taxes... those scholarships should be counted as income, and show up on your 150.

[UTPEOPLE]

You must have messed up your taxes... those scholarships should be counted as income, and show up on your 150.

 

Mattg.... i agree with HBP... you messed up your taxes... SCHOLARSHIPS ARE INCOME (hence you are mailed a T1 slip for every scholarship)... its just sometimes non-taxable (currently the rules are that the first $3000 is non-taxable), but you still have to declare it. Believe me... I would be just as happy as you are if it turns out that scholarships are not income... Ka-ching!

[mattg]

I don't know anything about it... it was my family's accountant that did the taxes, so I assume he knows what he's doing... i dunno, now I'm confused on whether or not to put my income for this summer's research, since I'm actually making less than last summer, and I have a feeling it will say 0 on next year's tax return...

 

damn, i don't know anything about business/accounting/whatever you call it lol

[HBP]

He probably does know what he's doing, but you didn't give him the slips.

 

You should probably learn more about business/accounting/whatever you call it. Always a good time to start.

[UTPEOPLE]

He probably does know what he's doing, but you didn't give him the slips.

 

You should probably learn more about business/accounting/whatever you call it. Always a good time to start.

 

well... the accountant might have taken it into account already... scholarships were tax deductibible for the 2009 tax year...