larva Posted May 8, 2011 Report Share Posted May 8, 2011 I've never applied for student loans before, so forgive the naivety, but as a BC resident who will be moving to Ontario for school, do I fall under BC student aid or OSAP? Thanks! Link to comment Share on other sites More sharing options...
hking03 Posted May 8, 2011 Report Share Posted May 8, 2011 I've never applied for student loans before, so forgive the naivety, but as a BC resident who will be moving to Ontario for school, do I fall under BC student aid or OSAP? Thanks! I could be completely wrong, but I think you apply to your province of residence... So if you are a resident of bc you apply to bc student loans. Double check on their website FAQ... Should confirm. Link to comment Share on other sites More sharing options...
deeman101 Posted May 8, 2011 Report Share Posted May 8, 2011 OSAP will tell you to apply to BC loans first. If the amount BC gives you isn't enough then OSAP will supplement up to a certain amount. Link to comment Share on other sites More sharing options...
mavrik13 Posted May 8, 2011 Report Share Posted May 8, 2011 Look at the OSAP requirements, and see if you meet them. I believe that what counts is where you last lived while not in university. If you have only/are only moved to Ontario for university, you apply to your province of residence (BC). I'm starting @Dal next year, and even though I've lived here for 2 years, I still have to apply to OSAP. Hope this helps. Link to comment Share on other sites More sharing options...
alphagammabeta Posted May 9, 2011 Report Share Posted May 9, 2011 When applying for OSAP, do your parent's incomes still factor into it? Cuz i was playing around with the OSAP calculator and the estimate only came out to about 10k and it seemed peculiar with previous posters saying it should be around 20k. (I will be going to Mac) I was wondering if I input something wrong or if it was because of my parent's income level (combined >130k/year before tax) Link to comment Share on other sites More sharing options...
HBP Posted May 9, 2011 Report Share Posted May 9, 2011 If you have been out of highschool for 4 years, your parents income is irrelevant, you are an independent. If you are in your 3rd year right now, and you won't be completing your undergrad degree, then since you are only in your 4th year post highschool, your parents income still counts. Also, OSAP cares about your assets (so if you have savings, GICs, RESPs etc.), your funding will be decreased. Link to comment Share on other sites More sharing options...
Addy K Posted May 9, 2011 Report Share Posted May 9, 2011 Is the fact that I have a car (2007 civic) under my name going to take away from OSAP? My parents just made the transfer a few months ago, and it'd suck if it does Link to comment Share on other sites More sharing options...
rmorelan Posted May 9, 2011 Report Share Posted May 9, 2011 Is the fact that I have a car (2007 civic) under my name going to take away from OSAP? My parents just made the transfer a few months ago, and it'd suck if it does yeah having an asset can reduce your amount - osap allows you I believe up to 5000 dollars on a car before they consider it too valuable and potentially start taking money off of osap. if you are medical student however they won't take that much off because your tuition and living expenses are so much higher than your maximum osap though. How much do you think your car is worth? oh and I should mention for some weird reason it doesn't matter if you own or just lease the car. Even the liability of owning a car on a leasing somehow is equated it seems with it been an asset. Some accountant needs to take a refresher course it would seem in balance sheets Link to comment Share on other sites More sharing options...
deeman101 Posted May 9, 2011 Report Share Posted May 9, 2011 Don't you just claim the value of your car on the online form? Who's to stop you from claiming whatever you want? Link to comment Share on other sites More sharing options...
BigM Posted May 9, 2011 Report Share Posted May 9, 2011 Don't you just claim the value of your car on the online form? Who's to stop you from claiming whatever you want? The car has a pre-determined valued which is taken from a book. You don't get to decide the value of the car. Link to comment Share on other sites More sharing options...
hking03 Posted May 9, 2011 Report Share Posted May 9, 2011 Don't you just claim the value of your car on the online form? Who's to stop you from claiming whatever you want? The car has a pre-determined valued which is taken from a book. You don't get to decide the value of the car. I know that when you sell a vehicle in bc you can claim whatever value you want, within reason. If you cite "repairs" that are required that usually helps with reducing the value of the vehicle when you claim it. I don't know enough about blue book values, but I would assume that you could probably claim the value as a lower amount (say 1000-2000) if you have excessively high km's, lots of repairs, replaced engine etc. I could be completely wrong. I know that with bc student loans you have to be very careful about vehicles and what you claim... if you misrepresent yourself, even if by accident it could result in a nice big fat overaward and that complicates things. Link to comment Share on other sites More sharing options...
naspec Posted May 10, 2011 Report Share Posted May 10, 2011 Look up the value of your car here. Link to comment Share on other sites More sharing options...
Addy K Posted May 10, 2011 Report Share Posted May 10, 2011 yeah having an asset can reduce your amount - osap allows you I believe up to 5000 dollars on a car before they consider it too valuable and potentially start taking money off of osap. if you are medical student however they won't take that much off because your tuition and living expenses are so much higher than your maximum osap though. How much do you think your car is worth? oh and I should mention for some weird reason it doesn't matter if you own or just lease the car. Even the liability of owning a car on a leasing somehow is equated it seems with it been an asset. Some accountant needs to take a refresher course it would seem in balance sheets So could I just put the car back in my dad's name and not have to deal with this? I really regret having it transferred under my name now lol I used that site and it said my car is around $11,000 so I'd imagine that will take away from OSAP. Link to comment Share on other sites More sharing options...
rmorelan Posted May 10, 2011 Report Share Posted May 10, 2011 So could I just put the car back in my dad's name and not have to deal with this? I really regret having it transferred under my name now lol I used that site and it said my car is around $11,000 so I'd imagine that will take away from OSAP. you can - but for peace of mind I would say also use the online calculator from the osap site to see what effect it really will have on your bottom line before doing anything Osap isn't trying to make a mystery out of things here - they are pretty good about letting you know what to expect - which is great! Link to comment Share on other sites More sharing options...
The Law Posted May 10, 2011 Report Share Posted May 10, 2011 Anybody have experience with applying to OSAP if you're going to a med school in the US? Also, for "total gross income" that includes graduate student stipend, yes? It says it's not to be reported on my tax return, but I'm not sure if I have to report this on OSAP. Link to comment Share on other sites More sharing options...
cdngirl99 Posted May 10, 2011 Report Share Posted May 10, 2011 Hey larva, have you decided to go for mac? I'm a bc resident who got the good news from mcmaster but is now killing myself waiting for ubc. If I get a choice, I don't know how I'm going to make it! And then theres housing and car issues to figure out for ontario... I've never applied for student loans before, so forgive the naivety, but as a BC resident who will be moving to Ontario for school, do I fall under BC student aid or OSAP? Thanks! Link to comment Share on other sites More sharing options...
alphagammabeta Posted May 10, 2011 Report Share Posted May 10, 2011 going back to the issue of 3rd year med applicants, is there any way to get more osap money? or r u just kinda stuck with it if ur parents have a high income? Link to comment Share on other sites More sharing options...
larva Posted May 11, 2011 Report Share Posted May 11, 2011 Hey larva, have you decided to go for mac? I'm a bc resident who got the good news from mcmaster but is now killing myself waiting for ubc. If I get a choice, I don't know how I'm going to make it! And then theres housing and car issues to figure out for ontario... I'm still waiting for Friday to decide! Should I be so lucky as to have a choice, I'll have to think about it really hard Link to comment Share on other sites More sharing options...
aquadon Posted May 11, 2011 Report Share Posted May 11, 2011 Hey larva, have you decided to go for mac? I'm a bc resident who got the good news from mcmaster but is now killing myself waiting for ubc. If I get a choice, I don't know how I'm going to make it! And then theres housing and car issues to figure out for ontario... Wow, you described me perfectly! I love knowing I got in somewhere I just have no idea what I'm going to do on Friday regardless of what happens! Link to comment Share on other sites More sharing options...
MD/CMA Posted May 17, 2011 Report Share Posted May 17, 2011 MD Physician Services exists purely to assist and advise doctors. We've helped thousands of 1st year Med Students finance medical school - and offered advice on managing the debt, financial planning and more. With over 8000 student members, we understand your needs. Before you learn about medicine, learn about MD - http://www.md.cma.ca/students p.s. Like us on Facebook (http://www.facebook.com/MedicalStudentsandResidents) to join student relevant discussions, get details the new CMA/MD backpacks, and more! Link to comment Share on other sites More sharing options...
schmitty Posted June 1, 2011 Report Share Posted June 1, 2011 OSAP Prospects are not good for me then...My spouse and I 'own' a condo and a car, but owe more than both assets combined (UG OSAP debt + mortgage + PLC). OSAP won't care that we owe so much, right? They will just automatically give me nothing/very reduced amount because I technically have title on the condo and car? BTW, I will be working as a research associate making roughly $40k/yr for the next year or two before I apply, and my spouse is doing her master's part time and making roughly $20K/year. Link to comment Share on other sites More sharing options...
HBP Posted June 1, 2011 Report Share Posted June 1, 2011 Condo shouldn't be a problem. Principal residence isn't considered an asset. Car will be a problem. Perhaps put it in your spouse's name alone, if possible? Link to comment Share on other sites More sharing options...
Medlor2010 Posted June 1, 2011 Report Share Posted June 1, 2011 Fair enough. I'm not sure if this applies to every school, but last year at UWO, I believe you had to get your OSAP approved by a certain date (June 30) in order to not be required to pay your whole tuition upfront. So it was a good idea to get your OSAP set up and approved quickly. Doesn't it make more sense to pay all your tuition upfront so you avoid interest fees? Link to comment Share on other sites More sharing options...
rmorelan Posted June 1, 2011 Report Share Posted June 1, 2011 Condo shouldn't be a problem. Principal residence isn't considered an asset. Car will be a problem. Perhaps put it in your spouse's name alone, if possible? Yeah exactly - a lot of students have put significants sums into their RRSPs, or principal residence as such places are immune to OSAP Also many students own cars - that alone will not be an issue depending on the cars value. You may lose some of the max amount but very very likely not all. OSAP would still be something to look at there. Your income prior to coming to school is relevant but at worst it will only affect one year. I got significant income prior the year before medical school and still got a substantial amount Link to comment Share on other sites More sharing options...
rmorelan Posted June 1, 2011 Report Share Posted June 1, 2011 Doesn't it make more sense to pay all your tuition upfront so you avoid interest fees? well if you apply early enough western let you pay the balance of your tutition directly out of the osap loan when it arrives (tuition is due in August, but OSAP may not get here until some point in Sept). So you save about a month of interest and the hassle of making sure your LOC is in place perhaps for Aug which buys you some time Link to comment Share on other sites More sharing options...
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