OSAP amount

[marcel]

I was wondering how much OSAP people got in general? Maybe mention if you're still a dependent and/or have assets that could change the amount you got.

[Real Beef]

I was estimated for 10.4k which is surprising but I guess locked in pension monies dont count as assets and my high income last year didnt affect it as much as I anticipated. I am independent BTW. Also my car value according to Kelly Bluebook was very favorable ... I thought it was worth more but I guess not which again helped estimate a higher value than I anticipated.

 

Beef

[Cass]

Just curious to know if any of you have an update on your OSAP in regards to how much they're actually going to give you? I handed in all the necessary paper work and signature pages first week of June but my app still says my application is being processed and that I should check back at the end of July. Don't think my undergrad OSAP took this long...

[NaiNoremac]

Just curious to know if any of you have an update on your OSAP in regards to how much they're actually going to give you? I handed in all the necessary paper work and signature pages first week of June but my app still says my application is being processed and that I should check back at the end of July. Don't think my undergrad OSAP took this long...

 

From past experience the amount quoted on the site when you submit is pretty close to what you get if you didn't fudge up the numbers a bunch and the CRA comes crashing down on your app.. it should be mid august I thought for submissions to be processed and release dates set..

 

To the OP I was quoted at just over 22K but I have a dependent so I've got max OSAP all through UG.. still 22K is not where near capable of handing tuition and living, I guess they expect us to use a LOC or loan.. not everyone gets full scholarships and bursaries out the wa-zoo.. (sp) lol

[futureMD23]

does the amount shown include any government grants as well?

[bordeaux]

does the amount shown include any government grants as well?

 

That's what I'm wondering too. Anyone know how that works? Can't tell you how much I'm hoping they're not going to reduce it more.

[Apixaban85]

That's what I'm wondering too. Anyone know how that works? Can't tell you how much I'm hoping they're not going to reduce it more.

 

They usually show two things in the OSAP funding summary:

 

- Canada-Ontario Integrated Student Loans

- Grants

 

The grants you don't have to pay back

[medhopefuls2016]

I am very very confused about OSAP at the moment, and I would like some help from your awesome folks. I never applied for OSAP during undergrad, so I am kinda new to this.

 

1.

 

Ok so grants we do not have to pay back, but what about the loans part? More specifically, when do we have to pay it back? Altogether after medical school (total loan incurred during the four years of med) or after each loan?

 

2.

 

Also, I have heard that anything more than 7400 does not have to be paid back. Does that mean that no matter how much loan I was given, the max I have to worry about in terms of paying back in 7400? What is the 7400? 7400/per year cap? or 7400/four years of medical school?

 

3.

 

Finally, I have heard that the smartest move is to pay back ALL of your OSAP loans with your LOC the moment that OSAP is due (because OSAP has no interest during studying, but afterwards the interest is something insanely high like 10%).

 

4.

When we file our taxes in the fall, how does OSAP come into the picture?

[bordeaux]

They usually show two things in the OSAP funding summary:

 

- Canada-Ontario Integrated Student Loans

- Grants

 

The grants you don't have to pay back

 

Right. But here's the confusion; let's say they say the OSAP amount is $12000 and Western tells us they will give us a bursary of $4000 which we didn't know about when the app went in. Western says they will report the bursary to OSAP. In telling us this firm OSAP number today does this mean that they have received the bursary information or has that not been done yet? If not it means we're likely to get considerably less. That's what I'm trying to figure out.

 

Edit: I see now I read the first post I quoted incorrectly. Doh! All along I've been wondering what that bursary will do but I quoted the one about grants. Sorry. Anyway if anyone knows anything about this bursary thing, help! lol

[Apixaban85]

I am very very confused about OSAP at the moment, and I would like some help from your awesome folks. I never applied for OSAP during undergrad, so I am kinda new to this.

 

1.

 

Ok so grants we do not have to pay back, but what about the loans part? More specifically, when do we have to pay it back? Altogether after medical school (total loan incurred during the four years of med) or after each loan?

 

2.

 

Also, I have heard that anything more than 7400 does not have to be paid back. Does that mean that no matter how much loan I was given, the max I have to worry about in terms of paying back in 7400? What is the 7400? 7400/per year cap? or 7400/four years of medical school?

 

3.

 

Finally, I have heard that the smartest move is to pay back ALL of your OSAP loans with your LOC the moment that OSAP is due (because OSAP has no interest during studying, but afterwards the interest is something insanely high like 10%).

 

4.

When we file our taxes in the fall, how does OSAP come into the picture?

 

 

1. Altogether after medical school is when you pay the loans. But, of course you can pay back anytime you wish. There will be a period of ~6 months where you will not be charged interest after you finish your medical school. Now, I'm not sure how residency plays into this

 

2. $7300 is the max you pay back per academic year

 

3. I have been thinking about this as well, and am not sure how to approach this. It basically depends on how the interest rates are for the LOC and OSAP at that time

 

4. Not sure about this sorry

 

Hope that helps!

[NaiNoremac]

I am very very confused about OSAP at the moment, and I would like some help from your awesome folks. I never applied for OSAP during undergrad, so I am kinda new to this.

 

1.

 

Ok so grants we do not have to pay back, but what about the loans part? More specifically, when do we have to pay it back? Altogether after medical school (total loan incurred during the four years of med) or after each loan?

 

2.

Also, I have heard that anything more than 7400 does not have to be paid back. Does that mean that no matter how much loan I was given, the max I have to worry about in terms of paying back in 7400? What is the 7400? 7400/per year cap? or 7400/four years of medical school?

 

3.

Finally, I have heard that the smartest move is to pay back ALL of your OSAP loans with your LOC the moment that OSAP is due (because OSAP has no interest during studying, but afterwards the interest is something insanely high like 10%).

 

4.

When we file our taxes in the fall, how does OSAP come into the picture?

 

1)I think they amortize you out for 15-20 years repayment.. but this is at nearly 9% interest so it's harsh.

2) $7400 per year... I've just finished up UG and have $36,000 owing but OSOG comes in the fall...

3) This is usually the smarter way to pay it off, you are paying it back at less interest and you can apply for interest relief while in residency to help pay against the interest owing on the LOC, also DON'T pay it all back the minute you graduate MEDS.. like above the Ontario Students Opportunity Grant (OSOG) to pay you're loan down to the $7400 isn't applied until the following fall so best to apply for payment deferral until that is applied against the outstanding balance of your OSAP then pay it off with the LOC

4)Any income from OSAP is not claimed in your taxes.. you will have a T4A sent to you (I think this is only on a portion of the grant, just not sure which one at the moment, but it's not the whole thing)

[thunderwolf]

Im the confused about the 7400 per year payback max as I just got a notice from OSAP saying the amount owing is >32000 and I am only starting 3rd year of medical school. Does the 7400 get applied later/after you graduate?

 

1)I think they amortize you out for 15-20 years repayment.. but this is at nearly 9% interest so it's harsh.

2) $7400 per year... I've just finished up UG and have $36,000 owing but OSOG comes in the fall...

3) This is usually the smarter way to pay it off, you are paying it back at less interest and you can apply for interest relief while in residency to help pay against the interest owing on the LOC, also DON'T pay it all back the minute you graduate MEDS.. like above the Ontario Students Opportunity Grant (OSOG) to pay you're loan down to the $7400 isn't applied until the following fall so best to apply for payment deferral until that is applied against the outstanding balance of your OSAP then pay it off with the LOC

4)Any income from OSAP is not claimed in your taxes.. you will have a T4A sent to you (I think this is only on a portion of the grant, just not sure which one at the moment, but it's not the whole thing)

[thunderwolf]

Also I just looked up the Ontario Student Opportunity Grants / Loan Forgiveness and it says that as of 2010-2011, any amount over $7,300 per two-term academic year ($10,950 per three-term academic year) is forgiven. So I am just wondering why that isnt being reflected on my Canada Integrated Student Loan mail which says I owe 32 000 entering my third year of medical school.

In summary my question is whether the 7300 max per year is supposed to be reflected on the mail we recieve from Canada Integrated Student Loans or whether that gets applied after we graduate with our M.Ds.

[rmorelan]

Also I just looked up the Ontario Student Opportunity Grants / Loan Forgiveness and it says that as of 2010-2011, any amount over $7,300 per two-term academic year ($10,950 per three-term academic year) is forgiven. So I am just wondering why that isnt being reflected on my Canada Integrated Student Loan mail which says I owe 32 000 entering my third year of medical school.

In summary my question is whether the 7300 max per year is supposed to be reflected on the mail we recieve from Canada Integrated Student Loans or whether that gets applied after we graduate with our M.Ds.

 

applied each year - I have seen it removed from my total yearly.

 

Check out the online system - what does that say?

[NLengr]

Just do people are clear about it:

 

For all student loans supplied by the government, except Quebec and the provincial portion of Alberta, you are required to start repaying them DURING residency.

[rmorelan]

Just do people are clear about it:

 

For all student loans supplied by the government, except Quebec and the provincial portion of Alberta, you are required to start repaying them DURING residency.

 

unless you agree to Ontario's rules for staying in province for 5 years and they wave the interest payments as a result.

[NaiNoremac]

Also I just looked up the Ontario Student Opportunity Grants / Loan Forgiveness and it says that as of 2010-2011, any amount over $7,300 per two-term academic year ($10,950 per three-term academic year) is forgiven. So I am just wondering why that isnt being reflected on my Canada Integrated Student Loan mail which says I owe 32 000 entering my third year of medical school.

In summary my question is whether the 7300 max per year is supposed to be reflected on the mail we recieve from Canada Integrated Student Loans or whether that gets applied after we graduate with our M.Ds.

 

OSOG is calculated in the fall I believe.. so you'd have one year of OSOG applied against your total loan and then the full amount of your second year still showing.. check it out on the OSAP website I could be mistaken but this sounds about right... also if you've grossly underestimated your yearly total income they might withhold some of your OSOG to balance.

[NLengr]

unless you agree to Ontario's rules for staying in province for 5 years and they wave the interest payments as a result.

 

Hardly worth it. That's very little money for such a big commitment.

[rmorelan]

Hardly worth it. That's very little money for such a big commitment.

 

Sure unless you happen to know for sure it will work, i.e. many family docs (which are after all about 40% of the grads) often do know where they want to end up. Not everyone needs that flexibility

[trojjanhorse]

Please correct me if I'm wrong... If you happen to make enough income in a given year that you end up owing the government money instead of receiving, you can use the interest you have paid on your OSAP to offset some of the amount owing. Is this true?

[rmorelan]

Please correct me if I'm wrong... If you happen to make enough income in a given year that you end up owing the government money instead of receiving, you can use the interest you have paid on your OSAP to offset some of the amount owing. Is this true?

 

the interest on your government loan is a tax credit if that is what you mean

[trojjanhorse]

the interest on your government loan is a tax credit if that is what you mean

 

Yes Thanks

 

As a side note: Is it possible to have RBC or perhaps Scotia (i think scotia already does) the interest rate to be fixed indefinitely until the LOC is cancelled (written on the contact)?

[rmorelan]

Yes Thanks

 

As a side note: Is it possible to have RBC or perhaps Scotia (i think scotia already does) the interest rate to be fixed indefinitely until the LOC is cancelled (written on the contact)?

 

All the LOCs that I know are variable rate but locked into prime. The interest rates are so insanely low right now no one would want to lock you in (for instance if you have 3% prime locked in when interest rates rise you could get a simple GIC potentially higher than the cost of the loan - you could be MAKING money on two products from the same bank).

[kylamonkey]

I hope I can just ask this here

 

I'm applying for an LOC, just in hopes that I can start the process and have it approved quicker if I am accepted. UofC starts earlier than the other schools.

 

I don't know what amount to estimate for govt student loans. A don't even know which province/territory I'll be applying through, but I expect BC.

 

How much can I expect? Is $10000/year a reasonable but low amount? I don't have any assets.

[future_doc]

The provincial loan and bursary is irrelevant to the LOC. I too have had no assets upon entry to med school. All I had were student loans. Obtaining the LOC is straightforward and not a problem, just pick your bank. I still have no assets, and no income. If I were to work in summer, I would be working for nothing as my bursary would be reduced. The provincial govt loan or bursary has nothing to do with the LOC. However, the bursary is forgiven, and there is no interest on the provincial loan at this point.

 

I'm rooting for you, as is everybody else on this forum!!