OSAP after working for a year, going back for med school

[tberry3]

Hi all,

 

I took a year off to work after my undergrad so I've been paying back my OSAP loan (minimum payments only) for the last 6 months. For others who have been in similar positions: what (if anything) do I need to do to notify OSAP that I'll be back in school in September so that I can stop paying? And will I be able to stop now (i.e. as of my official acceptance), or do I need to keep paying through the summer?

[futureGP]

If you applied for OSAP, i think it's automatically done,

 

if not

 

https://osap.gov.on.ca/OSAPPortal/en/A-ZListofAid/TCONT003606.html is what you need

[rmorelan]

If you applied for OSAP, i think it's automatically done,

 

if not

 

https://osap.gov.on.ca/OSAPPortal/en/A-ZListofAid/TCONT003606.html is what you need

 

Yeah I was in that boat - the short answer is if you are reapplying for more OSAP nothing. If you are not then you do have to let them know with a continuation of studies form.

[tberry3]

Yeah I was in that boat - the short answer is if you are reapplying for more OSAP nothing. If you are not then you do have to let them know with a continuation of studies form.

 

Great, I'll be applying for more so that's good to know! Right now they're just automatically taking the minimum payments out of my bank account each month. Not sure if you were doing the same thing but do you remember if payments stopped when you applied, or at the beginning of the school year?

[schmitty]

Great, I'll be applying for more so that's good to know! Right now they're just automatically taking the minimum payments out of my bank account each month. Not sure if you were doing the same thing but do you remember if payments stopped when you applied, or at the beginning of the school year?

 

They won't stop until the beginning of our academic program, i.e. September.

[distressedpremed]

What if you have finished paying OSAP completely? I worked this year and I don't have any debt (and instead have small amount of savings) - do either of these factors affect how much OSAP you get?

 

Thanks

[schmitty]

What if you have finished paying OSAP completely? I worked this year and I don't have any debt (and instead have small amount of savings) - do either of these factors affect how much OSAP you get?

 

Thanks

 

The savings and working definitely affect your OSAP (it will be significantly lower for first year). The OSAP debt you already have won't affect it, however, since you are not required to pay OSAP payments even if you do have debt, so it makes no difference to your financial need during med school.

[rmorelan]

The savings and working definitely affect your OSAP (it will be significantly lower for first year). The OSAP debt you already have won't affect it, however, since you are not required to pay OSAP payments even if you do have debt, so it makes no difference to your financial need during med school.

 

yeah there is that blindness to debt again with OSAP. Only income and assets matter.

[future_doc]

What if you have finished paying OSAP completely? I worked this year and I don't have any debt (and instead have small amount of savings) - do either of these factors affect how much OSAP you get?

 

Thanks

 

You want to pay back your parents, relieving you of your savings.

[tberry3]

Another quick OSAP question: the online estimator only asks for my income from the 4-month period before med school, and my assets. So, when I fill that out, I get a pretty decent amount because I’m not planning on making all that much money this summer and I don't have any significant savings.

 

Is this also the case for the real OSAP application, or will they also consider my earnings from the previous year?