fort1fy Posted May 27, 2014 Report Share Posted May 27, 2014 Is there a limit I can take? I know everyone seems to pay their education using LOCs but I never hear about OSAP - strange, because it seems like it's applicable Link to comment Share on other sites More sharing options...
rmorelan Posted May 27, 2014 Report Share Posted May 27, 2014 Is there a limit I can take? I know everyone seems to pay their education using LOCs but I never hear about OSAP - strange, because it seems like it's applicable there is a limit but it is still quite a help - a lot of people do use it for paying a big chunk of there education - it is about 17K for a normal year and 21K for a full 12 month year (like clerkship or each of mac's years). There is a grant attached that really helps as well so you don't pay those full amounts back. Plus your parents incomes shouldn't matter anymore as you are out of the house as it were for 4 years. Puts you in a new category. Link to comment Share on other sites More sharing options...
fort1fy Posted May 28, 2014 Author Report Share Posted May 28, 2014 So it seems to me that the optimal strategy is to take an OSAP loan for four years, use it to pay as much of your tuition as necessary then pay the balance with your LOC. Then, as you are approaching graduation, pay off any balance on your OSAP loans with your LOC as your LOC will be prime while your OSAP will be Prime + either 1 or 2.5%. Link to comment Share on other sites More sharing options...
KraftD Posted May 28, 2014 Report Share Posted May 28, 2014 Also, with OSAP if your loan portion is >$7300, then each fall it is 'forgiven' down to that amount through OSOGs. So say you get 12k loan and 5k grants, the loan portion is brought down to a max of 7300/yr. I am not sure about students that are coming to Ontario from OOP/non-residents of Ontario. Link to comment Share on other sites More sharing options...
rmorelan Posted May 28, 2014 Report Share Posted May 28, 2014 So it seems to me that the optimal strategy is to take an OSAP loan for four years, use it to pay as much of your tuition as necessary then pay the balance with your LOC. Then, as you are approaching graduation, pay off any balance on your OSAP loans with your LOC as your LOC will be prime while your OSAP will be Prime + either 1 or 2.5%. that is right - although you may decide to take advantage of the further interest free option if you agree to work in Ontario for the following 5 years post graduation. For some, if not many, that is exactly what they intended to do anyway and there are escape clauses if you find that isn't possible. Link to comment Share on other sites More sharing options...
rmorelan Posted May 28, 2014 Report Share Posted May 28, 2014 Also, with OSAP if your loan portion is >$7300, then each fall it is 'forgiven' down to that amount through OSOGs. So say you get 12k loan and 5k grants, the loan portion is brought down to a max of 7300/yr. I am not sure about students that are coming to Ontario from OOP/non-residents of Ontario. yeah that is the one catch - there are residency requirements to qualify for OSAP. To get OSAP for full-time students: you need to have always lived in Ontario or Ontario is the last province you lived in for 12 months in a row without being a full-time postsecondary student you live in Ontario now AND have lived in Canada for less than 12 months in a row Link to comment Share on other sites More sharing options...
ellorie Posted May 28, 2014 Report Share Posted May 28, 2014 If you're OOP, you get the loans from your home province. Mine are Alberta loans even though I'm studying in Ontario. I get a different amount and a different loan agreement. Link to comment Share on other sites More sharing options...
fort1fy Posted May 28, 2014 Author Report Share Posted May 28, 2014 that is right - although you may decide to take advantage of the further interest free option if you agree to work in Ontario for the following 5 years post graduation. For some, if not many, that is exactly what they intended to do anyway and there are escape clauses if you find that isn't possible. Do you mean that I must do a residency in Ontario, or that I must work in Ontario post-licensure? Also, does OSAP consider residency full-time study? Link to comment Share on other sites More sharing options...
Aetherus Posted May 28, 2014 Report Share Posted May 28, 2014 Am I pretty much screwed with respect to OSAP since I have only been out of highschool for 3 years? Will I be able to apply next year once it has been 4 years since my parents salary pretty much make it so I dont get a loan whatsoever from OSAP Link to comment Share on other sites More sharing options...
rmorelan Posted May 28, 2014 Report Share Posted May 28, 2014 Do you mean that I must do a residency in Ontario, or that I must work in Ontario post-licensure? Also, does OSAP consider residency full-time study? You have to after residency work in Ontario for the following 5 years. It is in effect a return of service arrangement but a bit softer. Some people don't like the idea of any sort of restriction but for many they are just going to open their practice in Ontario anyway so it is free money in effect. I think it should be considered at least OSAP doesn't not consider residency to be full time studies - thus the loans all become due after medical school. No get out of paying for a bit there I am afraid. That is the other reason a lot of people do in fact pay off the osap loan with their LOC - it isn't just the interest is lower, there is more flexiblity. with a due osap loan I have to make a payment every month regardless - on a LOC I can chose for some reason not to for a month etc. In residency when your debits are really high and your income comparatively low ( particularly in early residency with big expenses of moving, setting up, paying for all the exams etc while you income is at its lowest) flexibility is actually a great asset. Link to comment Share on other sites More sharing options...
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