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Tuition, Bursaries, Etc. Osap Or Loc?


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Hey all

I wasn't going to worry about this until offers of admission went out but I received an email yesterday about applying for bursaries. Within the form, it asked me whether I was going to cover tuition with OSAP, LOC or otherwise. Are these routes mutually exclusive? I was under the impression most people went for a LOC. What are the pros and cons of each? I figure OSAP gives bursaries all the time so I'm wondering why no one seems to mention that route. Which route leads to the most bursaries? Of course, I want to minimize the amount I have to pay back at the end. As well, how do they determine who gets the Schulich bursary and how many people get it a year?

 

I couldn't find a concise topic on the matter. If it already exists, please point me in the right direction.

Thank you for the advice in advance!

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It's pretty simple. Move down the list until you don't need any more money.

 

0. Wealthy parents

1. Bursaries/Scholarships

2. OSAP (non-repayable portions)

3. Savings

4. OSAP (re-payable)

5. LOC

 

Pretty much everyone without option 0 is going to have an LOC and get fairly deep into it. Definitely apply for financial aid and OSAP. Scholarships/bursaries are pretty much all decided on the basis of financial need (but the SES of the class is fairly high, so what counts as 'financial need' in med is a bit different than in undergrad). OSAP is nice because there's free money (I think ~$10k of my $16k funding was non-repayable) and also no interest until you graduate. LOC charges interest from the day you start using it on whatever amount you are using.

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I would put 4) above 3) only because there is no interest payments on the OSAP until graduating (ie save the savings, even if it is just to earn interest on it and use it later to pay off the OSAP loan). No disadvantage in using a loan now that has no interest payments associated with it.

 

this all assumes your savings aren't so high as they interfere with getting max osap. In that case you priority is to eliminate the savings so you can get the free money from the bursary part of the osap loan.

 

ha, my post call brain is probably being overly analytical :)

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OSAP is really nice because of the non-repayable amount. But OOPs cannot use OSAP, correct? Will OOPs be counted as Ontario residents from year 2 and onwards because they have now been living in Ontario for more than a year, or will they have to stick with their own home province loan programs for the duration of the medical school? Thanks!

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