Understanding Osap

[cashmere]

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contact them directly-everything with loans is case-by-case. 

[rmorelan]

OT school will be my first time funding my own education. OSAP is definitely something I'll be needing but I'm quite confused. Could anyone with information or knowledge base with regards to OSAP care to answer some questions?

 

We can probably handle the basics ask away

[cashmere]

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[rmorelan]

ask away - if we know, we know. If not there are other sources

[PsychOT]

There's actually an osap calculator specific to whichever program you choose per university. It asks you for an estimate of your income, resp, car, etc. and it already knows the tuition costs. It's really cool and you get an idea approximately of how much they'll give you.

[cashmere]

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[rmorelan]

Sorry its taken so long to reply.

 

So I have been working all year and have accumulated some money. My parents loaned me money to pay for my undergrad and have been working to pay them back for a portion. I still have these funds in my account and am worried they will affect my application for OSAP as they will be seen as assets. 

 

The intent is they will transfer these funds to their account once I've accumulated the full amount I'm repaying them.

 

Will it look questionable that I'm transferring this amount out of my account to my parents? Should I be calling OSAP about this?

 

I'm worried this will affect my ability to get funding. This might be a little more complicated than I thought. 

people are more worried about all this year compared to the past - has there been something that has happened in general to make people more concerned?

 

By the numbers you should pay your parents back whatever you have now to get the balance to zero. Then there is no effect

[cashmere]

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[rmorelan]

I've seen similar posts on a few forums but they didn't have the answer I was looking for. I didn't even know my assets would be taken into consideration so this just didn't cross my mind. I don't want to screw myself out of any loans or grants. 

 

I don't know if I have been accepted yet obviously so I sort of just put off the whole OSAP thing. Probably should have done my research much earlier. 

 

It's ok - you aren't late enough to have any impact yet.

 

first step is to go to the osap site and use the calculator. Learn what the rules are. Income and assets can count. There is a cut off time where they want to register your assets etc.

[cashmere]

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[rmorelan]

I've been fiddling with the calculator and included the current value of my assets and just realized how much it impacts me by not having paid my parents yet.

 

Any idea of that cut off date? trying to figure out how quickly I need to get things in order

 

16 weeks prior to the start of school if memory serves - which is basically in a few days.

 

No rush......