PT2018Hopeful Posted May 29, 2017 Report Share Posted May 29, 2017 I'm currently in the process of applying for OSAP for PT school, and it's asking me for my personal assets (aside from RRSP). I completed 5 years of UG, and I'm finishing up a Masters in August, so I haven't paid off my ~43k OSAP yet. However, I do have the funds ready to go in a TFSA so that I can collect some interest while I'm still in school. My question is -- if I list my 43k as assets (in addition to expecting $0 income during PT school), will they take into account that I still owe them 43k, or will they assume I'm using the 43k to pay for my PT degree and deduct grants/loans appropriately? If the latter case is true, then I might as well pay off the OSAP loan now and qualify for a lot of grant money. Anyone have experience with this? Link to comment Share on other sites More sharing options...
robclem21 Posted May 29, 2017 Report Share Posted May 29, 2017 I am confused.. is the 43K "asset" the OSAP money that was loaned that you did not actually need to pay for your undergrad? If yes, they will consider this quite a lot of money and your estimate will be substantially lower than if you pay them back. They will not consider that it is the money they loaned you and continue to give you more (as it clearly indicates you didn't "need" the money in the first place). If it is not the money they loaned you and you managed a 40K surplus during your undergrad, then you will also have a lower estimate and likely won't qualify for much funding. Either way, you will need to list this is as an asset and its gonna bugger you. Link to comment Share on other sites More sharing options...
PT2018Hopeful Posted May 29, 2017 Author Report Share Posted May 29, 2017 I am confused.. is the 43K "asset" the OSAP money that was loaned that you did not actually need to pay for your undergrad? If yes, they will consider this quite a lot of money and your estimate will be substantially lower than if you pay them back. They will not consider that it is the money they loaned you and continue to give you more (as it clearly indicates you didn't "need" the money in the first place). If it is not the money they loaned you and you managed a 40K surplus during your undergrad, then you will also have a lower estimate and likely won't qualify for much funding. Either way, you will need to list this is as an asset and its gonna bugger you. The 43K is money that I've accumulated over the years from working for the past 6 years, both throughout the academic terms and summers. Good to know, thanks. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.