OSAP & Med School

[la marzocco]

Hey, does anyone know how OSAP works for med students now? 

I heard there were some revamps of the system for med students (how they were previously ineligible for 30% off, etc.)? I know OSAP is income-dependent aid so it varies. But, what is the average aid available for med students do you guys don't mind sharing. I am just trying to gauge my finances over the course of med school and see how much loans I need to draw on to complement. Just want to have a rough idea of my finances going in so I can budget myself. 

Thanks guys!

[Meridian]

Yes with recent OSAP changes Med students can benefit. As they will be 4 years out of high school, they can apply as independents and not include parent income in calculations. This could actually give maximum grant and loan for up to 4 years which could be $15K a year split half grant half loan.  This is great as long as student did not make any use of OSAP in undergrad burning off any of the 4 eligible years.

 

 

[JohnGrisham]

17 minutes ago, Meridian said:

Yes with recent OSAP changes Med students can benefit. As they will be 4 years out of high school, they can apply as independents and not include parent income in calculations. This could actually give maximum grant and loan for up to 4 years which could be $15K a year split half grant half loan.  This is great as long as student did not make any use of OSAP in undergrad burning off any of the 4 eligible years.

 

 

Did I read that right, HALF grant?? 

[mew]

1 hour ago, Meridian said:

Yes with recent OSAP changes Med students can benefit. As they will be 4 years out of high school, they can apply as independents and not include parent income in calculations. This could actually give maximum grant and loan for up to 4 years which could be $15K a year split half grant half loan.  This is great as long as student did not make any use of OSAP in undergrad burning off any of the 4 eligible years.

 

 

What happens if you used the grant in undergrad? Are you only eligible for 4 years total under the new system? 

[Meridian]

55 minutes ago, JohnGrisham said:

Did I read that right, HALF grant?? 

Correct -  saw example of $7.5K grant on $15.5K total

Just now, mew said:

What happens if you used the grant in undergrad? Are you only eligible for 4 years total under the new system? 

Correct --  grant portion has 4 years of eligibility only.  If you received OSAP grant/loan in undergrad years it reduces grant eligibility in med school years.  Really burns if you took multiple small $1K loans.

 

 

[la marzocco]

30 minutes ago, Meridian said:

Correct -  saw example of $7.5K grant on $15.5K total

Correct --  grant portion has 4 years of eligibility only.  If you received OSAP grant/loan in undergrad years it reduces grant eligibility in med school years.  Really burns if you took multiple small $1K loans.

 

 

I read that there is a lifetime cap on how much grant they can give you, so i guess potentially all of the $15K would be loans?

[JohnGrisham]

Wow, that is an amazing amount of grants Ontario gives!

[la marzocco]

1 hour ago, mew said:

What happens if you used the grant in undergrad? Are you only eligible for 4 years total under the new system? 

That's actually my question. I heard there is a lifetime cap on the amount of grant they can give you. Not sure if the $15K will be strictly loans?

[Pippa756]

Any updates on this/new information on the lifetime cap limit?

[la marzocco]

On 8/4/2017 at 2:29 PM, Meridian said:

Correct -  saw example of $7.5K grant on $15.5K total

Correct --  grant portion has 4 years of eligibility only.  If you received OSAP grant/loan in undergrad years it reduces grant eligibility in med school years.  Really burns if you took multiple small $1K loans.

On 8/9/2017 at 2:47 PM, Pippa756 said:

Any updates on this/new information on the lifetime cap limit?

EDIT: answered my own question. 

The new OSAP will include two main components:

1. A “base” component will be calculated similar to the current 30% Off Ontario Tuition grant and will cover a percentage of average tuition costs. This component is based on family income, not need.

2. A “needs-based” component will look at the student’s financial need (costs minus resources) and calculate any remaining amount of Ontario aid.

• There will be a maximum amount of time a student can receive the base grant component, which is for a total of eight academic terms. (However, students with disabilities may be considered for up to six years, or 12 terms.) This maximum will factor in any previous tuition support provided through the 30% Off Ontario Tuition grant. For example, if a student received two terms of the 30% Off Ontario Tuition grant in 2016–17, they would be eligible for six additional terms of the base component.
• The needs-based component will continue to be available through additional years of study, up to the OSAP lifetime maximum and will ensure Ontario aid stays all-grant for low-income students. The lifetime maximums are 340 weeks for an individual who is enrolled in a program of study other than a doctoral program, or 400 weeks for an individual enrolled in a doctoral program — this is about 10 years of postsecondary school.
• Students who are studying at an Ontario publicly assisted college or university, and whose family income is less than $50,000, are eligible for a top-up grant that ensures their tuition is covered. However, once a student has reached the maximum amount of base grant, they are no longer eligible for a top-up. For example, if a student is eligible for $6,000 in grants, but their tuition is $6,300, they would receive an additional $300 (if their family income is less than $50,000 and they are studying at an Ontario publicly assisted college or university). Once this student reaches their maximum number of base components, they would not be eligible for the $300 top-up.