Financing Your University Education

Maureen JonesStudent Awards & Financial Aid

Agenda• Expected Costs• Sources of Funding

– Family Contributions– Student Contributions– Bursaries and Scholarships– OSAP (Ontario Student Assistance Program)– Private loans – Student lines of credit

• University of Waterloo Guarantee of Undergraduate Student Financial Support

Sources Of Funding• Family Contributions

• Student Contributions

• Bursaries (based on need)

• Scholarships (based on merit)

• OSAP (Ontario Student Assistance Program)

– http://osap.gov.on.ca/

• Personal loans and Student Lines of Credit

Family ContributionOSAP expects a Family Contribution

– Savings & RESP

– Free room and board

Planning– Recalculate/reprioritize monthly family budget

– Refinance current loans

– Personal loans or Student Line of Credit

Student’s ContributionStudents are also expected to contribute • Summer or co-op work-term savings• Part-time employment during study periods

– Ontario Work-Study for OSAP students

– Other on-campus and off-campus jobs

• Upper year bursaries, scholarships & awards– http://safa.uwaterloo.ca

• Budget – sample in our Financing E-Brochure

President & Merit ScholarshipsAdmission Average Scholarship Amount

95% or abovePresident’s Scholarship

of Distinction

$2,000 Entrance Scholarship, PLUS

a $1,500 International Experience Award, or

a $1,500 Research Award, or both.

90%-94.9% President’s Scholarship $2,000 Entrance Scholarship

85%-89.9% UW Merit Scholarship $1,000 Entrance Scholarship

President’s Distinction Awards• Available in upper years 2A and above if the student

chooses to claim them • Students must complete their first year with at least an

80% average • The International Experience Award is available only to

Canadian citizens or permanent residents.

Other Scholarships

• Approximately 600 Entrance Scholarships

• Value from $500 to $6,250 per academic year

• Most do not require an application• http://findoutmore.uwaterloo.ca/financing/scholarships.php

External ScholarshipsStudents are encouraged to seek out other scholarship opportunitiesbeyond the ones offered by the university. For example:• High school guidance offices• Local service organizations: e.g. Lion’s Club, Kiwanis, etc.• Employee dependent scholarship programs through parents’ workplace• Queen Elizabeth II – Aiming for the Top Scholarship Program offered by the Ontario

Provincial government (apply at http://osap.gov.on.ca)• Association of Universities and Colleges Canada (www.aucc.ca)• Miller Thomson Foundation: www.millerthomson.com• On-line scholarship catalogue/website: www.studentawards.com

Entrance Bursaries

• Value - $500 to $4,000• Eligibility

– Ontario Resident– Demonstrate financial need– MUST apply for OSAP – Attending a university/college for the first time in September– Deadline to apply

Upper Year Scholarships

– The SAFA Office administers numerous upper year undergraduate scholarships and awards.

– We invite applications from eligible students at the beginning of each study term.

– The majority of merit-based awards processed by our office do not require an application because they are “automatically” awarded to the top students in their program.

• http://safa.uwaterloo.ca/scholarships/thisterm.html

Upper Year Bursaries

• Two Processes for Bursaries1) System-Assigned Bursaries

– Value depends on level of unmet financial need

– Must be enrolled full-time

– In acceptable academic standing

– Must have applied for OSAP

Upper Year Bursaries• Two Processes for Bursaries

2) Application Process

– Student provides detailed information including documentation for exceptional circumstances/information regarding other provincial student aid etc.

– Must be enrolled full-time

– Must be in acceptable academic standing

– Must apply for OSAP (or other provincial funding)

OSAPOntario Student Assistance Program

Funded by Prov. & Fed. Governments

Ontario Ministry of Training, Colleges & Universities

Financial Aid Office Ontario Post-

Secondary Institution

National Student Loans Service Centre

(NSLSC)

OSAP

http://osap.gov.on.ca/ • Canada Student Loan Program• Ontario Student Loan Program• Queen Elizabeth II – Aiming for the Top• Canada & Ontario Grants• Ontario Work study program

Comparison Of UW Costs To OSAP Maximums

UW Costs OSAP Max

One term $7,939 - $10,548 $5,400

Two terms $15,878-$21,461 $11,880

Estimate your OSAP Funding

Estimated OSAP Funding Arts & Science student – Fall & Winter

8 monthsFamily has 2 children, one in post secondary, away from home

Family

Income

Loan Grant Total Funds

$60,000 $10,244 $2,074 $12,318

$80,000 $8,794 $1,251 $10,045

$100,000 $6,939 $0 $6,939

When To Apply For OSAP

• 2012/13 application on the OSAP website in February; apply no later than June 15th

• Deadlines may differ among schools• OSAP program assesses a penalty for late applications

– apply by full-funding date

OSAP – osap.gov.on.ca

• Apply on line - it’s free!

• Secure site – SIN # and PIN

• No obligation estimate

• All paperwork to UW Financial Aid office

• Pick up funding in September

Third Party Checks• 100% verification of all income fields using Canada

Revenue Agency tax information plus:

– Credit Check

– SIN Registry Check

– MTO Check

Appealing Your OSAP Assessment

• Yes - you can appeal OSAP

• Common Appeals:– Student Contribution Appeals

– Parents Lower Estimated Income for Current Taxation Year

– Parents Exceptional Expense

• Make an appointment to discuss your financial situation– We are happy to help and to answer your questions

Student’s Responsibilities• Keep the National Student Loan Service Centre informed

– Address changes– Continuation of Interest Free Status forms when not in receipt of OSAP– Repayment information & assistance: canlearn.ca

• Keep the Financial Aid Office informed– Address changes, changes in course load, withdrawal from studies,

program/plan changes– Changes in income and assets during study periods– Changes in marital status– Check your email!

• Repay your student loans after you finish school

UW’s GuaranteeAt UW, we’re committed to making sure that lack of money doesn’t get in the way of our students’ success

• Our commitment:– The University guarantees to fund unmet need as defined by OSAP (or

a student assistance plan from another Canadian province)

– The University aspires to identify students in need and ensure that all eligible students admitted to full-time studies have the financial assistance necessary to complete their studies

http://safa.uwaterloo.ca/

Follow the link to “Supporting Your Academic Success”

Important Web-sites

• findoutmore.uwaterloo.ca• osap.gov.on.ca• safa.uwaterloo.ca• canlearn.ca

canlearn.ca

Student Awards & Financial Aid safa.uwaterloo.ca