Funding Your Post Secondary Funding Your Post Secondary EducationEducation

Patrick BennettFinancial Aid & Awards

April 29th, 2013

Student Financial Aid Resources• Government Programs – OSAP

• Commercial Banks – Student Lines of Credit

• Employment Earnings

• Awards, Scholarships & Bursaries

Ontario Student Assistance Program

OSAPOSAP• To assist eligible students who do not have the

resources to meet the costs of post-secondary education

• To supplement (not to replace) the financial resources that you and your family are expected to contribute

• OSAP is a combination of loans and grants.

Who is Eligible?• Canadian Citizen, Permanent Resident or Protected

Person

• Ontario Resident

• Taking an OSAP approved program (course load requirements.

• Have financial need

Eligibility Issues• Overpayments and Income Variance• Academic Progress requirements• Previous default and loan rehabilitation• Have previously filed for bankruptcy or a consolidation agreement AND

have OSAP as a creditor OR if OSAP funds would be seized to repay debts.• If you are a resident of another province• You are in receipt of government assistance that covers your post-

secondary costs• You are in Stage 2 of the Repayment Assistance Program.• You have adequate resources to cover your costs.

Expected Costs of Education(tuition, books, living expenses)

Minus

Expected Family Contribution

Equals

Your OSAP Assessment (up to program maximums)

OSAPOSAP

Apply on-line at https://osap.gov.on.ca

OSAPOSAP• OSAP Access Number: a unique identifier to

allow you to access your OSAP profile.

• To re-set your password, or if you have forgotten your OAN, bring your government-issued photo ID (Driver’s License, Passport, Health Card) & Social Insurance Card to the Financial Aid Office.

OSAP Application• Section A: Personal Information (Name, Address, Contact Information, Student ID,

SIN, OEN, Disability etc.)• Section B: Your status (Dependent vs. Independent)• Section C: Residency Information • Section D: Information on School & Program• Section E: Assets (Car, Savings,)• Section F: Income (2012 income, pre-study period, study period estimates)• Section G: Information on your children, if applicable• Section H: Information on you parents (2012 income, Social Insurance Numbers) • Section I: Information on spouse, if applicable• Section J – L: Consideration for specialized grants• Section N – Q: Signature pages

• Family Breakdowns• Exceptional Expenses• Estimated Income• Lack of Employment in Pre-Study Period• Value of your vehicleEtc.

How will I get my OSAP?

If you don’t think you will have enough money to pay for school, Ask your Ask your Financial Aid Office!Financial Aid Office!

RepaymentRepayment• Repayment starts six months after the end

of your studies.

• Interest starts to accumulate immediately on Federal portion of the loans.

• Repayment Assistance Program

Student Line of Credit

Student Line of CreditStudent Line of Credit

• Competitive Interest Rates

• Pay interest while in school

• Need a co-signature

• Grant Eligibility

Employment IncomeEmployment Income

1. Approximately 50% of students work while studying

2. 15 hours a week3. Related to your program4. Work-Study Program

Scholarships, Awards, and BursariesScholarships, Awards, and Bursaries

Awards, Scholarships & BursariesAwards, Scholarships & Bursaries

• Financial Assistance Web Pages (http://www.conestogac.on.ca/financialaid/)

• Your Guidance Office• Studentawards.com• Scholarshipscanada.com

Common Financial Aid ProgramsCommon Financial Aid Programs

• Student Assistance Bursary

• Urgent Need Bursary

• Entrance Award (Degree & Diploma)

• In-Course Scholarship

• BSWD / CSG-PDSE• First Generation Bursary• Aboriginal Post-Secondary Education & Training

Bursary (APSET)• Ontario Student Opportunity Grant (OSOG)• Ontario Tuition Grant (ontario.ca/30off)• Student Access Guarantee (SAG)

Patrick BennettManager, Financial Aid & Awards

Conestoga Collegepbennett@conestogac.on.ca