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OSAP and Professional Experience Year Information and Useful Tips. Enrolment Services 172 St. George Street 416-978-2190 [email protected] OSAP Repayment Begins!. PEY  Not Full-Time  OSAP loan repayment begins

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osap and professional experience year information and useful tips

OSAP and Professional Experience YearInformation and Useful Tips

Enrolment Services

172 St. George Street

416-978-2190

[email protected]

osap repayment begins
OSAP Repayment Begins!
  • PEY  Not Full-Time  OSAP loan repayment begins
  • PEY  Not eligible for Loans/Grants + Not eligible for Interest Free Status
  • Repayment = 6 months from the end of full-time studies
repayment example
Repayment Example
  • Study end date for 2013-2014 is April 30, 2014
  • Non-Payment Period: May 1 to Oct 31, 2014
  • Interest is charged on the CSL in this period
  • Consolidation date: Nov 1, 2014
  • First Payment Date: Nov 30, 2014
interest charges
Interest Charges
  • OSAP = Canada + Ontario student loans
  • Interest Rate (floating) :
    • CSL is Prime + 2.5%
    • OSL is Prime + 1.0 %
  • Loans are interest free when you’re full-time
  • Not full-time = 6 month Non-Payment period
  • Interest on the CSL in Non-Payment period
  • OSAP is an open loan: pay early + lump sum
repayment assistance
Repayment Assistance
  • National Student Loans Service Centre
    • 1-888-815-4514
    • http://canlearn.ca (Select NSLSC)
  • NSLSC will contact you prior to Consolidation
    • Consolidation letter will be mailed to you
  • Apply for Repayment Assistance
    • Reduced payments based on your monthly income
  • Revision of Terms
    • Reduce payments by extending amortization period
update your address
Update your address
  • NSLSC
    • 1-888-815-4514
    • http://canlearn.ca (Select NSLSC)
  • OSAP website
    • http://osap.gov.on.ca
  • U of T Student Web Service
    • http://www.rosi.utoronto.ca
returning from pey not applying for osap
Returning from PEY  Not applying for OSAP
  • STOP Loan repayment process:
    • Notify the NSLSC that you’re full-time student
    • Continuation of Interest Free Status (CIFS) form
    • Complete CIFS in September at the Registrar Office
  • Pay any Outstanding interest:
    • Contact the NSLSC:1-888-815-4514
returning from pey applying for osap
Returning from PEY  Applying for OSAP
  • Apply Early:
    • Apply & provide documents prior to end of May
    • Most Documents: submitted to Enrolment Services
  • Assessments for early applications: early August
  • OSAP appeals:
    • Appeals are possible in some cases
    • Consult with Enrolment Services in August
factors that could change in new osap application
Factors that could change in new OSAP application
  • Independent status:
    • 4 years out of high school
    • Parental income not used in the assessment
  • Residency:
    • If you work in another Province for 12 consecutive months then you’re no longer eligible for OSAP
    • If you’re a resident of another Province, and work in Ontario for 12 consecutive months, then you could be eligible for OSAP.
pey income and osap
PEY income and OSAP
  • OSAP is an income/asset sensitive program
  • Assets have to be declared:
    • Vehicles, bank account balances, investments, etc.
    • 16 weeks prior to the start of classes: mid-May
  • Summer income: mid-May to start of classes
  • Funding Estimators:
    • OSAP Website: http://osap.gov.on.ca
    • Enrolment Services: www.adm.utoronoto.ca/fa
using pey income wisely
Using PEY income wisely
  • PEY income, and how you use it, impacts OSAP
  • Assets have a significant impact:
    • Declared as of 16 weeks prior to Sept (mid-May)
    • Pay down high interest debts prior to May
    • Vehicles affect your OSAP significantly
  • Summer income (mid-May to start of classes):
    • Reduce your expenses in the summer
  • Rules consistent with Faculty Grants Committee
pey income and utaps
PEY income and UTAPS
  • UTAPS is linked to OSAP assessment
  • OSAP recipients: no separate application
  • Out of Province Students:
    • Apply beginning in August
    • Enrolment Services: www.adm.utoronto.ca/fa
  • Qualifying for UTAPS:
    • Unmet financial need + FT in both terms
  • Funding Estimator: loans and grants
    • Enrolment Services: www.adm.utoronto.ca/fa
pey and aiming for the top
PEY and Aiming for the Top
  • Request deferral if you meet the renewal terms
  • Make deferral request starting in July 2014
  • Make request no later than Jan 2015
  • Send an e-mail to:
  • Deferral confirmation after Jan 2015
enrolment services
Enrolment Services
  • 172 St. George Street
  • Tel: 416-978-2190
  • Hours:
    • Mon, Wed, Thurs, Fri: 9:30 am to 4:30 pm
    • Tues: 1 pm to 6 pm
ad