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OSAP and Professional Experience Year Information and Useful Tips. Enrolment Services 172 St. George Street 416-978-2190 osap.staff@utoronto.ca. 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

osap.staff@utoronto.ca


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:

    • Beth Lebans (beth.lebans@utoronto.ca)

    • Include legal name, student # and SIN #

  • 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