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Financial Literacy and OSAP

Financial Literacy and OSAP. Presented by King’s University College. Financing Your Education. Gather Information Communication with Family Discover your Financial Aid Office Don’t Self-Eliminate Budget Empower Yourself. Needs vs. Wants.

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Financial Literacy and OSAP

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  1. Financial Literacy and OSAP Presented by King’s University College

  2. Financing Your Education Gather Information Communication with Family Discover your Financial Aid Office Don’t Self-Eliminate Budget Empower Yourself

  3. Needs vs. Wants Needs are things that are necessary for survival. Wants are things that we would like to have. Desires are the most dangerous kinds of wants For Example: You need food and water to survive, but you may want milk and cookies

  4. Needs vs. Wants and Desires cont’d Here is a little perspective; If you have a roof over your head, you are better off than 75%of the world’s population. If you have $15 to your name, you are in the top 8% of the world’s wealthiest people.” Joel Osteen, Your Best Life Now (229)

  5. Resources Bursaries, Scholarships & Awards Work Study Working during school Parental Contribution/Parental debt Student Lines of Credit/Loans/Credit Cards OSAP

  6. Budget – Resources vs. Expenses

  7. http://osap.gov.on.ca “The purpose of a Canada Student Loan is to supplement, not replace, the financial resources that you (and your family, where applicable) are expected to contribute.” *(Investing in Your Future 2005-2006, Government of Canada)

  8. Why should you apply for OSAP? • The OSAP Loan is an interest free loan as long as you are attending a post secondary institution full time (60% or greater) • Federal Interest Rate = Prime + 2.5 / Provincial Interest Rate = Prime + 1.0 • OSAP offers a grace period. No payments for 6 months after the last day of your last study period

  9. OSAP is more than “Just a loan” 22 different programs are determined through one OSAP application

  10. Can I get funding for the school I wish to attend?

  11. How do I apply? Online at http://osap.gov.on.ca

  12. New Student vs. Renewal New Student? Click here. Renewals; enter SIN and password.

  13. New Textbook and Technology Grant

  14. Starting a new Application

  15. Post Secondary Institution Information Make sure to indicate that you are applying to the proper campus.

  16. Program Information Be sure to indicate Year 1 and check the start and end date.

  17. Review Course Details Thoroughly Note the tabs-if you need exit the application, it’s easy to return to where you left off.

  18. What is your status?

  19. Residency Status

  20. Income Section-Pre Study Period Income Received Before Your Study Period Begins and For the Year 2009 Jan 01 to June 26 June 27 to Sep 7 Jan 01 to Dec 31 This amount represents what you claim on Line 150 of your 2009 income tax. This could include: work income, bursaries, RESP withdrawals, any other income that you might receive during the year. Note the dates for which you are estimating income.

  21. Income Section – Study Period Sep 08, 2009 to Apr 30, 2010

  22. Asset Information This day is known as asset validation day. You must record all of your assets of this day. May 16th. May 16, 2009 May 16, 2009. The Ministry allows you to have $2000 in RRSP for every year out of high school.

  23. Parental Status Dependent Children For OSAP purposes, dependent children are disabled children, pre-school children, children attending elementary school, and children in high school who are under 16 years of age. Children 16 years of age or older must be full-time (taking 60 per cent or more of a full course load) high school or postsecondary students to be considered dependent. Children who are not disabled and who have been out of high school for 4 or more years are not considered dependent.

  24. Parental Income Section Taxable Income Enter the annual income for each parent, as reported on his or her 2008 individual income tax return. Enter amounts in dollars only; do not indicate cents. If no income or if the amount is negative (i.e., a loss) enter zero (0).

  25. Sample Notice of Assessment 150 These figures are used to consider your eligibility for Canada Access Grants. 236

  26. QEII Scholarship June 19, 2009 2009? 2008 08

  27. Print Signature Pages Before you print the pages you will be required to enter your password again. If you are able to…Print your signature pages.

  28. Sample Assessment Your Expenses for the study period. Your Resources for the study period.

  29. Strict Identification Restrictions.Must present Social Insurance Card and Government Issued Photo ID. NO ID NO OSAP NO KIDDING

  30. How’s your credit rating? Check with Equifax at: 1-800-465-7166 www.equifax.ca

  31. Important Things to Remember Don’t Self-Eliminate Apply to OSAP before June 19th, 2009 Print off and mail in your signature sheets by July 15th, 2009 Find the Financial Aid Office at the institution you will be attending Get the appropriate ID ready for September Questions?? Email us at kingsfinances@uwo.ca

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