• Last Updated:
  • Aug 10th, 2010 11:49 pm
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[OP]
Newbie
Dec 17, 2008
19 posts

Osap

My daugther plans to apply for osap this month, she wants to buy a used car early next year. A friend of her told her to apply for a Student Line of Credit. To purchase the car and use any left over funds for extra expenses, she currently work part-time.

My question is once you have recieved Osap, could you also apply for the line of credit. Would this mean an automatic loan decline, since you already have Osap loan to repay.

Should she apply for one loan before. Any answers could be appreciated
1 reply
Deal Addict
Dec 28, 2008
1316 posts
121 upvotes
Toronto
dladie wrote:
Aug 10th, 2010 11:29 pm
My daugther plans to apply for osap this month, she wants to buy a used car early next year. A friend of her told her to apply for a Student Line of Credit. To purchase the car and use any left over funds for extra expenses, she currently work part-time.

My question is once you have recieved Osap, could you also apply for the line of credit. Would this mean an automatic loan decline, since you already have Osap loan to repay.

Should she apply for one loan before. Any answers could be appreciated
Parents generally are the backers of non-government student loans from banks and take their financial state when deciding if they will approve/decline the loan....unless your daughter has defaulted on loans in the past then auto-decline.

The car must be valued under $5000 or OSAP will request her to sell it to pay for her university. If it is valued under $5000 by the MTO then she will not have to sell it.
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