Osap Problems?? Ask Me!!!

[munchie]

Sup all,

I see there are a few threads re: OSAP...
I've been through a lot with OSAP esp. having to deal with my own schooling and my brother's.

If you need any info/help or have questions, let me know, be happy to help!!!

[qsub]

Any chance I'll get OSAP for part time?

I'm 21 and graduated from college, I want to pursue a degree.

[jm20]

to get osap P/T you must be taking 60% of the workload of a F/T student. If you have a disability you would qualify if you only took 40% of the workload.

[munchie]

Any chance I'll get OSAP for part time?

I'm 21 and graduated from college, I want to pursue a degree.

In addition to taking 60% of the course load, if you're working while taking part time, your income will significantly affect how much (if any) you will get from OSAP.

[Neovingian]

Sup all,

I see there are a few threads re: OSAP...
I've been through a lot with OSAP esp. having to deal with my own schooling and my brother's.

If you need any info/help or have questions, let me know, be happy to help!!!

S'up Munchie...Although there is another member who has a thread up about OSAP I thought i'd ask you anayway...
#1 - Is there anyway I can get OSAP to forgive or reduce part of my loan?
#2 - if your not employed and come from a single parent household w/ no kids or dependdents what the most you can get a year from OSAP?
#3 - Is there any benefit in paying off OSAP loan weekly or bi weelky v,s. monthly?

Thanks in advance!

[munchie]

S'up Munchie...Although there is another member who has a thread up about OSAP I thought i'd ask you anayway...
#1 - Is there anyway I can get OSAP to forgive or reduce part of my loan?
#2 - if your not employed and come from a single parent household w/ no kids or dependdents what the most you can get a year from OSAP?
#3 - Is there any benefit in paying off OSAP loan weekly or bi weelky v,s. monthly?

Thanks in advance!

Hiya,

#1: Yes, but it's very difficult. You have to write to them and explain the circumstances of why you need to reduce it. I tried because I came out with over 60K debt (OSAP and bank loan for school....) but the minute they found out I owned a car, they said no.

#2: It depends on how much your parent is making. I.E. My mother was a single parent, 2 kids, only 1 in uni though and I got about 10K/year because she was making about 50K/year...

#3: If you can, the best option is to at least pay a lump sum of it within the 6 months after you finish school because it is still interest free. Afterwards, it depends on how you plan on paying in terms of monthly vs. bi-weekly. If you plan on giving them let's say $250/bi-weekly as opposed to $500/month, it really makes no difference because you're not paying your loan off any faster and the interest rate on your loan has already been worked into your amortized payments.

The best option to pay off OSAP really is to get a bank loan, even a debt consolidation loan (variable) via a bank (usually at about 11% interest rate) and pay it all off at once and then pay the bank loan, in the end you end up paying less in interest rates.

Make sense?

[caliente]

The best option to pay off OSAP really is to get a bank loan, even a debt consolidation loan (variable) via a bank (usually at about 11% interest rate) and pay it all off at once and then pay the bank loan, in the end you end up paying less in interest rates.

Make sense?

I don't know much about loans, but 11% interest seems a bit much. What about getting a student line of credit to pay off OSAP? (usually prime or prime+1. I've heard OSAP is prime+2).

[Neovingian]

Hiya,
#3: If you can, the best option is to at least pay a lump sum of it within the 6 months after you finish school because it is still interest free. Afterwards, it depends on how you plan on paying in terms of monthly vs. bi-weekly. If you plan on giving them let's say $250/bi-weekly as opposed to $500/month, it really makes no difference because you're not paying your loan off any faster and the interest rate on your loan has already been worked into your amortized payments.

The best option to pay off OSAP really is to get a bank loan, even a debt consolidation loan (variable) via a bank (usually at about 11% interest rate) and pay it all off at once and then pay the bank loan, in the end you end up paying less in interest rates.

Make sense?

...Not sure I get how an 11% bank loan will hepl you pay off a student loan of 6 to 8 %. Please explain, do you have any evident to back this.???

[munchie]

...Not sure I get how an 11% bank loan will hepl you pay off a student loan of 6 to 8 %. Please explain, do you have any evident to back this.???

The OSAP interest rate is NOT 6-8%, it actually sits close to 20%.

[munchie]

Loan forgiveness is processed six months after you have consolidated your loans. If you are eligible, a portion of your loan will be "forgiven" and will not require repayment. If you are eligible, and you have paid your Canada Student Loans and Ontario Student Loans in full within 6 months of completing your studies, you can request to have your loan forgiveness amount calculated. Send a letter to the MTCU Student Support Branch (contact information below)requesting a calculation of your loan forgiveness amount.
Your letter should include:

*
your current mailing address
*
social insurance number
*
the transit number of the financial institution holding your loans and
*
a bank receipt indicating payment in full has been made should also be included in your package

The Student Support Branch will route payment to your financial institution and you must request that the financial institution forward the loan forgiveness to you.

source: http://sfas.mcmaster.ca/gradosap.html#debtreduc

[yugiohm3]

The OSAP interest rate is NOT 6-8%, it actually sits close to 20%.

The interest for the loan amount is usually around prime + 2%. The 20% sound more like a creidt card rate.

Also, the first 6 mths of interest free is not really interest free. You just don't have to pay interest on top of the interest (compound interest). They still 'charge' you the interest during that six months. Therefore, paying off as much as you can as soon as possible. Unless you can 'earn' a better rate from somewhere else.

[cmge]

quick OSAP question... my brothers friend was telling me that there a new rule in OSAP, that u only have to pay half of it?... is this true

[rajab04]

quick OSAP question... my brothers friend was telling me that there a new rule in OSAP, that u only have to pay half of it?... is this true

never heard of it

[rajab04]

The OSAP interest rate is NOT 6-8%, it actually sits close to 20%.

I'm bit confused here???

[cmge]

never heard of it

coudl it be that its half bursary and halkf loan all from OSAP?