Students

Osap tips/advice/questions

  • Last Updated:
  • Jul 21st, 2017 10:13 pm
Newbie
Jan 24, 2010
60 posts
7 upvotes
Toronto, ON
dreamingstars wrote:
Dec 23rd, 2016 10:01 pm
What's the limit for how much you can make in the summer before osap starts limiting your funding?
As of now, all income earned by students, whether it's during the school year or during the summer, does not affect the loan amount. Neither does the value of the student's car.
Newbie
Dec 23, 2010
3 posts
Ontario
Question regarding the OSAP rebate that brings your total owed per semester to $3,400,

When is this issued for those who finished their fall semester?

I know OSAP only requires you to pay back a max of $3,400 per semester, I've only taken OSAP for the fall semester, when would I see a rebate / grant that would bring me down to the $3,400?
Newbie
Feb 2, 2017
2 posts
Basically I returned to school for the January semester, applied for OSAP then decided I didn't want to stay in school after all and withdrew before the deadline where I'd have to pay tuition, except my OSAP had already released and I ended up getting about 5k in my account after my school returned the tuition portion back to pay off my loan (as I did not owe them tuition). My question is if I'm able to keep the 5k loan or how they regulate that as honestly it'd go a long way to help me but if there's repercussions or it counts as some sort of fraud then obviously I'll send it back. Thanks !
Newbie
Feb 5, 2017
1 posts
If I'm a full time student (taking 4 courses) and I drop it to 3 courses for this semester, will it effect the current and future OSAP funding that I receive?
Sr. Member
Jul 21, 2006
884 posts
135 upvotes
does OSAP look at all your assets on a certain day. for example my TFSA etc? what day is that?
Newbie
Sep 2, 2015
54 posts
9 upvotes
East York, ON
eyatree wrote:
Feb 3rd, 2017 7:41 am
Basically I returned to school for the January semester, applied for OSAP then decided I didn't want to stay in school after all and withdrew before the deadline where I'd have to pay tuition, except my OSAP had already released and I ended up getting about 5k in my account after my school returned the tuition portion back to pay off my loan (as I did not owe them tuition). My question is if I'm able to keep the 5k loan or how they regulate that as honestly it'd go a long way to help me but if there's repercussions or it counts as some sort of fraud then obviously I'll send it back. Thanks !
They explicitly tell you you have to return it ASAP. Talk to the osap office at your school.
Deal Addict
User avatar
Dec 21, 2009
1303 posts
83 upvotes
Niagara Falls
Does anyone have any info regarding the new osap rules? Specifically their new program that allows mature students better access to osap and grants? The calculator states I can get a decent amount of grant money (ontario.ca/osap) but are you blocked from receiving anything if you are still repaying a current loan? I am still paying off my osap loan for my previous education, but I returned to school in 2015 to complete my degree. I've been paying my own way, but some grants would be nice.
Newbie
Feb 16, 2012
39 posts
RICHMOND HILL
I think the new osap rules for 2017-1018 will not be in place in time. I see only pre-election victory laps about the good things in the changes.
as long as exact rules not known, the gov can keep saying free tuition, great news, etc, winning more votes
gov says no new money, and there are big winners, there must be loosers somewhere?

The new calculator is is a joke. a first year computer student would have done it in 1 week, has no new information...it just puts the budget doc in listboxes
very little word about the losers , so far we know:
-tax refund gone this will hurt med. law students the most
-capping increased from 7500 to 10000 this means a lot of students will loose 2500 in OSOG grants, again this will hurt med. law students the most
-federal government helped in with eliminating textbook and tuition credits too ( they give 50 mil extra in grants and take away 350 mil in tax credits!!!!), did I already say this will hurt med. law students the most?
-gov says no new money, and there are big winners, there must be loosers somewhere?
-biggest loosers : med. law students ( based on 25k tuition; 2500 OSOG grant + 3-4 k fed tax credit + 1.5k ont tax credit= -6-7000/per year)
Newbie
Mar 4, 2017
13 posts
My situation: Daughter 1: 3rd year university student- Resp in bank 13k not taken out yet not reported in Osap, whats the best way to break Resp

Daughter 2: 2nd year university - Resp in bank $12 k not taken out yet not reported in Osap, whats the best way to break Resp
Newbie
Feb 16, 2012
39 posts
RICHMOND HILL
Congratulations , you did a good thing for the kids, don't let it unfinished

There are lots of things that you did not say...child's income, did they get any grants, apart from the 15% ontario grant aka the 30% grant, how much in loans did they get, are they away from home etc. Do you have more children? Do the children plan to do postgrad studies? Medicine , law etc?

You should think of resp separately: the money you contributed (principal) and the money that is grants and gains.. The principal goes back to you , has no tax and osap implication...the rest goes to the child as an EAP and is conidered as income for her
not sure what are you waiting for... You should be able to give each child 2-3k in EAP from RESP per year without any osap or tax consequences if they do not have other income or big scholarships
if 13 k is the total value of resp, then you probably contributed 9-10 k and the rest is grant and income, you should have no problem taking it out in 2-3 years per child
Ask the bank what is the value of principal, they usually do not show on statements
Is not too late to take out 1.5-2.5 k for current year, just inform financial office,
Another way. Check how much in loans ( not grants!!!!) your child got. If you give give her less then that, there should be no problem...you might have to repay some loans early (overpayment) but those are loans..what you should care for is the federal grants

The penalties for not giving the money to the students are pretty bad: you have to pay back the grant from Steven to Justin :-) What is your exit strategy? There are some good RESP forums on the web, I no longer need those :-( You should read those and act...also ask the bank, but I found their knowledge often lacks, especially OSAP related.
Newbie
Dec 29, 2014
12 posts
1 upvote
Scarborough, ON
How do you get notified of you have a overpayment?
Deal Addict
Oct 1, 2004
3620 posts
202 upvotes
Toronto
Is the new tuition rebate for families under $50K implemented by the Ontario government or the Federal Liberals?

if a person lives in Quebec with their parents, and is attending University of Ottawa, is there a way to be eligible for OSAP and the new tuition grant/rebate that was just implemented by the government this year?
Deal Addict
Dec 6, 2006
2057 posts
491 upvotes
From the OSAP website: OSAP is open to Ontario residents who are a:
Canadian citizen
permanent resident or
protected person

Quebec has their own student loan program for residents of Quebec.

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