OSAP tips/advice/questions (Old)

[BBQPorkBun]

I got an assessment of $0, but I need money for school.

The money I made over the summer is to help the family.

How should I appeal this, what would my excuse be?

I hate OSAP.

There is an appeal process and you can do that through your schools financial aid. Just tell them straight up what your situation is, and you may need to provide proof. I do encourage the appeal process because it works.

But you got 0 for a reason, either you made too much, or ur parents did (hence you don't need to help your family if that was the case). If your family is just big spenders, then can't help you there. Also osap does assume people will sell their cars for the purpose of going to school if the vehicle is in their name.

[BBQPorkBun]

Abuse is still abuse, regardless of if it comes from a friend or a fraud artist.

No fraud here.

I can choose not to work
I can choose to have gov't assistance to pay off loans if i qualify.
I can choose to pay off certain portions first.

[BBQPorkBun]

Oh please ... save your breath. It just giving us advice as any FRIEND would!

OP: thx for the info about the fed and provincial thing. When I called NLSC, they said the rate was prime+2.5%. If a lot of that is federal, I'd rather pay that off first and then pay provincial.

But how would I go about doing that? Isn't it just monthly payments, or do I specifically tell them that I want the federal portion paid off first?

All loans is made up of mostly federal and a small portion provincial. If you have an integrated loan, you may not be able to choose to pay one portion first. But some depending on province I believe are split up. Your single montly payment is redirected to two loans on their computer screen, each loan will have its own payment amount and interest rate. You can just request that your federal loan payment amount be increased.

[BBQPorkBun]

Awesome thread, I have a couple of questions.

1) How much $ did you accumulate in government student loans? What are your current monthly payments?

2) What % is the interest after you finish school?

3) If you complete bachelors and then right away go for masters, will they make you pay for bachelor OSAP loans? Or will they just let you get more money and then pay it off when you find work after.

4) Let’s say you are very unlucky and don’t find work 6 months after finishing school and have no income or savings, any idea what will happen? Will they force you to pay or forget any portion or make some type of a plan for repayment?

Thanks

I accumulated about 10k per year for 4 years. I did work but waited until after my assessment. All my info when applying was truthful, I have nothing to hide. After grad I owed 28 k (4x7k). Int at the time was like 6 and 4.5, not the same now for sure. I don't know my monthly payments because I am on interest relief and have been for almost 3 years now and I make lump sum payments to pay off principal. I have a job now that I probably don't qualify anymore so at the end of the 6 months, im just gonna pay as much as i can to it but im almost done. Ive paid almost 0 student loan interest.

[ZxExN]

O O, now move onto my post. My situation is that I'm working right now but I want to save as much as I can before I have to pay. Thats why I want to extend my interest relief period for as long as I can. What is your suggestion?

[BBQPorkBun]

Several things came to mind.

During the 6 month grace period after you grad, you don't have to make payments but interest is accumulating. then when that period ends, you will be asked to consolidate your loans and given the option to pay int accumulated for those 6 months or capitalize (add to ur loan). If you pay it, you can get it tax deductible but capitalize you can't.

If you have loans with another bank (Royal, TD) which would apply to people who went to school before year 2000 I believe, you can raise your monthly payment there and have your interest relief threshold increased indirectly since NSLSC will just call TD and ask how much your payments are. Since monthly pmt is one of the factors that determines your threshold, you have a little bit of power determining your threshold.

You have a maximum of 5 (they say 3, but its really 5) years of interest relief, after that you can apply for a further grant in which the gov't may pay part or all of your loan off. But if you get this, you can no longer get interest relief ever for the rest of time. Now, with 5 years being the max, this number can also be changed. If you ever go back to school full time (60% course load) for even one term and turn yourself back into non-repayment status, your interest relief counter resets to 0 and you now have another 5 years. So say you had a crappy job for 3 years and was on int relief for 3 years, decided to do ur masters full time, your counter resets to 0.

[ZxExN]

Oh I understand all that. I'm on interest relief now and I have until November to start paying but I want to extend my relief period. I already told them that I will have employment in September so the old, no job excuse might not work. What do you suggest? Tell them it didn't work out and I'm still unemployed? What are the criteria and how do they actually check if you do or don't qualify? THanks

[Jeff146]

What's interest relief and how would I apply for it?

[tigger03]

ok ... here's my situation ...

My first year, I got the money = no problem. Even with a p/t job.

My second year, I got the money, but there was a difference b/w what I had GUESStimated I'd earned and what I actually earned = ok, not too much of a problem as the letter said that no further action is needed. I still had a p/t job.

My third year, I got the money, but again, there was a difference b/w what I had GUESStimated that I'd earned, and what I actually earned = $4500+ in overpayment. I had to pay them back $2700 in one semester before they would release my loan for the second semester, and now I just paid them $2010 so that I can apply for my final year.

My fourth year = I haven't applied yet. Do you think that they will give me money this year? I kept my pay stubs from the summer months, so that I can be a bit accurate this year, and not GUESStimate as much. Will they take into consideration that I have only $200 in my bank account coz I had to pay them back? I NEED the money from them this year, else I have to resort to my LOC from TD (NOT a student LOC), and get a second job while attending skool. ... I also have a $1500 merit scholarship from skool (I rec'd this for my third year, and another $1500 for my fourth year) .. which is applied to my acct.

[CSR]

Yes, you can apply again. But change what info? Don't lie because they check ur tax return and other assets in your name. Students also get randomly audited. So everyone, please keep your rental receipts.

How do audits work?

Can they check how much you have in your bank account?
Ie. Savings/ Assets

[Sanhedralite]

with questions? Or do you mind?

Thanks.

[unleashed]

What's interest relief and how would I apply for it?

Hey, I'm also interested in knowing how you apply for interest relief?

[BBQPorkBun]

Oh I understand all that. I'm on interest relief now and I have until November to start paying but I want to extend my relief period. I already told them that I will have employment in September so the old, no job excuse might not work. What do you suggest? Tell them it didn't work out and I'm still unemployed? What are the criteria and how do they actually check if you do or don't qualify? THanks

Then just tell them what your income is, can't get around that. If you make too much then you make too much. Criteria is based on 3 factors. # of kids you have, monthly pmt and income. They will ask for 3 months worth of past income but for the month you are applying for, its only an estimate and the only one they really look at.

[BBQPorkBun]

What's interest relief and how would I apply for it?

gov't program to assist paying loans, gov't pays your int and you don't have ot make any payments. 6 months at a time. call in to do a pre screening to get the forms

[BBQPorkBun]

ok ... here's my situation ...

My first year, I got the money = no problem. Even with a p/t job.

My second year, I got the money, but there was a difference b/w what I had GUESStimated I'd earned and what I actually earned = ok, not too much of a problem as the letter said that no further action is needed. I still had a p/t job.

My third year, I got the money, but again, there was a difference b/w what I had GUESStimated that I'd earned, and what I actually earned = $4500+ in overpayment. I had to pay them back $2700 in one semester before they would release my loan for the second semester, and now I just paid them $2010 so that I can apply for my final year.

My fourth year = I haven't applied yet. Do you think that they will give me money this year? I kept my pay stubs from the summer months, so that I can be a bit accurate this year, and not GUESStimate as much. Will they take into consideration that I have only $200 in my bank account coz I had to pay them back? I NEED the money from them this year, else I have to resort to my LOC from TD (NOT a student LOC), and get a second job while attending skool. ... I also have a $1500 merit scholarship from skool (I rec'd this for my third year, and another $1500 for my fourth year) .. which is applied to my acct.

Yes, apply, whats the harm. If you get too little or not enough, do the appeal process and u will likely get what you want if you explain the situation. Also, in every school there is a person assigned to giving out money in bursary form and all you have to do is ask. Go to your financial aid office to talk to this person and plead ur case if osap doesn't help