OSAP tips/advice/questions (Old)

[BBQPorkBun]

How do audits work?

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

Randomly picked, so have your stuff organized
Yes they can check that you may have a car and other assets

But its really rare, if anyone gets audited, that was some really bad luck.

[BBQPorkBun]

with questions? Or do you mind?

Thanks.

Sure

[jian1]

ok, here is my OSAP loans, total amount is $24924. I received full load started in my 3rd and 4th year, and recently, I got a job for 43k$ annual. The government state that my payment begin in Nov 2006. I wonder if there is any way to exempt some amount? what's the interest rate? I have heard it's about %7 and scare the hell out of me... since I used all the loan to be part of the cash payment for cars purchased for my dad and me.

[tigger03]

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

thx. Yes, I usually get the $500 busary (although it's the minimum amount) every year coz I apply. What's the harm in applying, anyway? The worst they can say is "no". I'm applying for every bursary that I qualify for this year

[CSR]

ok, here is my OSAP loans, total amount is $24924. I received full load started in my 3rd and 4th year, and recently, I got a job for 43k$ annual. The government state that my payment begin in Nov 2006. I wonder if there is any way to exempt some amount? what's the interest rate? I have heard it's about %7 and scare the hell out of me... since I used all the loan to be part of the cash payment for cars purchased for my dad and me.

Big mistake, .... the loan was for your education, not a car.

[tigger03]

ok, here is my OSAP loans, total amount is $24924. I received full load started in my 3rd and 4th year, and recently, I got a job for 43k$ annual. The government state that my payment begin in Nov 2006. I wonder if there is any way to exempt some amount? what's the interest rate? I have heard it's about %7 and scare the hell out of me... since I used all the loan to be part of the cash payment for cars purchased for my dad and me.

.. lol .. oh man .. used it for car payments, eh? ... well, since you make $43K/yr, I'd say stay at home (rent free, or very LITTLE rent) for a year and pay off your loans. That's what I plan to do until I put the maximum $$$ to pay off my loans.

[jian1]

Big mistake, .... the loan was for your education, not a car.

ok, becoz originally mistaken by someone said you don't have to pay interest for 1 year, and you can exempted from paying loans too. so I was decided to purchase cars, with cash discount. I wonder what truth interest is for OSAP, since most money I have put into some index or stock, if the osap charges more interest than my stock yields, I would be so pxxxed off.

[jian1]

.. lol .. oh man .. used it for car payments, eh? ... well, since you make $43K/yr, I'd say stay at home (rent free, or very LITTLE rent) for a year and pay off your loans. That's what I plan to do until I put the maximum $$$ to pay off my loans.

hehe, yes. our family used to own a 11 year old camry le v6 and at 400,k,km, it's getting worse and my dad purchased a 2005 camry v6, I got myself a 2006 subaru 2.5i, a little bit short in finance that time, I used up all the OSAP loans accumulated for 3 years. if OSAP charges high interest , it was really a bad decision to make a purchase instead of financing. My original plan is to use OSAP as an low-non interest amortization loan for car purchasing.

[coolspot]

Geez... if you can afford stocks and a car, you should not have received OSAP.

I have no sympathy for you!

[Valek]

I already asked this once in the WLU thread in the Uni forum, but I see no harm asking again since you might have more experience.

My Uni invoice is due on Aug 25th for the Fall Term, OSAP is releasing me funding sometime in early September. If I pay the Fall term off in Full by the due date of the Invoice, will the University still release the OSAP funding to me, even though I paid it off in full for the Fall?

[Jeff146]

For OSAP your tution isn't due until 1 month after, at least for York it was like that.

[YnD]

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

And those rogers customers that conspire to purposely call in to get a retention plan is not considered abuse???

Ok there buddy.

[BBQPorkBun]

I already asked this once in the WLU thread in the Uni forum, but I see no harm asking again since you might have more experience.

My Uni invoice is due on Aug 25th for the Fall Term, OSAP is releasing me funding sometime in early September. If I pay the Fall term off in Full by the due date of the Invoice, will the University still release the OSAP funding to me, even though I paid it off in full for the Fall?

Yes

[BBQPorkBun]

ok, becoz originally mistaken by someone said you don't have to pay interest for 1 year, and you can exempted from paying loans too. so I was decided to purchase cars, with cash discount. I wonder what truth interest is for OSAP, since most money I have put into some index or stock, if the osap charges more interest than my stock yields, I would be so pxxxed off.

Let this be a lesson to others to know all your info before making decisions.

Int rate is prime + 2.5 FED and 1.0 PROV. So about 8.5% and 7%.

Last a saw Subaru's int rate was 2.8%

Cash discount, i assume you paid cash for the car. I sorta doubt u worked for that, so wherever you got it from, best bet is to pay off ur loan with that source (parents im guessing) and then pay your parents back.

[BBQPorkBun]

For OSAP your tution isn't due until 1 month after, at least for York it was like that.

Each institution has its own rules, contact your Financial Aid office for that info.