OSAP tips/advice/questions (Old)

[BBQPorkBun]

if i were to drop out right now .. when would osap start telling me to pay them back ? .. and if i start school again at another school, in september would i be able to avoid starting to pay them back and just continue borrowing from them ?

yes

no

not likely, dropping out ain't a good sign

[BBQPorkBun]

Hi BBQPorkBun:

My question is very long...but I am desperate in need for help.
I started university in 2007 sep, and soon realized thats not a place for me --I have no interest in this program + I did very poorly. I am on probation but planning to withdraw from university and attend a college which I received offer last week.
I phoned the National Student Loan service and they told me as long as I am not Suspended, I should be alright.
However, recently I received a letter indicates about OSAP overpayment (because I withdraw the 2nd term). I am not very clear about what the paper is trying to tell me. Does that mean I am not qualify anymore or I need to repay everything immediately?
I will be attending a new school this May, and worried I might have enough funds to survive until sep. My family is low income, I have zero financial support from them, in fact I support myself ever since I was 15 til now. So I am basically eating off my savings day by day.
I will get a part time job but with this troubling me I don't know if I finding a part time will jeopardize my chance for getting OSAP.

thank you and sorry for my questions.
best regards

Its ok Domini, thats what the thread is for and ive had longer.

The letter is telling you to pay back the portion for the second semester and yes u need to repay what it says on the letter. so basically from jan to april ur on ur own. suggest a full time job. you'll have to apply to osap again for anything happening after april.

[manho]

awesome thread. lots of info.

Scenario:

my gf has graduated in august and is due to start repaying osap by the end of this month. She has a 46k loan, and an interest of 1.8k is due along with the march payment for the past 6 months. Her salary is only at 22k a year, after checking the canlearn site, we concluded that she's eligible for interest relief.

Question:

So she called the loan centre two days ago, and the person over the phone said she is eligible, however, the 1.8k interest that accounts for the past 6 months will be added to the principal. ie. the loan will be 47.8k, but will be "interest free" and repayment is not necessary for another six months. But after reading some previous posts, I thought the gov't pays that interest off when one is successfully granted the interest relief. ie. we thought the loan stays at 46k, and remains interest free as well as no need for payments for another six months.

which is true?

Sorry about the lengthy paragraphs. Thanks in advance!

[BBQPorkBun]

awesome thread. lots of info.

Scenario:

my gf has graduated in august and is due to start repaying osap by the end of this month. She has a 46k loan, and an interest of 1.8k is due along with the march payment for the past 6 months. Her salary is only at 22k a year, after checking the canlearn site, we concluded that she's eligible for interest relief.

Question:

So she called the loan centre two days ago, and the person over the phone said she is eligible, however, the 1.8k interest that accounts for the past 6 months will be added to the principal. ie. the loan will be 47.8k, but will be "interest free" and repayment is not necessary for another six months. But after reading some previous posts, I thought the gov't pays that interest off when one is successfully granted the interest relief. ie. we thought the loan stays at 46k, and remains interest free as well as no need for payments for another six months.

which is true?

Sorry about the lengthy paragraphs. Thanks in advance!

The interest free part applies this month forward, not for the interest during the grace period. Thats accumulated and everyone has to pay that one way or another. so for the next 6 months, interest will not accumulate, but the prior 6 months u have to either pay or add to the loan.

[domini]

Its ok Domini, thats what the thread is for and ive had longer.

The letter is telling you to pay back the portion for the second semester and yes u need to repay what it says on the letter. so basically from jan to april ur on ur own. suggest a full time job. you'll have to apply to osap again for anything happening after april.

Hi its me again...
I've got the paper now, it stated "Reassessment Results"
"your osap application has been reassessed b/c changes were made to your file. you are now entitle to [this much]."
it didnt say anything about how much to pay back
however, theres a list under saying Loan Overpayment may affect my eligibility for furthur osap funding. along with me and my parents's income verification will be virified with CRA. but I always report my tax with honesty, so I am not worry about this part.

can plz explain this to me plz, I will phone my school first thing next morning.
but I want to know what questions to ask them so I can be prepared

thank u again

[l3aka]

say i took 3 courses last semester and i'm taking 3 courses this semester too .. if i were to drop one .. would osap cut me off and make me start paying it back right away ? or would they just ask me to pay back a bit ? or will they not do anything at all ?

thanks in advance.. and thanks for before too lol

[BBQPorkBun]

Hi its me again...
I've got the paper now, it stated "Reassessment Results"
"your osap application has been reassessed b/c changes were made to your file. you are now entitle to [this much]."
it didnt say anything about how much to pay back
however, theres a list under saying Loan Overpayment may affect my eligibility for furthur osap funding. along with me and my parents's income verification will be virified with CRA. but I always report my tax with honesty, so I am not worry about this part.

can plz explain this to me plz, I will phone my school first thing next morning.
but I want to know what questions to ask them so I can be prepared

thank u again

is that [this much] amount higher or lower then what you've already receieved. if they at first say ur getting 10k, and u got 6k so far this term, and next term suppose to get 4k and the letter says [6k] then that just means you are not getting anything next term.

just look at what your initial borrow amount is, what your reassessed amount is, difference is what u can borrow, rest u either pay back or just not get next term.

you may get more info calling osap directly, main thing is how much do u have to pay back in a lump sum if you in fact u have to do that

[BBQPorkBun]

say i took 3 courses last semester and i'm taking 3 courses this semester too .. if i were to drop one .. would osap cut me off and make me start paying it back right away ? or would they just ask me to pay back a bit ? or will they not do anything at all ?

thanks in advance.. and thanks for before too lol

you would become part time, meaning interest will accrue and ur due to make your first payment in 6 months. they won't make you pay it all in one shot.

[Shyma]

Hi BBQPorkBun,

sorry if this question was asked before (I couldn't find posts).
I finished school around 5 years ago, and was on interest relieve program all this time. Last time I spoke to the Loan Center, they told that i may start apply for debt reduction. My debt is around 40K.
What is the procedure for the debt reduction? I am little worried because all these years I have been living with my boyfriend, I also have a child. I know for sure that my individual income is low , but what if they want to consider my boyfriend's income? Can they make him start paying my loan?
Thank you in advance for your reply.

[BBQPorkBun]

Hi BBQPorkBun,

sorry if this question was asked before (I couldn't find posts).
I finished school around 5 years ago, and was on interest relieve program all this time. Last time I spoke to the Loan Center, they told that i may start apply for debt reduction. My debt is around 40K.
What is the procedure for the debt reduction? I am little worried because all these years I have been living with my boyfriend, I also have a child. I know for sure that my individual income is low , but what if they want to consider my boyfriend's income? Can they make him start paying my loan?
Thank you in advance for your reply.

How do you file your taxes? If you file as common law then yes they would consider both of you as family and consider family income. Now even if you file as common law, OSAP might not catch that and still give you the debt reduction but then you risk commiting fraud.

They can't force him to do anything, but what will probably happen is, you will come off in relief and you'll be expected to make payments which im guessing you bf will have to help you out with.

[Shyma]

Thank you, BBQPorkBun, for the prompt reply. We do file taxes separately. So in this case we are not considered to be a common law, I guess?

[BBQPorkBun]

Thank you, BBQPorkBun, for the prompt reply. We do file taxes separately. So in this case we are not considered to be a common law, I guess?

Nope, you are not then. You should be fine.

keep in mind after debt reduction, you will not be eligible for interest relief ever again, yes forever. small price to pay though for debt reduction.

[Shyma]

Can you please briefly describe a scenario that will take place after my debt is reduced.
I have around 40,000 in debt ( what was i thinking back then?) Anyway, let say they can reduce my debt by 1/2 (or more? less?)
After this will the interest on the remaining portion accrue until i am able to afford monthly payments? Or should I start paying monthly payments anyway?

[a_y3n]

Hi,
I have a question about the importance of residance while studying.
It seems like if you don't live with your parents you get $5000 more.
But what if:
1) You live with parents but pay rent?
2) Live with friends but don't pay rent?

How would they know if you're living with your parents?
Do all they care about is that you don't live with your parents?

If I live with my parents I only get $6000. If I don't I get $12000 ($5000 that I don't have to pay)
*Note: next year it will be my 5th year (4 years out of highschool), so doesn't matter if my parents live near me.

[vanessie]

Hey BBQPorkBun-

this is kind of a long one, hopefully not too complicated.

Here's the situation:
I'm set to be in university for 2 more years at least, not including any post-undergrad stuff. I'm going into my 4th year this coming september. I have an RESP but it probably won't be enough to cover past the 4th year. In fact, actually getting at this RESP has been a huge problem this year (don't deal with USC, people) and my parents have been paying out of their own pockets all year.

I live at home with my parents, and don't make much income on my own (a minimum wage p/t job here and there.)

However my parents currently own two houses. The government probably thinks they're loaded, judging by how much they had to pay back last year , but in reality the extra house has not been a profit because my mum's family lives there for a discount.

I want to at least apply for OSAP, so I become eligible for on campus jobs and bursary.

My question is will I be eligible to even apply? Also will I receive anything? Even like $10 would help, lmao. Also is there a point where I become eligible to file for OSAP separate from my parents, even though I'll still be living with them? I think there's something to do with amount of years out of high school? I've been out since 2005.

Thanks in advance