Students

What was your OSAP when you graduated ?

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  • Sep 11th, 2017 10:04 am
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[OP]
Newbie
Mar 17, 2015
92 posts
9 upvotes
North York, ON

What was your OSAP when you graduated ?

What was your OSAP when you graduated Uni/College?
19 replies
Newbie
User avatar
Sep 2, 2017
25 posts
20 upvotes
about $7500 total for 2 years worth ( i went to college )
Deal Addict
Sep 2, 2008
1280 posts
42 upvotes
just an advice, if you can, PAY OFF OSAP asap. I graduated in 2013 and had about 10k left to pay. I was paying about 150 per month and in 2016 when i called and asked how much was left, they told me i still had 9k to pay. So after 2 years i only paid 1000. I asked WTF to which they said my interest was about 600-700 per year which was 1/3 of what i was paying. I told them to go and f**k themselves and paid whole amount. This OSAP is total bullsh.t
Deal Addict
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Mar 23, 2008
4103 posts
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Edmonton
AndrewShev wrote:
Sep 8th, 2017 3:32 pm
just an advice, if you can, PAY OFF OSAP asap. I graduated in 2013 and had about 10k left to pay. I was paying about 150 per month and in 2016 when i called and asked how much was left, they told me i still had 9k to pay. So after 2 years i only paid 1000. I asked WTF to which they said my interest was about 600-700 per year which was 1/3 of what i was paying. I told them to go and f**k themselves and paid whole amount. This OSAP is total bullsh.t
Hmmm... Many people who graduated with a degree would be able to do the math to figure out that paying $150/month on a 10k loan is kinda like paying the minimum amount on your credit card. Or they'd check their statements which are probably sent to them every year, and recognize that they're mostly just paying interest.

All you had to do was increase your monthly payments, and anything extra you paid above that $150 would have gone directly to paying down the principal. Not sure why the anger towards the system that gave you a low-cost loan to help you get a degree (plus probably a bunch of free grants, etc)...

C
Member
Feb 16, 2013
434 posts
492 upvotes
Toronto
Paid off my last 23 cents a few days back. That was my last bit of debt.
I still owe some dood 1400 bux, but its at 0 interest.
Debt is freaking cancer.
I had about 20K in Osap, then another 20K in credit cards and line of credit.
Thankfully i was able to dig myself out, with the help of my girlfriend.

I just noticed that OSAP rates went up.
Used to be 5.45% now its 5.70%.
Jr. Member
May 7, 2017
176 posts
74 upvotes
Yup OSAP rates went up!

My roommate was 54,000 a year ago when he graduated August 2017 and now he's at 47,000.

It is such a struggle because all the left over money he has goes straight to OSAP and sometimes he over pays it too much that he does not have money for food.

The interest is insane. should be lowered or interest free.
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Mar 23, 2008
4103 posts
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Edmonton
BeanFinn wrote:
Sep 8th, 2017 6:11 pm
Yup OSAP rates went up!

My roommate was 54,000 a year ago when he graduated August 2017 and now he's at 47,000.

It is such a struggle because all the left over money he has goes straight to OSAP and sometimes he over pays it too much that he does not have money for food.

The interest is insane. should be lowered or interest free.
How much did your friend get from OSAP in the first place (as in, how much was forgiven or was a grant)? And 5.45% is hardly "insane". Plus it's tax deductible, no?

And I would imagine OSAP rates are simply tied to BoC prime rates, so it shouldn't require a news flash that the rates have gone up... It's probably, in fact, spelled out when someone initially gets their money, as well as when repayments are started. Funny how nobody seems to complain about how much they're going to have to pay back when they GET their student funding... All they seem to complain about then is that they didn't get as much as they "need".

C
Jr. Member
May 7, 2017
176 posts
74 upvotes
not sure he was in school for 6 years Uni + master
Deal Addict
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Mar 23, 2008
4103 posts
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Edmonton
BeanFinn wrote:
Sep 8th, 2017 6:33 pm
not sure he was in school for 6 years Uni + master
No worries. Just making a point that if people take into account the benefits of the low cost funding offered to students through government programs, they might appreciate it more. Yeah, it sucks to have to pay back money. Especially when you're starting out on a career. I've been there, done that. But I was grateful that I was able to get funding to get me through school, because otherwise it wouldn't have been possible at all (without taking many more years to work and save in between going to school). And 5.x% interest is a pretty good rate for unsecured credit. Especially when the income tax credit on that takes a significant chunk off (so your effective rate is that much less).

C
Jr. Member
May 7, 2017
176 posts
74 upvotes
True but some people are not lucky.

I was lucky that I had a family that paid my tuition off the day I graduated.

I just don't fine it fair to my roommate whose the first to graduate in his family to be burden in this debt (many are like him). Just my two cents. The government should help these folks out more with more attractive rates. In all honestly it helps break the cycle.
Deal Fanatic
User avatar
Jul 29, 2005
5955 posts
856 upvotes
Mississauga
My daughter graduated in April, we immediately paid down 15,000, she still owes 13,000 (OSOG supposed to reduce that to around 10,000). Repayment starts in two months. Calculated interest for six months around $300. Plan on having it paid off within a year.
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Deal Guru
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Oct 3, 2006
10220 posts
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Toronto
I had about 20k in OSAP loans, and had paid it all off with a few k in savings when I graduated.
Deal Addict
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Mar 23, 2008
4103 posts
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Edmonton
BeanFinn wrote:
Sep 8th, 2017 7:54 pm
True but some people are not lucky.

I was lucky that I had a family that paid my tuition off the day I graduated.

I just don't fine it fair to my roommate whose the first to graduate in his family to be burden in this debt (many are like him). Just my two cents. The government should help these folks out more with more attractive rates. In all honestly it helps break the cycle.
My dad was a high school drop out, my sister was the first to graduate and I was the second. Nobody paid my student loans, and I never thought to complain about it. The government (meaning taxpayers) already contributed plenty.

The sense of entitlement of today's youth is strong... I've got two kids, one just out of high school, one in grade 11. I see it in them as well, unfortunately.

C
Member
Oct 26, 2016
311 posts
61 upvotes
Toronto
I had about 12-13,000 in OSAP. Paid it off as soon as I realized I was being charged interest. For some reason I thought it was interest free for a certain time period after graduation.
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Oct 26, 2003
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Winnipeg
cowbunpants wrote:
Sep 8th, 2017 5:53 pm
Paid off my last 23 cents a few days back. That was my last bit of debt.
I still owe some dood 1400 bux, but its at 0 interest.
Debt is freaking cancer.
I had about 20K in Osap, then another 20K in credit cards and line of credit.
Thankfully i was able to dig myself out, with the help of my girlfriend.

I just noticed that OSAP rates went up.
Used to be 5.45% now its 5.70%.
the benchmark rate went up, same goes with my variable interest mortgage and line of credit, although that rate is not bad for non-collateral personal loans
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