Students

What was your OSAP when you graduated ?

  • Last Updated:
  • Oct 13th, 2017 10:28 am
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Deal Guru
User avatar
Dec 7, 2009
13394 posts
1223 upvotes
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.
They will pretty much eliminate debt for new students over the next few years but won't do anything to help existing borrowers.
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Newbie
Aug 9, 2017
14 posts
37 upvotes
Toronto
My tuition including fees is 7k. I'm getting a 6k grant and a nice 3.5k loan (The school's compulsory fee isn't covered in the free tuition). Household income of about 25k. Hopefully i can find a summer job and start saving before i graduate. I got a 7.5k loan last year. I estimate my loan to be near 19k by the time I graduate.
Last edited by ashven288 on Sep 10th, 2017 5:35 pm, edited 3 times in total.
[OP]
Newbie
Mar 17, 2015
92 posts
9 upvotes
North York, ON
When I graduate my osap will be around $37,000. Only because I went to college first then transferred to a university.
Deal Fanatic
User avatar
Jul 17, 2008
7509 posts
1296 upvotes
Best is to pay off any gov student loan the day you graduate. Basically you get interest free money for 4 years if you manage to save up money to pay off the loan when you graduate. That's what I did.
Deal Expert
User avatar
Jul 22, 2006
20828 posts
2013 upvotes
Messerschmitt wrote:
Sep 11th, 2017 10:04 am
Best is to pay off any gov student loan the day you graduate. Basically you get interest free money for 4 years if you manage to save up money to pay off the loan when you graduate. That's what I did.
Bingo but you have to hide the money because too much in savings will hurt your future OSAP estimate. Cash it out and stash it away
Deal Fanatic
User avatar
Apr 16, 2006
5897 posts
343 upvotes
Mine was $20,000 OSAP, $10,000 Student LOC after three years of post-grad professional school.

(Worked for a year and a half before starting, worked all through undergrad so as to graduate debt free from undergrad, worked every summer during post-grad professional school)

Paid it all off in about 2 years.

Most people in my graduating year graduated with about $60,000 in student debt.
Deal Addict
Jan 21, 2014
2145 posts
493 upvotes
mine was $3500 but interest rate was 13.75% I think so I paid it off after a few months of working
Deal Fanatic
User avatar
Mar 31, 2008
9571 posts
1244 upvotes
Toronto
Interesting tidbit. Actual average OSAP debt has remain largely unchanged since the early 2000s. I think it's even gone down a bit. Compare that to interest rates that were higher in the 2000s, and when minimum wage was also lower. Also, while incomes haven't gone up as much, it still has gone up. I unfortunately was among those that graduated and started repaying in the earlier-mid 2000 when it was effectively alot more expensive/man hours to pay it down. Mine was 27K, pretty much the average.
Newbie
Jul 11, 2017
17 posts
9 upvotes
In my third year of University and based on some quick calculations, expecting to graduate with just under $30,000 in OSAP and will most likely have some ELOC left to pay off too for about $7000 that I will probably turn into a LOC once I graduate instead of a loan (CIBC)

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