OSAP Loans/Grants
Currently, I get around 7k in loans and 5k in grants from OSAP because i'm poor. I got my first summer job that yields good experience for my field of study and I was told that OSAP expects you to work in the summer or around an average of 10 hours of week as a part-time job.
I will be making around 8-9k from my summer term and I wish to save a portion of this money (i'm losing quite a lot of that from commuting to work) into a TFSA instead of paying it towards my OSAP loans because I see no need to not take advantage of the interest-free loan. My dilemma is that if I apply for OSAP for the next school term, I'm obviously going to report my income accurately, but how can I get around the "Assets" portion of the loan? I'm assuming if I say I have $5000 in my TFSA they would assume that I would be using that towards my loan/tuition. I don't want the fact that I want to save my money in a TFSA affect my funding and grants.
Thanks
I will be making around 8-9k from my summer term and I wish to save a portion of this money (i'm losing quite a lot of that from commuting to work) into a TFSA instead of paying it towards my OSAP loans because I see no need to not take advantage of the interest-free loan. My dilemma is that if I apply for OSAP for the next school term, I'm obviously going to report my income accurately, but how can I get around the "Assets" portion of the loan? I'm assuming if I say I have $5000 in my TFSA they would assume that I would be using that towards my loan/tuition. I don't want the fact that I want to save my money in a TFSA affect my funding and grants.
Thanks