Students

OSAP Loans/Grants

  • Last Updated:
  • May 15th, 2015 8:10 pm
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[OP]
Deal Addict
Jan 1, 2015
1030 posts
1145 upvotes
Toronto, ON

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
7 replies
Deal Fanatic
Aug 3, 2014
5953 posts
4015 upvotes
So you want to have your cake and eat it too?
Member
Aug 16, 2011
243 posts
154 upvotes
TORONTO
Just give it to someone else to invest for you.
Deal Fanatic
Jul 26, 2014
5219 posts
1679 upvotes
Toronto
FrugalConsumer wrote: Essentially, yes
If you can't figure out how to hide assets from osap, you shouldn't bother with that kind of stuff.

It can really ***** you over long-term for such a minor issue. You are capped at 7,300 for a semester anyway, i doubt they take much into account due to 5k (also the fact that they are now allowing you to work and earn income).
[OP]
Deal Addict
Jan 1, 2015
1030 posts
1145 upvotes
Toronto, ON
Financials wrote: If you can't figure out how to hide assets from osap, you shouldn't bother with that kind of stuff.

It can really ***** you over long-term for such a minor issue. You are capped at 7,300 for a semester anyway, i doubt they take much into account due to 5k (also the fact that they are now allowing you to work and earn income).
Yeah I get $7300 in loans and $5000 in grants. I'm pretty sure my mediocre summer income which is my income for the year won't affect my funding, but I feel like the fact that I'm SAVING as much money as I can might. I might as well spend my money on Canada Goose right?
Newbie
Jan 24, 2010
65 posts
5 upvotes
Toronto, ON
There's no advice for you here. :p Like the poster above said, you're asking how to have your cake and eat it too. You're done, you beat OSAP. You don't need to live in poverty during your school career. Sit back and relish in that. Unfortunately for you, the government has decided that people in your position are helped enough with gaining access to school.
Newbie
Jan 21, 2015
55 posts
2 upvotes
Etobicoke, ON
I read in this forum that part time job income wont affect your OSAP any more under new budget.Check that information.

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