Financial Literacy and OSAP

Financial Literacy and OSAPPresented by King’s University College

Financing Your Education

• Gather Information• Communication with Family • Discover your Financial Aid

Office • Don’t Self-Eliminate• Budget• Empower Yourself

Needs vs. WantsNeeds are things that are necessary for survival.Wants are things that we would like to have.Desires are the most dangerous kinds of wants

For Example:

You needneed food and water to survive, but you may wantwant milk and cookies

Needs vs. Wants and Desires cont’d

Here is a little perspective;

If you have a roof over your head, If you have a roof over your head, you are better off than you are better off than 75%75% of the of the world’s population. If you have world’s population. If you have $15$15 to your name, you are in the to your name, you are in the top top 8%8% of the world’s wealthiest of the world’s wealthiest people.” people.” Joel Osteen, Your Best Life Now (229)Joel Osteen, Your Best Life Now (229)

Resources

• Bursaries, Scholarships & Awards• Work Study• Working during school• Parental Contribution/Parental debt• Student Lines of Credit/Loans/Credit Cards• OSAP

Budget – Resources vs. Expenses

http://osap.gov.on.ca

““The purpose of a The purpose of a Canada Student Loan Canada Student Loan is to is to supplementsupplement, not , not replace, the financial replace, the financial resources that you (and your resources that you (and your family, where applicable) are family, where applicable) are expected expected to contribute.”to contribute.”

*(Investing in Your Future 2005-2006, Government of Canada)

Why should you apply for OSAP?

• The OSAP Loan is an interest free loan as long as you are attending a post secondary institution full time (60% or greater)

• Federal Interest Rate = Prime + 2.5 / Provincial Interest Rate = Prime + 1.0• OSAP offers a grace period. No payments for 6 months after the last day of your

last study period

OSAP is more than “Just a loan”

OSAP

Loan Bursary/Grant Scholarship

22 different programs are determined through one OSAP application

Can I get funding for the school I wish to attend?

How do I apply?

Online at http://osap.gov.on.ca

New Student vs. Renewal

New Student? Click here.New Student? Click here.

Renewals; enter SIN and

password.

Renewals; enter SIN and

password.

New Textbook and Technology Grant

Starting a new Application

Post Secondary Institution Information

Make sure to indicate that you are applying to the proper campus.

Make sure to indicate that you are applying to the proper campus.

Program Information

Be sure to indicate Year 1 Be sure to indicate Year 1 and check the start and and check the start and end date.end date.

Be sure to indicate Year 1 Be sure to indicate Year 1 and check the start and and check the start and end date.end date.

Review Course Details ThoroughlyNote the tabs-if you need exit the application, it’s easy to return to where you left off.

Note the tabs-if you need exit the application, it’s easy to return to where you left off.

What is your status?

Residency Status

Income Section-Pre Study PeriodIncome Received Before Your Study Period Begins and For the Year 2009

Jan 01 to June 26

Note the Note the dates for dates for which you which you are are estimating estimating income.income.

Note the Note the dates for dates for which you which you are are estimating estimating income.income.

June 27 to Sep 7 Jan 01 to Dec 31

This amount represents what you claim on Line 150 of your 2009 incomeincome tax. This could include: work income, bursaries, RESP withdrawals, any other income that you might receive during the year.

This amount represents what you claim on Line 150 of your 2009 incomeincome tax. This could include: work income, bursaries, RESP withdrawals, any other income that you might receive during the year.

Income Section – Study Period

Sep 08, 2009 to Apr 30, 2010

Asset Information

May 16, 2009.

May 16th.

May 16, 2009

This day is known as

asset validation day. You

must record all of your

assets of this day.

The Ministry allows you to have $2000 in RRSP for every year out of high school.

Parental StatusDependent ChildrenFor OSAP purposes, dependent children are disabled children, pre-school children, children attending elementary school, and children in high school who are under 16 years of age. Children 16 years of age or older must be full-time (taking 60 per cent or more of a full course load) high school or postsecondary students to be considered dependent. Children who are not disabled and who have been out of high school for 4 or more years are not considered dependent.

Dependent ChildrenFor OSAP purposes, dependent children are disabled children, pre-school children, children attending elementary school, and children in high school who are under 16 years of age. Children 16 years of age or older must be full-time (taking 60 per cent or more of a full course load) high school or postsecondary students to be considered dependent. Children who are not disabled and who have been out of high school for 4 or more years are not considered dependent.

Parental Income Section

Taxable Income

Enter the annual income for each parent, as reported on his or her 2008 individual income tax return. Enter amounts in dollars only; do not indicate cents. If no income or if the amount is negative (i.e., a loss) enter zero (0).

Sample Notice of Assessment

150150

236236

These figures are used to consider your eligibility for Canada Access Grants.

These figures are used to consider your eligibility for Canada Access Grants.

QEII Scholarship

June 19, 2009June 19, 2009

2009?2009?

2008

08

Print Signature Pages

If you are able to…Print your signature pages.If you are able to…Print your signature pages. Before you print the pages you will be required to enter your password again.

Before you print the pages you will be required to enter your password again.

Sample Assessment

Your Expenses for the study period.

Your Expenses for the study period.

Your Resources for the study period.

Your Resources for the study period.

Strict Identification Restrictions.Must present Social Insurance Card and

Government Issued Photo ID.

• NO IDNO ID• NO OSAPNO OSAP

• NO KIDDINGNO KIDDING

How’s your credit rating?

Check with Equifax at:Check with Equifax at:1-800-465-71661-800-465-7166www.equifax.ca

Important Things to Remember

• Don’t Self-Eliminate• Apply to OSAP before June 19th, 2009• Print off and mail in your signature sheets by July 15th, 2009• Find the Financial Aid Office at the institution you will be

attending• Get the appropriate ID ready for September

Questions??Questions??

Email us at Email us at kingsfinances@uwo.cakingsfinances@uwo.ca