You mentioned the interest form and the co-op thing which I totally didn't expect. I'm so glad I clicked on your video. Thanks so much for informing me! I would have definitely been one of those people who just don't know what hit them because no one told you stuff.
Thank you for this video and the part 1, I was worried the RESP I opened for my son may affect any OSAP application, this is very helpful and informative as OSAP sounds very complicated.
Hi. First of thanks for the detailed video. I have doubt. Is the amount shown under the “travel and living “ for a term or for an year. ? I trying to join for 4 years bachelors degree .
Thank you explaining this OSAP info. I just applied today for OSAP. I have question, how much is the interest prime rate if you start paying back your student loan after the 6 mos. Grace prd. ?is the interest vary or theres a standard interest rate? Is the grants taxable? Is the interest applicable only for loan or the total amount of grant and loan? Thank you😊
No worries! Great questions - I'll answer them with sources linked at the very end. 1. Assuming the prime rate does not change from the current 2.45%, interest would be a total of roughly 2.75% on your outstanding student loans after the COVID-19 6 month grace period which ends Sept 30, 2020. This is assuming you have 70% of the loans from the federal portion, and 30% from the provincial (OSAP interest calculator is linked below for you to fill out for your own situation). The interest prime rate would depend on the prime rate set by the Bank of Canada, which changes roughly 2-3 times a year. 2. The interest rate charged on OSAP loans is variable (floating) and is made up of 2 portions, the federal (prime rate) and provincial (prime rate + 1%) interest rates. However, everyone's federal vs provincial OSAP loan is different so please use the OSAP repayment calculator to ensure it's catered to you. 3. OSAP grants are NOT taxable, they fall under "scholarship income". 4. Interest will only apply ONLY on the loan, NOT the total of grants and loans. A grant is essentially "free money" due to one's low family income - you do not pay it back nor is it taxed. Sources OSAP repayment calculator: osap.gov.on.ca/AidEstimator2021Web/enterapp/debt_calculator.xhtml toronto.ctvnews.ca/ontario-to-defer-student-loan-payments-until-end-of-september-due-to-pandemic-1.4947227 osap.gov.on.ca/dc/TCONT003397 help.simpletax.ca/questions/osap-grant
Independent student going to school full time soon and I'm worried about OSAP. I work full time and will have to quit my job, and also have to pay rent and car payments monthly. Not sure how much OSAP will help out with
Does this mean one can join classes on campus in September paying from out of pocket and in the meantime apply for OSAP while ensuring that the application is submitted 60 days before the academic year ends?
Lana, I have a similar situation with my coop program I got hired as a coop student but osap right now has on hold one part of the fund towards my last semester. Am I supposed to apply for interest free and put the date as I am enrolled in a new semester. Honestly I am kinda of confused in that part
Hi as an independent full time student can i work full time job as i have one i am making around 45000$ annually. But as an immigrant i have other responsibility to take care of. Please kindly share
U make wonderful and informative videos. Thanks. Can I ask is there any maximum family income limit to be eligible for OSAP? Also what if a student works full time while taking full time course?
Thanks so much! The max family income from what I've found for the Ontario Student Grant is $140,000 as of 2019. Working full-time as a full-time student might decrease your OSAP funding but it might range depending on a variety of factors including whether you have dependents, your full-time income, etc. Source: www.ousa.ca/blog_osap_changes#:~:text=Dependent%20students%20will%20be%20ineligible,that's%20been%20lowered%20from%20%24175%2C000.
You mentioned the interest form and the co-op thing which I totally didn't expect. I'm so glad I clicked on your video. Thanks so much for informing me! I would have definitely been one of those people who just don't know what hit them because no one told you stuff.
OSAP is so confusing and intimidating. Thank you for sharing your experience!
Yeah I agree with you there. So annoying too & frustrating.
This was super helpful. Thank you for sharing 🙏
Big thanks
could you please make a video all about co op at laurier and your experience?
Definitely, that was on my future videos list - looks like it'll be bumped up the list!
Thank you for this video and the part 1, I was worried the RESP I opened for my son may affect any OSAP application, this is very helpful and informative as OSAP sounds very complicated.
Hi.
First of thanks for the detailed video.
I have doubt. Is the amount shown under the “travel and living “ for a term or for an year. ?
I trying to join for 4 years bachelors degree .
hm, this I don't recall, it should say on the application, if not, I believe it'd be for the year!
Do they give you the loan directly to your Bank account or they pay the school directly?Thanks for this awesome video!
Glad you enjoyed it! OSAP usually pays the funds directly to your school, then whatever's remaining will be placed into your bank account.
Thank you explaining this OSAP info. I just applied today for OSAP. I have question, how much is the interest prime rate if you start paying back your student loan after the 6 mos. Grace prd. ?is the interest vary or theres a standard interest rate? Is the grants taxable? Is the interest applicable only for loan or the total amount of grant and loan? Thank you😊
No worries! Great questions - I'll answer them with sources linked at the very end.
1. Assuming the prime rate does not change from the current 2.45%, interest would be a total of roughly 2.75% on your outstanding student loans after the COVID-19 6 month grace period which ends Sept 30, 2020. This is assuming you have 70% of the loans from the federal portion, and 30% from the provincial (OSAP interest calculator is linked below for you to fill out for your own situation). The interest prime rate would depend on the prime rate set by the Bank of Canada, which changes roughly 2-3 times a year.
2. The interest rate charged on OSAP loans is variable (floating) and is made up of 2 portions, the federal (prime rate) and provincial (prime rate + 1%) interest rates. However, everyone's federal vs provincial OSAP loan is different so please use the OSAP repayment calculator to ensure it's catered to you.
3. OSAP grants are NOT taxable, they fall under "scholarship income".
4. Interest will only apply ONLY on the loan, NOT the total of grants and loans. A grant is essentially "free money" due to one's low family income - you do not pay it back nor is it taxed.
Sources
OSAP repayment calculator: osap.gov.on.ca/AidEstimator2021Web/enterapp/debt_calculator.xhtml
toronto.ctvnews.ca/ontario-to-defer-student-loan-payments-until-end-of-september-due-to-pandemic-1.4947227
osap.gov.on.ca/dc/TCONT003397
help.simpletax.ca/questions/osap-grant
Independent student going to school full time soon and I'm worried about OSAP. I work full time and will have to quit my job, and also have to pay rent and car payments monthly. Not sure how much OSAP will help out with
great information from you today
Does this mean one can join classes on campus in September paying from out of pocket and in the meantime apply for OSAP while ensuring that the application is submitted 60 days before the academic year ends?
yes that's usually the case!
Lana, I have a similar situation with my coop program I got hired as a coop student but osap right now has on hold one part of the fund towards my last semester. Am I supposed to apply for interest free and put the date as I am enrolled in a new semester. Honestly I am kinda of confused in that part
Hmm I'm a little confused with your timelines - can you clarify? Have you contacted your school's financial aid office?
Packed with info! Thank you 😀
I'm glad, I hope it helped!!
Very very veryyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy helpful thankyouuuuuuuuuuuuuuuuuuuuuuuu
Hi as an independent full time student can i work full time job as i have one i am making around 45000$ annually. But as an immigrant i have other responsibility to take care of. Please kindly share
Very helpful 👌
Thank you!!
Fuck I really wish I didn’t buy Gucci flip flops w all that O$AP MONEY 😞 thank you for the informative video
U make wonderful and informative videos. Thanks. Can I ask is there any maximum family income limit to be eligible for OSAP? Also what if a student works full time while taking full time course?
Thanks so much! The max family income from what I've found for the Ontario Student Grant is $140,000 as of 2019. Working full-time as a full-time student might decrease your OSAP funding but it might range depending on a variety of factors including whether you have dependents, your full-time income, etc.
Source: www.ousa.ca/blog_osap_changes#:~:text=Dependent%20students%20will%20be%20ineligible,that's%20been%20lowered%20from%20%24175%2C000.
You’re so pretty