LOL I ran out of space in the description so here are the sources I used Please let me know if you want me to make more videos like this, else I will work more on more "student" related content (even though this is technically part of our lives at this point!) Before you apply: www.ontario.ca/page/learn-about-osap#section-3 Paying back OSAP: www.ontario.ca/page/pay-back-osap General information (OSAP): en.wikipedia.org/wiki/Ontario_Student_Assistance_Program#Financial_Resources Student lines of credit: www.canada.ca/en/financial-consumer-agency/services/loans/student-lines-credit.html#toc0 OSAP Calculator (Estimator): osap.gov.on.ca/AidEstimator1920Web/enterapp/enter.xhtml?lang=en Loan repayment calculator: tools.canlearn.ca/cslgs-scpse/cln-cln/crp-lrc/af.nlindex-eng.do Student debt statistics Canada: www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3710003601 Canadian students owe $28B of student debt: globalnews.ca/news/4222534/canadian-student-loans-government-interest/ Bankruptcy (don't get to this stage): www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02057.html Prime rate in Canada: www.bankofcanada.ca/rates/daily-digest/ More facts + statistics on Canadian debt: www.hoyes.com/press/joe-debtor/the-student-debtor/
I didn't mention this in the video, but if you're an out of province student you can only qualify for OSAP if you lived in Ontario for 12 months while not being engaged in full time studies!
just in time!! I was just looking at osap and my resp since I already know how much I’m getting from scholarships. this is super useful, 100/10 will be revisiting come payment time
Only the "Ontario" portion of the loan, my bad. www.ontario.ca/page/pay-back-osap#:~:text=You%20have%20six%20months%20after,(%E2%80%9Cloan%20principal%E2%80%9D).
OSAP loan begins when you are not enrolled in full-time studies. Let's say you have a couple of courses remaining, that does not qualify you as a full-time student. Your student financial aid office will declare you as a part-time student and the OSAP loan will begin.
Hope you can answer this question for me. How do I use the monthly payments towards OSAP to build up my credit score. I heard CTFS is the only credit card that can pay off student loans. I dont want to just do preauthorized debit
Hello,, thank you for your time your video is really helpful... I have 2 question, is my TFSA will effect my application for OsAp? ,,, Socend question is there any other Grant can we get from the Government... I am PR. Thank you again.
I tried calling OSAP, NSLSC and Alberta student loans but every single one of them tells me to contact the other loan providers to get more information. I took OSAP but dropped out because of the financial situation, my grants converted to loans but aren't added to my principal on NSLSC. I want to know that can I get loans from Alberta if I pay back my Federal part of Loans and Grant overpayments, I called the financial advisor at my previous college and they said that they're not sure but they think that I will be able to apply for Alberta Student loans and OSAP won't effect that funding. Any person with the same situation or anyone who's been in a similar situation? I need information, Please.
Hey man. Nic e video. I was trying to get admission for 4 years bachelors degree I was wondering which amount shown in the estimators calculator in OSAP website will be receiving to my bank accouNt ? And the total living and travel allowance shown there, is it for per term or for an year ?
interest DOES build up and accumulate literally the first day after you finish study period ends. check your nslsc i finished in 2019 april may 1st, $~5 interest accumulated for the entire summer 2019, $1000 of interest ALONE accumulated when the six months were up, then and only then could i apply for the RAP luckily corona is also helping with the stoppage of interest
aww dang, I hope you find something else to do in the meantime! if you're asking about OSAP, you'll be notified about what happens to your loan/grants.
Hi,... Martin's thanks for the video.... what are the best investments I can get to help ensure that it generates enough profits to be able I will be able to pay back my student loan early.
Can you please help me out i I am literally feeling a bit like ive been F***over by my school but as well as student loans canada for not doing anything about it to be on my side and not helping in any way
Hai I am trying for osap..but I want to know in between between study can we work ,there is any limit in hours or income?? If we have house loan here is it effect the osap???
I don't think there's anything that says you can't apply for OSAP under a consumer proposal, I think you will be approved on a case by case basis though (so no guarantees!)
1 question, for grants, Since I dont have to pay them back, Am I allowed to you know, spend the money on food or trains etc... Ive been searching for answers but never found one.
yeah for grants you don't have to pay it back. If you don't have your bank account linked to your student portal (aka your OSAP doesn't automatically get applied to your tuition) then you're free to use your grant (it's just a question of how good you are at managing your personal finances at that point)
yes, and yes (pretty sure you'd have to change to autodeposit in your bank account or they will automatically put your funds towards paying your school tuition)
Can you plz explain two things I was out of high school for four years (but I graduated and went to uni in another country) OSAP considered me a dependent student when I answered ‘yes’ to the question whether I was out of school... do they mean dropping out or just out of school in general And also, I have two siblings who go to high school are they considered dependent children? Thank you!
I'm not sure about the first question, but as for the second one they are considered dependent children (unless they're somehow living away from home with a full income)
Hey Patrica! I'd ask your school about this because I'm no expert in this field, so I don't want to give you the wrong information. I'm just giving what I know about the OSAP application in this video 😅 Sorry, but I hope you understand! Good luck!
Hey guys, OSAP took so long to pay for my second term in college, and I had to pay for it. The issue is that the money that they had to send me, they send it to college to the fee I already paid. What do I do?
From what I understand, the osap loan is interest free for graduate programs (med school included.) However, if you're in residency or fellowship then the interest free status does not apply. Check this for more details: osap.gov.on.ca/prodconsumption/groups/forms/documents/forms/tcont003388.pdf Hope that helps!
Hey I'm a resident of saskatchewan outside of Ontario and I haven't loved in ontario for 12 consecutive months will I still be eligible for osap or will I have to apply for student loans from the saskatchewan government
My mother paid off her OSAP one year after she graduated 😄 Question: should I apply for OSAP for a one year program? I plan on applying for it tomorrow - the program is waitlisted at George Brown, do you suggest that I apply for the same program at 2 other Toronto colleges?
I have recently applied for OSAP for the summer semester and I'm currently waiting to be accepted. Since the deadline for tuition is May 19 for the summer semester and I probably wont be processed by then should I leave my tuition payment in student center "blank" until my funds are processed and sent to the college by OSAP?
right now im in the free psw course..osap give me a grant and a loan.. should i take the loan im thinking i cn use it for something else.what do you think?
The deadline is 60 days before the course ends but you can apply much earlier than that. For example, if I were to start school in September, I would apply during the summer (though the deadline is much later). In my case, I applied before my school year started and got funding in September. Sorry if I wasn't clear on that! Thanks for watching!
Thanks for clarifying..very helpful...i went to osap website..they are currently saying to come back in spring for academic year 20-21...my course is starting in sept 2020 at university of Toronto. I have 2 questions. 1. When will osap allow me to apply as right now the estimation tool is only giving results for acad year 2019-20 2. Will osap (grant+ loan) cover full tuition cost? Will be grateful if you can answer these. I have the capacity to repay immediately after my school is over (+grace period) and hence i want to take osap so that my outlay now is limited
@@canadianhustlers I'm not so sure when you can apply for the next school year, I know that late June is the recommended date to have your documents in (so it should be soon if you're having trouble accessing the application. How much OSAP loans to you depends on a couple of factors. Your income and assets are a couple of factors (so it varies from student to student). For me, it was enough to cover the tuition costs. Also, have you applied for CERB?
In the OSAP application, it asked for foreign income and non-taxable income. The detail asked about interest, dividends or capital gains from TSFA, but we don’t know how to see the interest, can we omit that?
It's your responsibility as an applicant to disclose this information, just because you don't know how to find it doesn't mean you can omit it. Look for your T-slips for that information or find someone who knows how to find this info. Hope that helps!
I'm looking into going to college in fall 2021 but I'm worried about getting OSAP for the term because I am from a low income family and I already have crappy credit so I don't know if it's worth it.
look for scholarships/grants/bursaries first, and then see if you can find a cheaper program. If you've already done all that, then ask yourself if you really need college, if yes, then you're probably going to apply for OSAP
I applied for repayment assistance every 6 months and i don't get charged interest. I also am in phase 2 so the goverment helps makes payments to my loans
@@jaallick because i was not able to make regular payments to my loans for so many years. It was sent to collections amd i wasnt making any payments on that either for many years until i learned of the repayments assistance program. I wouls say for 5 or 6 years i either had no job or a job that paid very little so my repayment amount was zero and becauase for that amount of time i didnt make a single payment.... they put me in phase 2 where the gov paid off my interest and principal. So i have never made a payment and i just reply for RA every 6 months. They ask for proof of your paystub to prove your income. Your income will determine if you owe a payment on a monthly basis or not. For me my payment was determined to be 0 each month. For each person it's different. But I have never had to pay anything towards it in in 10 years.
For a foreign student applying for osap outside of ontario, is the loan going to be deposited into a canadian bank account or can foreign bank account also be used?
Did the grants only can pay for the all course in the year or i have to take the loan too (for example if my uni was 9000 per year how much will be the grant and the loan )
the grant and the loan will be different based on how much your program costs, your parents' income, and various other factors. Sometimes the loan + grant will be enough to pay the tuition + living expenses (most of the time, the grant by itself will not cover everything).
@@ahmedsalih1216 it's fine to take a loan, just keep in mind that you have to pay it 6 months after you're done your undergrad/school so don't go spending money on expenses where you can cut back on
I can't say for sure, but I don't believe small earnings from working part time does much (you will probably still receive funds unless your family has sufficient income)
@@yunyinghuang7415 As long as it's not contributing money into your own RRSP then you don't have to put any number down so you can say "no". I know I had space in my RRSP but I never put any money in it so I just put no. Clarify with your parents to see if they put any money in your rrsp, if not then you can just put "no". Hope that helps!
Hey! there's no definite number I can give you, just do the best you can and save as much as you can. I had around $5,000 before going to school and I don't spend much out of pocket! Budget accordingly and you won't have much to fear! :)
International students cannot apply for OSAP. You may need to ask the college or university directly for financial aid (from their financial aid offices). Hope that helps!
My parents paid for my education (without the OSAP money), we can still get OSAP even if we don't use it to pay for the tuition directly with the grant/loan
is there any way I can obtain a scholarship to cover the cost of the ENTIRE program and graduate with NO debt? I would classify as a very low income student and I really do not want to get into debt, especially for post secondary education. My mom has a work disability and my total family income is only about 55,000 dollars yearly. Are there any actual scholarships that can give me upwards of $40,000.
Yes, you would have to look for these scholarships either on your school website or other scholarship websites for that! Another thing is bursaries, which are grants for disadvantaged students! Look into those and see what you can get!
@@Martin_Leung if I am a Canadian citizen but I have never resided in Canada, I am not eligible for OSAP right? But I will be in my 2nd year of studies?
why would i pay off the debt if the stock market brings in 7% return and the interest rate is 3.5%. I can make money by not paying off the debt. now id be making a free 2.5% on the money if i just did the minimum payment.
Hey Ali, this is a good question. The 7% return of the stock market is an AVERAGE, there will be years where the market will be down 10%, 20%, maybe more (possibly for an extended period of time when the economy is poor.) On the other hand, the interest rate on the loan will pretty much be there all the way through. So if you were put in a situation where you happen to be strapped for cash when the economy is poor, then you may be forced to sell at a loss to pay an ever compounding amount of debt. You do make a fair point though, just make sure you have enough cash sitting around to make minimum payments almost indefinitely if you were to do this (I'd do this myself, since the market does return more than the interest on the loan.)
*forgot to mention, I said that it'd be fair for MOST students to pay off the loan because MOST people do not know to invest in the stock market and have a spending problem. If this is not you, and you save enough money, then you're fine using this loan as leverage. Hopefully that clears things up!
HI .I have finished my course (Accouting ,Payroll &business A dministrator)in May this year.(MAY 1st 2020).de During the epidemic,i can not find job for me,and i need take care my child .so i want to continue my education take online in September,2020. I want to go to Seneca to continue my study.I want to apply General Arts - English for Academic Purposes (GEA) (Ontario College Certificate) ,Can i apply OSAP again September 2020?
Hi, you can apply for OSAP as long as you're enrolled in school (so yes!) Also, apply for CESB if you haven't yet! Good luck! Hope you can make ends meet! 😄
Hello martin i am a Canadian citizen living out of canada i've never been to canada before.I coming to western university next month i wanna ask you a question: are 3000$ enough for me to study and live in canada ??
there's a lot of information that I don't have to answer this question with (ie is your tuition paid, how much external funding you have, what your rent is). So if you only have $3000, then no (unless everything is paid already and $3000 is just for your personal expenses)
I got my osap funding, but it is significantly lower from my estimation. Is their a way to contact someone about this. My friends also have lower-than-expectation funding, why is that?
I don't think there is a way to contact someone about this. It's because estimates are estimates, I don't think there is any other particular reason. Hope that helps!
LOL I ran out of space in the description so here are the sources I used
Please let me know if you want me to make more videos like this, else I will work more on more "student" related content (even though this is technically part of our lives at this point!)
Before you apply: www.ontario.ca/page/learn-about-osap#section-3
Paying back OSAP: www.ontario.ca/page/pay-back-osap
General information (OSAP): en.wikipedia.org/wiki/Ontario_Student_Assistance_Program#Financial_Resources
Student lines of credit: www.canada.ca/en/financial-consumer-agency/services/loans/student-lines-credit.html#toc0
OSAP Calculator (Estimator): osap.gov.on.ca/AidEstimator1920Web/enterapp/enter.xhtml?lang=en
Loan repayment calculator: tools.canlearn.ca/cslgs-scpse/cln-cln/crp-lrc/af.nlindex-eng.do
Student debt statistics Canada: www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3710003601
Canadian students owe $28B of student debt: globalnews.ca/news/4222534/canadian-student-loans-government-interest/
Bankruptcy (don't get to this stage): www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02057.html
Prime rate in Canada: www.bankofcanada.ca/rates/daily-digest/
More facts + statistics on Canadian debt: www.hoyes.com/press/joe-debtor/the-student-debtor/
I didn't mention this in the video, but if you're an out of province student you can only qualify for OSAP if you lived in Ontario for 12 months while not being engaged in full time studies!
Thank you for teaching me everything my useless highschool and guidance never taught me
I wish school, or even our parents taught us this stuff earlier
Great video and insight Martin! I’ve actually been sharing my OSAP debt repayment journey ✨
Best of luck with that! :)
just in time!! I was just looking at osap and my resp since I already know how much I’m getting from scholarships. this is super useful, 100/10 will be revisiting come payment time
ayy! glad it helped! don't want to be swimming in that d e b t in the future!
Martin Leung online school is going to be CHEEEEEAP
@@leonakuo4072 $ or as in people will be cheating? 😂
Martin Leung I was thinking $ but I believe the most correct answer would be C) all of the above
@@leonakuo4072 how about d) none of the above
The interest for osap loan starts from the day of the graduation.
Only the "Ontario" portion of the loan, my bad. www.ontario.ca/page/pay-back-osap#:~:text=You%20have%20six%20months%20after,(%E2%80%9Cloan%20principal%E2%80%9D).
It’s all thanks to Doug Ford 😒
Let's hope we save enough to pay it off ASAP nonetheless!
OSAP loan begins when you are not enrolled in full-time studies. Let's say you have a couple of courses remaining, that does not qualify you as a full-time student. Your student financial aid office will declare you as a part-time student and the OSAP loan will begin.
Yes. Please... You should do a lot of videos like this! really helpful. Thank you so much for sharing your knowledge!
Thanks, glad to hear it helps:)
Thank you so much for these videos, I’m a senior and these are really helpful! :)
Glad it helped! Thanks for watching :)
Hope you can answer this question for me. How do I use the monthly payments towards OSAP to build up my credit score. I heard CTFS is the only credit card that can pay off student loans. I dont want to just do preauthorized debit
Very informative, thank you!
Glad it was helpful!
Great video! Would you be interested to do another updated version? Since some regulation might have changed.
Hi, do you know how OSAP interest can support tax returns? Can paying the debt slowly, assist you when filing for your taxes?
not 100% sure, but I'm pretty sure the answer is yes
Hi thanks for your awesome videos.
How much osap will give me for a two years college full time aircraft maintenance?
Thank you ❤
Great video- very informative
THANK YOU SO MUCH FOR THIS UR GREAT
ty:)
Hello,, thank you for your time your video is really helpful... I have 2 question, is my TFSA will effect my application for OsAp? ,,, Socend question is there any other Grant can we get from the Government... I am PR. Thank you again.
Quick question: do I need to write down my documents in all CAPITAL LETTERS in boxes?
don't think so
I tried calling OSAP, NSLSC and Alberta student loans but every single one of them tells me to contact the other loan providers to get more information. I took OSAP but dropped out because of the financial situation, my grants converted to loans but aren't added to my principal on NSLSC. I want to know that can I get loans from Alberta if I pay back my Federal part of Loans and Grant overpayments, I called the financial advisor at my previous college and they said that they're not sure but they think that I will be able to apply for Alberta Student loans and OSAP won't effect that funding. Any person with the same situation or anyone who's been in a similar situation? I need information, Please.
Hey man. Nic e video.
I was trying to get admission for 4 years bachelors degree
I was wondering which amount shown in the estimators calculator in OSAP website will be receiving to my bank accouNt ?
And the total living and travel allowance shown there, is it for per term or for an year ?
If I have consumer proposal, can I apply for OSAP?
interest DOES build up and accumulate literally the first day after you finish study period ends. check your nslsc
i finished in 2019 april
may 1st, $~5 interest accumulated
for the entire summer 2019, $1000 of interest ALONE accumulated
when the six months were up, then and only then could i apply for the RAP
luckily corona is also helping with the stoppage of interest
You're right, pay it ASAP to the best of your abilities!
So like, I dropped out but I don’t know what to do from here. I was two months in
aww dang, I hope you find something else to do in the meantime! if you're asking about OSAP, you'll be notified about what happens to your loan/grants.
@@Martin_Leung thank you 😊
Hi Martin! I'm just trying to understand why the loan is bigger than the tuition fee. Do you know why this is?
other living expenses
Is it possible to get a bursary from university if I have an OSAP loan ?
Is it mandatory to sign MSFAA for the undergraduate student in Ontario? I heard that it has to be only for masters (graduate) student?
Does credit rating effect osap amount?
Hi,... Martin's thanks for the video.... what are the best investments I can get to help ensure that it generates enough profits to be able I will be able to pay back my student loan early.
I'm not a financial advisor so I can't really say (don't want to be liable because no investments are guaranteed). Do your own research
can u make a video on what happens if u graduate with alotta loans owing but you have a disability
what if your parents already have a pending bank loan background. are you eligible for the Canadian loan?
Yes, you are still eligible for OSAP if you meet the other requirements that are listed in the video!
Can you please help me out i I am literally feeling a bit like ive been F***over by my school but as well as student loans canada for not doing anything about it to be on my side and not helping in any way
Hai I am trying for osap..but I want to know in between between study can we work ,there is any limit in hours or income??
If we have house loan here is it effect the osap???
hi, what about under a consumer proposal.would you possibly got approved by osap?
I don't think there's anything that says you can't apply for OSAP under a consumer proposal, I think you will be approved on a case by case basis though (so no guarantees!)
1 question, for grants, Since I dont have to pay them back, Am I allowed to you know, spend the money on food or trains etc... Ive been searching for answers but never found one.
yeah for grants you don't have to pay it back. If you don't have your bank account linked to your student portal (aka your OSAP doesn't automatically get applied to your tuition) then you're free to use your grant (it's just a question of how good you are at managing your personal finances at that point)
Question- for grace period of 6 months no internet rates? If I pay my loan within grace period then no interest?
grace period is for the Ontario portion of the loan. Interest will be charged for the federal portion
Does grant use to pay tuition too? Or I can use it to other things?
yes, and yes (pretty sure you'd have to change to autodeposit in your bank account or they will automatically put your funds towards paying your school tuition)
Can you plz explain two things
I was out of high school for four years (but I graduated and went to uni in another country) OSAP considered me a dependent student when I answered ‘yes’ to the question whether I was out of school... do they mean dropping out or just out of school in general
And also, I have two siblings who go to high school are they considered dependent children? Thank you!
I'm not sure about the first question, but as for the second one they are considered dependent children (unless they're somehow living away from home with a full income)
@@Martin_Leung ok thanks! So it doesn’t matter that both the mom and dad are the same right? Cuz I read somewhere that it does and got confused
如果是已婚家庭，申请osap 会不会查存款？
If the im taking more than the 100% course load do I still put 100% or can I put 110, 120% etc
Hey Patrica! I'd ask your school about this because I'm no expert in this field, so I don't want to give you the wrong information. I'm just giving what I know about the OSAP application in this video 😅 Sorry, but I hope you understand! Good luck!
Hey guys, OSAP took so long to pay for my second term in college, and I had to pay for it.
The issue is that the money that they had to send me, they send it to college to the fee I already paid.
What do I do?
it's going to be in your account as credit, so you won't have to pay as much in your next term of study
Does CESB still pays even if we start our uni on 2023 of sept
Got funded my grant thanks to andrew_garcia7142
Do you have to pay back the OSAP that u accumulated in an undergraduate program while attending grad school like Medical school for example?
From what I understand, the osap loan is interest free for graduate programs (med school included.) However, if you're in residency or fellowship then the interest free status does not apply. Check this for more details: osap.gov.on.ca/prodconsumption/groups/forms/documents/forms/tcont003388.pdf
Hope that helps!
@@Martin_Leung thanks so much, luv ur content btw!
@@itzoyoomar5789 thanks for watching :)
wher we can get Line 150,308,310,312,435 from 2019 income tax assessment
All on the T4
Hey I'm a resident of saskatchewan outside of Ontario and I haven't loved in ontario for 12 consecutive months will I still be eligible for osap or will I have to apply for student loans from the saskatchewan government
If you aren't considered an ontario resident, then you should look to alternative methods of funding
Hello: Great and interesting idea.
So, now I got it; before to saw this video and I'm sad and scared.
Help me pls
Do you have to report OSAP your summer job income?
osap.gov.on.ca/dc/PRD6672457
My mother paid off her OSAP one year after she graduated 😄 Question: should I apply for OSAP for a one year program? I plan on applying for it tomorrow - the program is waitlisted at George Brown, do you suggest that I apply for the same program at 2 other Toronto colleges?
Apply for OSAP if you can pay for it!
@@Martin_Leung what happens if you can't pay for it declare bankruptcy? lol
Hi, will investing in stocks and day trading affect my grants in the future if I'm a dependant?
Unsure, I got a bit less but still got some funding
Sample size n = 1 though
Hiii.. plz reply.. OSAP will fund for online bootcamps like career foundry ??????
I haven't had experience with this so I can't say for sure. However, I don't think it does.
great video
thanks!
I have recently applied for OSAP for the summer semester and I'm currently waiting to be accepted. Since the deadline for tuition is May 19 for the summer semester and I probably wont be processed by then should I leave my tuition payment in student center "blank" until my funds are processed and sent to the college by OSAP?
Hey! I responded to your email. Thanks again for watching!
right now im in the free psw course..osap give me a grant and a loan.. should i take the loan im thinking i cn use it for something else.what do you think?
as long as you know what you're doing with the money (if you can get a return, then sure)
@@Martin_Leung thanks for the response
Question; Can grade 11 apply for university loans ?
if you're *enrolled in university
What do I do after I submit the OSAP application?
There will be other documents that you are required to submit, OSAP will give you the instructions for this!
How do you pay your tuition in the beginning of course as osap comes much later (60 days before course end)?
The deadline is 60 days before the course ends but you can apply much earlier than that. For example, if I were to start school in September, I would apply during the summer (though the deadline is much later). In my case, I applied before my school year started and got funding in September. Sorry if I wasn't clear on that! Thanks for watching!
Thanks for clarifying..very helpful...i went to osap website..they are currently saying to come back in spring for academic year 20-21...my course is starting in sept 2020 at university of Toronto. I have 2 questions. 1. When will osap allow me to apply as right now the estimation tool is only giving results for acad year 2019-20 2. Will osap (grant+ loan) cover full tuition cost? Will be grateful if you can answer these. I have the capacity to repay immediately after my school is over (+grace period) and hence i want to take osap so that my outlay now is limited
Sorry to bother you so much. I know very less about osap
@@canadianhustlers I'm not so sure when you can apply for the next school year, I know that late June is the recommended date to have your documents in (so it should be soon if you're having trouble accessing the application. How much OSAP loans to you depends on a couple of factors. Your income and assets are a couple of factors (so it varies from student to student). For me, it was enough to cover the tuition costs. Also, have you applied for CERB?
@@canadianhustlers don't worry, it's a complicated system that not many people know of, I had links in the description for more details
In the OSAP application, it asked for foreign income and non-taxable income. The detail asked about interest, dividends or capital gains from TSFA, but we don’t know how to see the interest, can we omit that?
It's your responsibility as an applicant to disclose this information, just because you don't know how to find it doesn't mean you can omit it. Look for your T-slips for that information or find someone who knows how to find this info. Hope that helps!
Martin Leung Thank you
I'm looking into going to college in fall 2021 but I'm worried about getting OSAP for the term because I am from a low income family and I already have crappy credit so I don't know if it's worth it.
look for scholarships/grants/bursaries first, and then see if you can find a cheaper program. If you've already done all that, then ask yourself if you really need college, if yes, then you're probably going to apply for OSAP
I feel like as long as you keep your expenses minimal and prioritize paying down the loan at the end, then it shouldn't be a big deal
I applied for repayment assistance every 6 months and i don't get charged interest. I also am in phase 2 so the goverment helps makes payments to my loans
good luck with your loan repayment! :)
Hey does the phase 2 impact your credit score negatively?
@@jaallick because i was not able to make regular payments to my loans for so many years. It was sent to collections amd i wasnt making any payments on that either for many years until i learned of the repayments assistance program. I wouls say for 5 or 6 years i either had no job or a job that paid very little so my repayment amount was zero and becauase for that amount of time i didnt make a single payment.... they put me in phase 2 where the gov paid off my interest and principal. So i have never made a payment and i just reply for RA every 6 months. They ask for proof of your paystub to prove your income. Your income will determine if you owe a payment on a monthly basis or not. For me my payment was determined to be 0 each month. For each person it's different. But I have never had to pay anything towards it in in 10 years.
@@tiinaiiceey thank you so much for the information.
For a foreign student applying for osap outside of ontario, is the loan going to be deposited into a canadian bank account or can foreign bank account also be used?
I believe they can actually send it straight to your school as a tuition payment if you are worried about banks
Did the grants only can pay for the all course in the year or i have to take the loan too (for example if my uni was 9000 per year how much will be the grant and the loan )
the grant and the loan will be different based on how much your program costs, your parents' income, and various other factors. Sometimes the loan + grant will be enough to pay the tuition + living expenses (most of the time, the grant by itself will not cover everything).
if you don't have enough to pay for school, then take the loan (and make a plan on how you'll repay it ASAP!)
The grant only can cover the tuition fees
@@ahmedsalih1216 it's fine to take a loan, just keep in mind that you have to pay it 6 months after you're done your undergrad/school so don't go spending money on expenses where you can cut back on
Does working part time, before osap, effect it
I can't say for sure, but I don't believe small earnings from working part time does much (you will probably still receive funds unless your family has sufficient income)
@@Martin_Leung thank you
What should I do for the RRSP question on the application? My parents bought it, but it’s not mine.
Hey! To clarify, do you mean RESP? Since if it is an RRSP, it is not required on the application. Hope that helps, thanks for watching!
Martin Leung It really asked for RRSP, and I can’t find RESP anywhere.
@@yunyinghuang7415 As long as it's not contributing money into your own RRSP then you don't have to put any number down so you can say "no". I know I had space in my RRSP but I never put any money in it so I just put no. Clarify with your parents to see if they put any money in your rrsp, if not then you can just put "no". Hope that helps!
Martin Leung What about RESP, I can’t find it on the application?
@@yunyinghuang7415 OSAP is not concerned with your RESP amount
Do you apply for OSAP before you uni starts or While your in uni. Do you need to apple for OSAP every year.
You can do either, as long as it's a week before your year ends. You need to reapply every year
How much should I have in my savings account before applying Osap? Plzzz help me
Hey! there's no definite number I can give you, just do the best you can and save as much as you can. I had around $5,000 before going to school and I don't spend much out of pocket! Budget accordingly and you won't have much to fear! :)
I have a question please, can the international students apply for OSAP? Thank you very much
International students cannot apply for OSAP. You may need to ask the college or university directly for financial aid (from their financial aid offices). Hope that helps!
@@Martin_Leung thank you very much 🙏💕
U mentioned your parents paid for your education, then how did u receive the osap then? Don't they pay your uni directly?
My parents paid for my education (without the OSAP money), we can still get OSAP even if we don't use it to pay for the tuition directly with the grant/loan
lmk if you need more clarification
is there any way I can obtain a scholarship to cover the cost of the ENTIRE program and graduate with NO debt? I would classify as a very low income student and I really do not want to get into debt, especially for post secondary education. My mom has a work disability and my total family income is only about 55,000 dollars yearly. Are there any actual scholarships that can give me upwards of $40,000.
Yes, you would have to look for these scholarships either on your school website or other scholarship websites for that! Another thing is bursaries, which are grants for disadvantaged students! Look into those and see what you can get!
@@Martin_Leung cheers boss
Best of luck!
OSAP offers grants too, right? And you dont need to repay those
yes, correct!
@@Martin_Leung if I am a Canadian citizen but I have never resided in Canada, I am not eligible for OSAP right? But I will be in my 2nd year of studies?
@@nadav6782 I believe you can get an appeal if you haven't lived in Ontario for a full year, look for OSAP contact info on their website
@@Martin_Leung okay thank you so much!
@@nadav6782 good luck!
good topic but the the background music is annoying
lol thanks
What does it mean when the application asks for course load?
Hey! If you're 60%+ full course load then you're full time. Full time being 5 courses per term, hope that helps!
Martin Leung Thank you.
@@yunyinghuang7415 glad I could help!
why would i pay off the debt if the stock market brings in 7% return and the interest rate is 3.5%. I can make money by not paying off the debt. now id be making a free 2.5% on the money if i just did the minimum payment.
Hey Ali, this is a good question. The 7% return of the stock market is an AVERAGE, there will be years where the market will be down 10%, 20%, maybe more (possibly for an extended period of time when the economy is poor.) On the other hand, the interest rate on the loan will pretty much be there all the way through. So if you were put in a situation where you happen to be strapped for cash when the economy is poor, then you may be forced to sell at a loss to pay an ever compounding amount of debt. You do make a fair point though, just make sure you have enough cash sitting around to make minimum payments almost indefinitely if you were to do this (I'd do this myself, since the market does return more than the interest on the loan.)
*forgot to mention, I said that it'd be fair for MOST students to pay off the loan because MOST people do not know to invest in the stock market and have a spending problem. If this is not you, and you save enough money, then you're fine using this loan as leverage. Hopefully that clears things up!
HI .I have finished my course (Accouting ,Payroll &business A dministrator)in May this year.(MAY 1st 2020).de During the epidemic,i can not find job for me,and i need take care my child .so i want to continue my education take online in September,2020. I want to go to Seneca to continue my study.I want to apply General Arts - English for Academic Purposes (GEA) (Ontario College Certificate) ,Can i apply OSAP again September 2020?
Hi, you can apply for OSAP as long as you're enrolled in school (so yes!) Also, apply for CESB if you haven't yet! Good luck! Hope you can make ends meet! 😄
Martin Leung thank you for your help. But my accouting course already apply OSAP. I want to apply to osap September again. Can I?
@@jianweizheng1136 if the schooling is in a different term (Fall 2020 vs summer 2020) then you should be able to
Martin Leung it is different term. But it is same level certificate, and different program.
@@jianweizheng1136 should be fine as long as it is in a different term
Can I cancel OSAP application and reapply?
Hey, I'm pretty sure you're allowed to do it as long as you get it in before the due date!
Make the credit score video
alright! look forward to it in the coming weeks :) thanks for watching!
That's interesting, I want to save 💰 to buy lobster tails. I paid up my student loan in stone 10 years with 10.95% interest rate.
We're kind of lucky with how low interest rates are right now. Also, I'd rather you buy L LOL
oh, and how are we even going to cook that?
Martin Leung good idea. Can’t loss with L LOLOLOL
Hello martin i am a Canadian citizen living out of canada i've never been to canada before.I coming to western university next month i wanna ask you a question: are 3000$ enough for me to study and live in canada ??
there's a lot of information that I don't have to answer this question with (ie is your tuition paid, how much external funding you have, what your rent is). So if you only have $3000, then no (unless everything is paid already and $3000 is just for your personal expenses)
I got my osap funding, but it is significantly lower from my estimation. Is their a way to contact someone about this. My friends also have lower-than-expectation funding, why is that?
I don't think there is a way to contact someone about this. It's because estimates are estimates, I don't think there is any other particular reason. Hope that helps!
Martin Leung Thank you.
@@yunyinghuang7415 glad I could help!
Do I apply for osap or university first ?
university
you have a lot of time to apply for OSAP